Analysis: Waukegan Firefighters Pension Fund would go broke in 11 years without taxpayer subsidy
The fund has $60,658,624 in total assets. If the funds annual losses were the same, it would run out of money in 11 years without these subsidies.
The fund lost $28,222 in investment income and other revenue in 2016. At the same time, it paid out $5,773,580 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 $4,401,280 to the funds revenue last year – an amount that has increased from $4,083,106 five years ago. Members contributed an additional $1,006,352 – $145,223 more than five years ago.
In all, subsidies amounted to $5,407,632 in 2016.