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Monday, October 21, 2019

Analysis: Mount Vernon Firefighters Pension Fund would go broke in 10 years without taxpayer subsidy

Local Government

By Local Labs News Service | May 5, 2018


Without members and taxpayers subsidizing its revenue, Mount Vernon Firefighters Pension Fund lost $1,529,113 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 $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.

Mount Vernon Firefighters Pension Fund non-subsidy revenue over five years
Year
Total non-subsidy revenue
Total expenses
Outcome without subsidies
2016
-$322,124
$1,206,989
-$1,529,113
2015
$561,302
$1,240,619
-$679,317
2014
$1,628,189
$1,186,475
$441,714
2013
$1,238,171
$1,264,800
-$26,629
2012
-$147,065
$1,245,119
-$1,392,184

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Mount Vernon Firefighters Pension Fund

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