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Lake County Gazette

Sunday, May 19, 2024

Analysis: Libertyville Firefighters Pension Fund would go broke in 17 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Libertyville Firefighters Pension Fund lost $1,555,330 in 2016, according to a Lake County Gazette analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $25,130,635 in total assets. If the funds annual losses were the same, it would run out of money in 17 years without these subsidies.

The fund lost $68,665 in investment income and other revenue in 2016. At the same time, it paid out $1,486,665 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 $1,647,860 to the funds revenue last year – an amount that has increased from $987,758 five years ago. Members contributed an additional $383,487 – $78,189 more than five years ago.

In all, subsidies amounted to $2,031,347 in 2016.

Libertyville Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$68,665$1,486,665-$1,555,330
2015$1,654,406$1,369,303$285,103
2014$1,828,060$1,244,294$583,766
2013$1,952,013$1,160,041$791,972
2012$326,413$1,127,046-$800,633

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