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Analysis: Jefferson FPD Firefighters Pension Fund would go broke in 15 years without taxpayer subsidy

Local Government

By Local Labs News Service | May 4, 2018


Without members and taxpayers subsidizing its revenue, Jefferson FPD Firefighters Pension Fund lost $106,119 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 $1,497,587 in total assets. If the funds annual losses were the same, it would run out of money in 15 years without these subsidies.

The fund earned $24,976 in investment income and other revenue in 2016. At the same time, it paid out $131,095 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 $102,532 to the funds revenue last year – an amount that has increased from $56,640 five years ago. Members contributed an additional $19,577 – $1,679 more than five years ago.

In all, subsidies amounted to $122,109 in 2016.

Jefferson FPD Firefighters Pension Fund non-subsidy revenue over five years
Year
Total non-subsidy revenue
Total expenses
Outcome without subsidies
2016
$24,976
$131,095
-$106,119
2015
$20,133
$128,440
-$108,307
2014
$16,957
$109,858
-$92,901
2013
$35,046
$75,227
-$40,181
2012
$37,821
$74,678
-$36,857

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Jefferson Fire Department Firefighters Pension Fund

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