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South West Illinois News

Friday, November 22, 2024

Analysis: Duquoin Firefighters Pension Fund would go broke in 17 years without taxpayer subsidy

Money041

Without members and taxpayers subsidizing its revenue, Duquoin Firefighters Pension Fund lost $162,147 in 2016, according to a SW Illinois News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $2,744,283 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 earned $133,312 in investment income and other revenue in 2016. At the same time, it paid out $295,459 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 $276,882 to the funds revenue last year – an amount that has increased from $194,900 five years ago. Members contributed an additional $39,425 – $4,636 more than five years ago.

In all, subsidies amounted to $316,307 in 2016.

Duquoin Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$133,312$295,459-$162,147
2015$8,075$277,903-$269,828
2014$87,444$257,488-$170,044
2013$45,201$251,146-$205,945
2012$46,026$249,666-$203,640

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