Lake County Gazette

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Sunday, April 5, 2020

Analysis: Deerfield-Bannockburn FPD Firefighters Pension Fund would go broke in 19 years without taxpayer subsidy

Local Government

By Local Labs News Service | May 5, 2018

Money 06

Without members and taxpayers subsidizing its revenue, Deerfield-Bannockburn FPD Firefighters Pension Fund lost $1,862,437 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 $34,255,784 in total assets. If the funds annual losses were the same, it would run out of money in 19 years without these subsidies.

The fund lost $167,162 in investment income and other revenue in 2016. At the same time, it paid out $1,695,275 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 $1,398,327 to the funds revenue last year – an amount that has increased from $972,567 five years ago. Members contributed an additional $400,773 – $54,597 more than five years ago.

In all, subsidies amounted to $1,799,100 in 2016.

Deerfield-Bannockburn FPD Firefighters Pension Fund non-subsidy revenue over five years
Year
Total non-subsidy revenue
Total expenses
Outcome without subsidies
2016
-$167,162
$1,695,275
-$1,862,437
2015
$2,187,381
$1,745,894
$441,487
2014
$2,645,612
$1,505,260
$1,140,352
2013
$2,612,543
$1,339,974
$1,272,569
2012
$494,061
$1,204,066
-$710,005

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Deerfield-Bannockburn Fire Department Firefighters Pension Fund

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