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South Cook News

Saturday, November 23, 2024

Analysis: Worth Firefighters Pension Fund would go broke in six years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Worth Firefighters Pension Fund lost $470,560 in 2016, according to a South Cook News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $2,661,664 in total assets. If the funds annual losses were the same, it would run out of money in six years without these subsidies.

The fund lost $42,659 in investment income and other revenue in 2016. At the same time, it paid out $427,901 in expenses, according to the 2017 biennial report detailing the health of each of the states pension funds and retirement systems. The difference between the two shows the funds annual loss without subsidies.

Taxpayers added $173,487 to the funds revenue last year – an amount that has increased from $8,131 five years ago. Members contributed an additional $30,680 – $30,680 more than five years ago.

In all, subsidies amounted to $204,167 in 2016.

Worth Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$42,659$427,901-$470,560
2015$157,692$175,955-$18,263
2014$209,558$198,355$11,203
2013$190,225$161,923$28,302
2012$24,868$148,029-$123,161

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