Quantcast

East Central Reporter

Tuesday, November 5, 2024

Analysis: Mattoon Firefighters Pension Fund would go broke in five years without taxpayer subsidy

Shutterstock 65427295

Without members and taxpayers subsidizing its revenue, Mattoon Firefighters Pension Fund lost $2,990,097 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 $14,812,186 in total assets. If the funds annual losses were the same, it would run out of money in five years without these subsidies.

The fund lost $749,897 in investment income and other revenue in 2016. At the same time, it paid out $2,240,200 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 $1,367,692 to the funds revenue last year – an amount that has increased from $1,361,766 five years ago. Members contributed an additional $202,743 – $39 less than five years ago.

In all, subsidies amounted to $1,570,435 in 2016.

Mattoon Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$749,897$2,240,200-$2,990,097
2015$614,313$2,166,351-$1,552,038
2014$940,630$2,069,187-$1,128,557
2013$1,110,661$2,032,609-$921,948
2012$825,717$2,049,838-$1,224,121

MORE NEWS