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Saturday, November 23, 2024

Analysis: Worth Firefighters Pension Fund would go bankrupt in 36 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Worth Firefighters Pension Fund would have lost $82,325 in 2018, according to a South Cook News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $2,924,687 in total assets. If the fund’s annual losses stay the same, it would run out of money in 36 years without these subsidies.

The fund earned $134,551 in investment income and other revenue in 2018. At the same time, it paid out $216,876 in expenses, according to the 2019 biennial report detailing the health of each of the state’s pension funds and retirement systems. The difference between the two shows the fund’s annual loss without subsidies.

Taxpayers added $234,027 to the fund’s revenue last year – an amount that has increased from $1,367 five years ago. Members made no contributions this year.

In all, subsidies amounted to $234,027 in 2018.

Worth Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$134,551$216,876-$82,325
2017$163,585$212,271-$48,686
2016-$42,659$427,901-$470,560
2015$157,692$175,955-$18,263
2014$209,558$198,355$11,203

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