Quantcast

South Cook News

Saturday, November 23, 2024

Analysis: Flossmoor Firefighters Pension Fund would go bankrupt in 13 years without taxpayer subsidy

Adobestock 320462966

Adobe Stock

Adobe Stock

Without members and taxpayers subsidizing its revenue, the Flossmoor Firefighters Pension Fund would have lost $188,082 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 $2,437,312 in total assets. If the fund’s annual losses stay the same, it would run out of money in 13 years without these subsidies.

The fund earned $65,714 in investment income and other revenue in 2018. At the same time, it paid out $253,796 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 $328,277 to the fund’s revenue last year – an amount that has increased from $172,082 five years ago. Members contributed an additional $35,802 – $4,406 more than five years ago.

In all, subsidies amounted to $364,079 in 2018.

Flossmoor Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$65,714$253,796-$188,082
2017$95,101$248,542-$153,441
2016-$1,739$241,061-$242,800
2015$72,620$232,918-$160,298
2014$87,134$226,896-$139,762

MORE NEWS