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Saturday, November 23, 2024

Report: Charleston Firefighters Pension Fund lost $256,862 in investment income in 2016

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After projecting its investments would grow by 6.75 percent, the Charleston Firefighters Pension Fund lost 2.50 percent on its investments in 2016, according to data reported to the Illinois Department of Insurance Pension Division.

The DOI biennial report detailing the health of each of the pension funds shows the Charleston Firefighters Pension Fund's had $13,118,661 in investment assets last year. It paid $70,753 in investment expenses and lost $256,862 in investment income.

Pension funds and retirement systems set actuarial assumptions to project returns on investments to cover obligations to pensioners. When they fall short, the difference has to be made up from other sources – primarily from taxpayers and member contributions.

Charleston Firefighters Pension Fund investment performance
20122013201420152016
Investment assets$12,411,407$13,175,565$13,511,306$13,805,487$13,118,661
Investment expenses$55,009$53,772$67,496$63,312$70,753
Investment income$460,290$1,335,578$876,162$1,032,301-$256,862
Net investment income to assets3.27%9.73%5.99%7.02%-2.50%
Actuarial assumption6.75%6.75%6.75%6.75%6.75%

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