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Lake County Gazette

Tuesday, November 5, 2024

Analysis: Waukegan Firefighters Pension Fund would go bankrupt in 64 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Waukegan Firefighters Pension Fund would have lost $1,125,070 in 2018, according to a Lake County Gazette analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $71,799,539 in total assets. If the fund’s annual losses stay the same, it would run out of money in 64 years without these subsidies.

The fund earned $5,368,183 in investment income and other revenue in 2018. At the same time, it paid out $6,493,253 in expenses, according to the 2019 biennial report detailing the health of each of the state’s pension funds and retirement systems. The difference between the two shows the fund’s annual loss without subsidies.

Taxpayers added $5,951,000 to the fund’s revenue last year – an amount that has increased from $3,901,179 five years ago. Members contributed an additional $1,000,812 – $73,223 more than five years ago.

In all, subsidies amounted to $6,951,812 in 2018.

Waukegan Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$5,368,183$6,493,253-$1,125,070
2017$6,012,962$6,194,176-$181,214
2016-$28,222$5,773,580-$5,801,802
2015$4,209,323$5,389,049-$1,179,726
2014$5,022,523$5,209,829-$187,306

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