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Monday, October 21, 2019

Analysis: Benton Firefighters Pension Fund would go broke in 14 years without taxpayer subsidy

Local Government

By Local Labs News Service | May 4, 2018


Without members and taxpayers subsidizing its revenue, Benton Firefighters Pension Fund lost $271,180 in 2016, according to a North Egypt News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $3,642,686 in total assets. If the funds annual losses were the same, it would run out of money in 14 years without these subsidies.

The fund lost $31,995 in investment income and other revenue in 2016. At the same time, it paid out $239,185 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 $108,071 to the funds revenue last year – an amount that has decreased from $125,321 five years ago. Members contributed an additional $31,177 – $341 more than five years ago.

In all, subsidies amounted to $139,248 in 2016.

Benton Firefighters Pension Fund non-subsidy revenue over five years
Year
Total non-subsidy revenue
Total expenses
Outcome without subsidies
2016
-$31,995
$239,185
-$271,180
2015
$198,097
$248,549
-$50,452
2014
$274,304
$262,089
$12,215
2013
$263,885
$242,817
$21,068
2012
$88,713
$252,550
-$163,837

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Benton Firefighters Pension Fund

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