In 2016, Waukegan's police officers' pension fund paid out over $7 million in benefits and made $176K from investments.
In 2016, Waukegan's police officers' pension fund paid out over $7 million in benefits and made $176K from investments.
Fifty-one of the 54 Lake County police and fire pension funds paid out a total of $67,965,895 in benefits to 1,310 retirees and inactive recipients in 2016 while gaining $618,166 on their investments, according to a Lake County Gazette analysis of the funds' mandated financial filings with the Illinois Department of Insurance.
The Gazette analyzed financials reported by firefighter and police funds in Lake County, including Barrington, Buffalo Grove, Deerfield, Highland Park, Libertyville, and Waukegan. Collectively, the 51 funds hold approximately $1 billion in assets and paid out $70,221,730 more in 2016 than they earned, including $2,874,000 in fees to investment advisers, according to the filings.
The complete financial filings for Fox River Grove FPD firefighters, Lake Villa FPD firefighters, and Highwood police pension funds were not made available.
$60 million from Lake County property taxpayers
Lake County property taxpayers made up most of the difference, subsidizing the funds last year to the tune of $60,078,179.
Waukegan property taxpayers paid the most to pension funds, at $10.68 million in 2016. The cities’ two funds gained $258,719, spending $256,739 on investment adviser fees.
Highland Park taxpayers contributed $5.28 million to their city’s police and fire pension funds, followed by Buffalo Grove ($4,486,454), Libertyville ($3,953,865) and Lake Zurich ($3,350,621).
Twenty Lake County funds lost money in 2016, when the S&P 500 returned 12 percent.
North Chicago’s police officers’ fund lost $821,875 on $16.48 million in assets (-4.99 percent) and paid out $2.32 million in benefits.
Fox Lake’s police officers’ fund lost $370,633 on $14.08 million in assets (-2.63 percent) and paid out $554,151 in benefits.
Lake Forest’s police officers’ fund lost $362,783 on $28.02 million in assets (-1.29 percent) and paid out $2.32 million.
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Lake County Pensions: Investments and Benefits Paid
| Pension Fund | Total Benefits Paid | Investment Income | Investment Expenses | Difference |
| Antioch Police Pension Fund | $1,076,666 | $78,142 | $23,339 | -$1,021,863 |
| Barrington Firefighters Pension Fund | $474,519 | $226,788 | $44,690 | -$292,422 |
| Barrington Hills Police Pension Fund | $411,322 | $50,723 | $23,946 | -$384,545 |
| Barrington Police Pension Fund | $1,722,186 | -$99,905 | $65,835 | -$1,887,927 |
| Beach Park FPD Firefighters Pension Fund | $27,892 | $25,417 | $3,366 | -$5,841 |
| Buffalo Grove Firefighters Pension Fund | $2,141,667 | $759,945 | $124,530 | -$1,506,253 |
| Buffalo Grove Police Pension Fund | $2,969,656 | $370,366 | $183,038 | -$2,782,328 |
| Deerfield Police Pension Fund | $2,443,014 | $25,162 | $29,688 | -$2,447,540 |
| Deerfield-Bannockburn FPD Firefighters Pension Fund | $1,656,705 | -$72,744 | $94,418 | -$1,823,867 |
| Fox Lake FPD Firefighter's Pension Fund | $0 | $27,954 | $3,093 | $24,861 |
| Fox Lake Police Pension Fund | $554,151 | -$370,633 | $27,162 | -$951,946 |
| Fox River Grove Police Pension Fund | $376,018 | $26,029 | $9,537 | -$359,526 |
| Grayslake FPD Firefighters Pension Fund | $495,245 | -$320,724 | $47,180 | -$863,149 |
| Grayslake Police Pension Fund | $466,681 | $13,084 | $38,385 | -$491,982 |
| Greater Round Lake FPD Firefighters Pension Fund | $454,985 | -$251,131 | $78,261 | -$784,377 |
| Gurnee Firefighters Pension Fund | $924,848 | $155,856 | $53,480 | -$822,472 |
| Gurnee Police Pension Fund | $1,972,701 | $428,851 | $139,506 | -$1,683,356 |
| Hawthorn Woods Police Pension Fund | $78,871 | $10,740 | $20 | -$68,151 |
| Highland Park Firefighters Pension Fund | $3,440,905 | $885,673 | $128,888 | -$2,684,120 |
| Highland Park Police Pension Fund | $3,828,758 | -$1,437 | $68,123 | -$3,898,319 |
| Highwood Firefighters Pension Fund | $83,330 | $59,013 | $13,902 | -$38,219 |
| Kildeer Police Pension Fund | $533,841 | $70,551 | $18,418 | -$481,708 |
| Lake Bluff Police Pension Fund | $769,893 | -$76,816 | $38,901 | -$885,609 |
| Lake Forest Firefighters Pension Fund | $1,931,047 | $144,268 | $61,429 | -$1,848,208 |
| Lake Forest Police Pension Fund | $2,320,588 | -$362,783 | $96,161 | -$2,779,532 |
| Lake Villa Police Pension Fund | $342,332 | -$15,233 | $8,404 | -$365,969 |
| Lake Zurich Firefighters Pension Fund | $1,267,820 | $173,642 | $53,744 | -$1,147,922 |
| Lake Zurich Police Pension Fund | $901,657 | -$263,076 | $54,135 | -$1,218,868 |
| Lakemoor Police Pension Fund | $17,557 | $1,373 | $93 | -$16,277 |
| Libertyville Firefighters Pension Fund | $1,450,109 | $7,783 | $64,843 | -$1,507,170 |
| Libertyville Police Pension Fund | $2,209,803 | -$54,445 | $57,905 | -$2,322,152 |
| Lincolnshire Police Pension Fund | $960,345 | -$205,264 | $60,769 | -$1,226,378 |
| Lincolnshire-Riverwood FPD Firefighters Pension Fund | $1,517,806 | -$256,499 | $41,952 | -$1,816,257 |
| Lindenhurst Police Pension Fund | $142,911 | $18,280 | $33,075 | -$157,706 |
| Long Grove Firefighters Pension Fund | $93,846 | $149,362 | $33,092 | $22,425 |
| Mundelein Firefighters Pension Fund | $806,871 | $23,310 | $42,386 | -$825,947 |
| Mundelein Police Pension Fund | $1,724,727 | $357,147 | $134,144 | -$1,501,724 |
| North Chicago Firefighters Pension Fun | $1,351,222 | -$195,587 | $31,286 | -$1,578,095 |
| North Chicago Police Pension Fund | $2,328,436 | -$821,875 | $119,932 | -$3,270,243 |
| Park City Police Pension Fund | $251,126 | $36,975 | $5,152 | -$219,303 |
| Round Lake Beach Police Pension Fund | $1,023,860 | -$7,679 | $38,877 | -$1,070,416 |
| Round Lake Park Police Pension Fund | $240,504 | $49,560 | $6,630 | -$197,575 |
| Round Lake Police Pension Fund | $598,223 | -$58,915 | $20,581 | -$677,719 |
| Vernon Hills Police Pension Fund | $1,685,984 | -$295,338 | $143,805 | -$2,125,126 |
| Wauconda FPD Firefighter's Pension Fund | $776,958 | $276,366 | $44,826 | -$545,419 |
| Wauconda Police Pension Fund | $505,680 | $120,573 | $25,867 | -$410,974 |
| Waukegan Firefighters Pension Fund | $5,697,676 | $82,132 | $116,672 | -$5,732,216 |
| Waukegan Police Pension Fund | $7,088,523 | $176,588 | $140,067 | -$7,052,002 |
| Winthrop Harbor Police Pension Fund | $176,121 | $6,941 | $16,383 | -$185,564 |
| Zion Firefighters Pension Fund | $1,307,211 | -$197,423 | $71,393 | -$1,576,026 |
| Zion Police Pension Fund | $2,343,098 | -$292,919 | $92,692 | -$2,728,710 |
| COUNTY TOTAL | $67,965,895 | $618,166 | $2,874,000 | -$70,221,730 |
Lake County Pensions: Recipients and Funding
| Pension Fund | Total Benefits Paid* | Retirees/Inactive Recipients | Active Employees | Taxpayer Subsidies | Member Contributions |
| Antioch Police Pension Fund | $1,076,666 | 16 | 27 | $930,548 | $216,826 |
| Barrington Firefighters Pension Fund | $474,519 | 32 | 18 | $287,063 | $188,556 |
| Barrington Hills Police Pension Fund | $411,322 | 7 | 16 | $693,107 | $154,480 |
| Barrington Police Pension Fund | $1,722,186 | 28 | 22 | $800,000 | $209,607 |
| Beach Park FPD Firefighters Pension Fund | $27,892 | 5 | 7 | $181,128 | $43,667 |
| Buffalo Grove Firefighters Pension Fund | $2,141,667 | 34 | 55 | $2,202,138 | $524,694 |
| Buffalo Grove Police Pension Fund | $2,969,656 | 50 | 63 | $2,284,316 | $669,027 |
| Deerfield Police Pension Fund | $2,443,014 | 41 | 39 | $871,305 | $517,457 |
| Deerfield-Bannockburn FPD Firefighters Fund | $1,656,705 | 28 | 45 | $1,398,327 | $400,773 |
| Fox Lake FPD Firefighter's Pension Fund | $0 | 0 | 5 | $234,500 | $55,020 |
| Fox Lake Police Pension Fund | $554,151 | 14 | 24 | $692,803 | $196,573 |
| Fox River Grove Police Pension Fund | $376,018 | 10 | 10 | $1,458,831 | $56,871 |
| Grayslake FPD Firefighters Pension Fund | $495,245 | 10 | 31 | $725,109 | $272,027 |
| Grayslake Police Pension Fund | $466,681 | 8 | 30 | $748,319 | $288,233 |
| Greater Round Lake FPD Firefighters Pension Fund | $454,985 | 10 | 36 | $823,234 | $310,072 |
| Gurnee Firefighters Pension Fund | $924,848 | 19 | 47 | $1,471,445 | $504,573 |
| Gurnee Police Pension Fund | $1,972,701 | 37 | 63 | $1,590,485 | $611,781 |
| Hawthorn Woods Police Pension Fund | $78,871 | 2 | 10 | $280,551 | $106,136 |
| Highland Park Firefighters Pension Fund | $3,440,905 | 59 | 49 | $2,472,050 | $448,056 |
| Highland Park Police Pension Fund | $3,828,758 | 63 | 55 | $2,809,109 | $570,105 |
| Highwood Firefighters Pension Fund | $83,330 | 9 | 5 | $120,163 | $18,133 |
| Kildeer Police Pension Fund | $533,841 | 11 | 9 | $600,000 | $43,892 |
| Lake Bluff Police Pension Fund | $769,893 | 15 | 14 | $645,381 | $129,205 |
| Lake Forest Firefighters Pension Fund | $1,931,047 | 37 | 32 | $1,216,585 | $297,946 |
| Lake Forest Police Pension Fund | $2,320,588 | 44 | 39 | $1,806,270 | $373,216 |
| Lake Villa Police Pension Fund | $342,332 | 9 | 16 | $609,619 | $138,489 |
| Lake Zurich Firefighters Pension Fund | $1,267,820 | 19 | 57 | $1,445,052 | $302,885 |
| Lake Zurich Police Pension Fund | $901,657 | 15 | 33 | $1,905,569 | $478,570 |
| Lakemoor Police Pension Fund | $17,557 | 0 | 12 | $0 | $78,052 |
| Libertyville Firefighters Pension Fund | $1,450,109 | 23 | 41 | $1,647,860 | $383,487 |
| Libertyville Police Pension Fund | $2,209,803 | 38 | 39 | $2,306,006 | $374,176 |
| Lincolnshire Police Pension Fund | $960,345 | 17 | 23 | $618,665 | $208,270 |
| Lincolnshire-Riverwood FPD Firefighters Pension Fund | $1,517,806 | 20 | 42 | $1,420,456 | $359,395 |
| Lindenhurst Police Pension Fund | $142,911 | 2 | 15 | $293,600 | $123,535 |
| Long Grove Firefighters Pension Fund | $93,846 | 3 | 13 | $302,323 | $125,259 |
| Mundelein Firefighters Pension Fund | $806,871 | 10 | 26 | $582,571 | $229,938 |
| Mundelein Police Pension Fund | $1,724,727 | 41 | 52 | $1,305,730 | $503,875 |
| North Chicago Firefighters Pension Fun | $1,351,222 | 39 | 34 | $702,086 | $238,849 |
| North Chicago Police Pension Fund | $2,328,436 | 56 | 59 | $1,119,364 | $474,366 |
| Park City Police Pension Fund | $251,126 | 6 | 8 | $360,000 | $61,010 |
| Round Lake Beach Police Pension Fund | $1,023,860 | 28 | 36 | $956,749 | $314,933 |
| Round Lake Park Police Pension Fund | $240,504 | 6 | 12 | $211,320 | $97,377 |
| Round Lake Police Pension Fund | $598,223 | 10 | 23 | $448,626 | $190,946 |
| Vernon Hills Police Pension Fund | $1,685,984 | 19 | 43 | $1,541,722 | $424,846 |
| Wauconda FPD Firefighters Pension Fund | $776,958 | 7 | 39 | $1,337,000 | $364,632 |
| Wauconda Police Pension Fund | $505,680 | 11 | 24 | $724,641 | $352,303 |
| Waukegan Firefighters Pension Fund | $5,697,676 | 123 | 117 | $4,401,280 | $1,006,352 |
| Waukegan Police Pension Fund | $7,088,523 | 147 | 148 | $6,286,274 | $1,470,091 |
| Winthrop Harbor Police Pension Fund | $176,121 | 6 | 7 | $127,277 | $60,456 |
| Zion Firefighters Pension Fund | $1,307,211 | 24 | 26 | $932,135 | $236,113 |
| Zion Police Pension Fund | $2,343,098 | 42 | 47 | $1,149,487 | $409,829 |
| COUNTY TOTAL | $67,965,895 | 1,310 | 1,743 | $60,078,179 | $16,214,957 |
*Retirees/Inactive Recipients, Active Employees as of 2014.
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