Analysis: Mount Vernon Firefighters Pension Fund would go broke in 10 years without taxpayer subsidy
The fund has $13,942,049 in total assets. If the funds annual losses were the same, it would run out of money in 10 years without these subsidies.
The fund lost $322,124 in investment income and other revenue in 2016. At the same time, it paid out $1,206,989 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 $751,183 to the funds revenue last year – an amount that has increased from $747,811 five years ago. Members contributed an additional $185,080 – $29,734 more than five years ago.
In all, subsidies amounted to $936,263 in 2016.