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East Central Reporter

Saturday, November 23, 2024

Analysis: Effingham Firefighters Pension Fund would go broke in 13 years without taxpayer subsidy

Money 06

Without members and taxpayers subsidizing its revenue, Effingham Firefighters Pension Fund lost $788,842 in 2016, according to a East Central Reporter analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $9,496,997 in total assets. If the funds annual losses were the same, it would run out of money in 13 years without these subsidies.

The fund lost $53,367 in investment income and other revenue in 2016. At the same time, it paid out $735,475 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 $550,492 to the funds revenue last year – an amount that has increased from $508,493 five years ago. Members contributed an additional $107,469 – $16,938 more than five years ago.

In all, subsidies amounted to $657,961 in 2016.

Effingham Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$53,367$735,475-$788,842
2015$496,134$710,483-$214,349
2014$615,785$692,498-$76,713
2013$384,539$676,808-$292,269
2012$105,707$639,672-$533,965

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