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Monday, November 25, 2024

Report: Springfield Firefighter's Pension Fund lost $5,701,448 in investment income in 2016

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After projecting its investments would grow by 6.75 percent, the Springfield Firefighter's Pension Fund lost 5.33 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 Springfield Firefighter's Pension Fund's had $112,064,250 in investment assets last year. It paid $268,741 in investment expenses and lost $5,701,448 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.

Springfield Firefighter's Pension Fund investment performance
20122013201420152016
Investment assets$95,695,556$103,654,618$114,571,744$120,305,651$112,064,250
Investment expenses$278,177$235,586$255,453$242,873$268,741
Investment income$3,014,708$8,359,281$12,323,687$7,368,953-$5,701,448
Net investment income to assets2.86%7.84%10.53%5.92%-5.33%
Actuarial assumption6.75%6.75%6.75%6.75%6.75%

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