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Peoria Standard

Saturday, November 23, 2024

Analysis: East Peoria Firefighters Pension Fund would go bankrupt in 131 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the East Peoria Firefighters Pension Fund would have lost $179,719 in 2018, according to a Peoria Standard analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $23,470,562 in total assets. If the fund’s annual losses stay the same, it would run out of money in 131 years without these subsidies.

The fund earned $1,400,573 in investment income and other revenue in 2018. At the same time, it paid out $1,580,292 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 $1,967,095 to the fund’s revenue last year – an amount that has increased from $1,305,609 five years ago. Members contributed an additional $360,145 – $57,987 more than five years ago.

In all, subsidies amounted to $2,327,240 in 2018.

East Peoria Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$1,400,573$1,580,292-$179,719
2017$1,625,567$1,497,740$127,827
2016-$14,202$1,456,778-$1,470,980
2015$1,165,948$1,377,564-$211,616
2014$966,684$1,311,209-$344,525

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