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The fund has $13,901,510 in total assets. If the fund’s annual losses stay the same, it would run out of money in 17 years without these subsidies.
The fund earned $379,829 in investment income and other revenue in 2018. At the same time, it paid out $1,247,517 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 $1,596,662 to the fund’s revenue last year – an amount that has increased from $731,932 five years ago. Members contributed an additional $240,825 – $28,299 more than five years ago.
In all, subsidies amounted to $1,837,487 in 2018.
Lansing Firefighters Pension Fund non-subsidy revenue over five years
| Year | Total non-subsidy revenue | Total expenses | Outcome without subsidies |
|---|---|---|---|
| 2018 | $379,829 | $1,247,517 | -$867,688 |
| 2017 | $551,315 | $1,211,981 | -$660,666 |
| 2016 | -$34,684 | $1,105,400 | -$1,140,084 |
| 2015 | $473,844 | $1,024,619 | -$550,775 |
| 2014 | $416,706 | $931,309 | -$514,603 |
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