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East Central Reporter

Saturday, November 23, 2024

Analysis: Robinson FPD Firefighters Pension Fund would go bankrupt in 34 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Robinson FPD Firefighters Pension Fund would have lost $112,199 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 $3,749,758 in total assets. If the fund’s annual losses stay the same, it would run out of money in 34 years without these subsidies.

The fund earned $192,588 in investment income and other revenue in 2018. At the same time, it paid out $304,787 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 $186,561 to the fund’s revenue last year – an amount that has increased from $149,407 five years ago. Members contributed an additional $40,789 – $4,731 more than five years ago.

In all, subsidies amounted to $227,350 in 2018.

Robinson FPD Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$192,588$304,787-$112,199
2017$155,625$277,186-$121,561
2016-$2,133$275,660-$277,793
2015$147,152$268,764-$121,612
2014$156,861$246,979-$90,118

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