Without members and taxpayers subsidizing its revenue, the Effingham Firefighters Pension Fund would have lost $161,569 in 2018, according to a East Central Reporter analysis of the latest data reported to the Illinois Department of Insurance Pension Division.
The fund has $10,774,939 in total assets. If the fund’s annual losses stay the same, it would run out of money in 67 years without these subsidies.
The fund earned $658,566 in investment income and other revenue in 2018. At the same time, it paid out $820,135 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 $665,871 to the fund’s revenue last year – an amount that has increased from $406,916 five years ago. Members contributed an additional $118,790 – $21,153 more than five years ago.
In all, subsidies amounted to $784,661 in 2018.
| Year | Total non-subsidy revenue | Total expenses | Outcome without subsidies |
|---|---|---|---|
| 2018 | $658,566 | $820,135 | -$161,569 |
| 2017 | $590,730 | $783,663 | -$192,933 |
| 2016 | -$53,367 | $735,475 | -$788,842 |
| 2015 | $496,134 | $710,483 | -$214,349 |
| 2014 | $615,785 | $692,498 | -$76,713 |
