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Monday, November 25, 2024

Analysis: Springfield Firefighter's Pension Fund would go broke in six years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Springfield Firefighter's Pension Fund lost $19,726,718 in 2016, according to a Sangamon Sun analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $112,320,479 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 $5,946,399 in investment income and other revenue in 2016. At the same time, it paid out $13,780,319 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 $9,786,645 to the funds revenue last year – an amount that has increased from $9,231,395 five years ago. Members contributed an additional $1,696,300 – $169,631 more than five years ago.

In all, subsidies amounted to $11,482,945 in 2016.

Springfield Firefighter's Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$5,946,399$13,780,319-$19,726,718
2015$7,144,920$13,056,069-$5,911,149
2014$12,077,281$12,455,777-$378,496
2013$8,152,247$11,593,738-$3,441,491
2012$2,770,933$11,197,109-$8,426,176

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