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Peoria Standard

Saturday, November 23, 2024

Analysis: Pekin Firefighters Pension Fund would go broke in six years without taxpayer subsidy

Money759

Without members and taxpayers subsidizing its revenue, Pekin Firefighters Pension Fund lost $3,802,746 in 2016, according to a Peoria Standard analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $22,131,101 in total assets. If the funds annual losses were the same, it would run out of money in six years without these subsidies.

The fund lost $437,152 in investment income and other revenue in 2016. At the same time, it paid out $3,365,594 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 $2,375,747 to the funds revenue last year – an amount that has increased from $2,274,254 five years ago. Members contributed an additional $389,998 – $63,744 more than five years ago.

In all, subsidies amounted to $2,765,745 in 2016.

Pekin Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$437,152$3,365,594-$3,802,746
2015$1,473,114$2,965,534-$1,492,420
2014$2,119,627$2,814,545-$694,918
2013$1,700,695$2,688,025-$987,330
2012$725,646$2,550,094-$1,824,448

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