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Peoria Standard

Saturday, November 23, 2024

Analysis: Peoria Firefighters Pension Fund would go bankrupt in six years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Peoria Firefighters Pension Fund would have lost $23,893,422 in 2018, according to a Peoria Standard analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $126,396,617 in total assets. If the fund’s annual losses stay the same, it would run out of money in six years without these subsidies.

The fund lost $9,389,192 in investment income and other revenue in 2018. At the same time, it paid out $14,504,230 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 $8,863,849 to the fund’s revenue last year – an amount that has increased from $7,193,534 five years ago. Members contributed an additional $1,635,828 – $56,229 more than five years ago.

In all, subsidies amounted to $10,499,677 in 2018.

Peoria Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$9,389,192$14,504,230-$23,893,422
2017$17,910,385$13,161,225$4,749,160
2016$6,026,571$12,457,725-$6,431,154
2015-$1,488,647$18,013,451-$19,502,098
2014$4,161,433$11,608,620-$7,447,187

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