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East Central Reporter

Friday, November 22, 2024

Analysis: Shelbyville FPD Firefighters Pension Fund would go bankrupt in 16 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Shelbyville FPD Firefighters Pension Fund would have lost $67,986 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 $1,039,697 in total assets. If the fund’s annual losses stay the same, it would run out of money in 16 years without these subsidies.

The fund earned $22,947 in investment income and other revenue in 2018. At the same time, it paid out $90,933 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 $76,030 to the fund’s revenue last year – an amount that has increased from $61,443 five years ago. Members contributed an additional $15,689 – $1,473 more than five years ago.

In all, subsidies amounted to $91,719 in 2018.

Shelbyville FPD Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$22,947$90,933-$67,986
2017$25,053$88,830-$63,777
2016$8,142$84,607-$76,465
2015$12,983$82,931-$69,948
2014$27,866$81,560-$53,694

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