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Lake County Gazette

Thursday, November 21, 2024

Analysis: Lincolnshire-Riverwood FPD Firefighters Pension Fund would go broke in 17 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Lincolnshire-Riverwood FPD Firefighters Pension Fund lost $1,848,619 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 $31,046,905 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 $290,548 in investment income and other revenue in 2016. At the same time, it paid out $1,558,071 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 $1,420,456 to the funds revenue last year – an amount that has increased from $993,995 five years ago. Members contributed an additional $359,395 – $29,208 more than five years ago.

In all, subsidies amounted to $1,779,851 in 2016.

Lincolnshire-Riverwood FPD Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$290,548$1,558,071-$1,848,619
2015$1,570,424$1,323,964$246,460
2014$2,438,071$1,024,810$1,413,261
2013$2,324,813$990,414$1,334,399
2012-$44,699$947,171-$991,870

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