In 2016, Rochelle's police officers' pension fund paid out over $800K in benefits and lost $219K in investments.
In 2016, Rochelle's police officers' pension fund paid out over $800K in benefits and lost $219K in investments.
Northwest Illinois’ 10 police and fire pension funds paid out a total of $8,100,566 in benefits to 204 retirees and inactive recipients last year while losing $924,236 on their investments, according to a NW Illinois News analysis of the funds' mandated financial filings with the Illinois Department of Insurance.
NW Illinois News analyzed financials reported by firefighter and police funds across the region, including Dixon, Freeport, Rochelle and Savanna. Collectively, the 10 funds hold approximately $101 million in assets and paid out $9,379,387 more in 2016 than they earned, including $354,585 in fees to investment advisers, according to the filings.
$4 million from Northwest Illinois property taxpayers
Northwest Illinois property taxpayers made up most of the difference, subsidizing the funds last year to the tune of $4,291,348.
Freeport property taxpayers paid the most to pension funds, at $2.32 million in 2016. The city’s two funds lost $1.19 million, spending $170,448 on investment adviser fees.
Dixon taxpayers paid $816,600 to their city's funds, followed by Rochelle ($666,629), Savanna ($283,436) and Byron ($171,974).
Five Northwest Illinois funds lost money in 2016, when the S&P 500 returned 12 percent.
Freeport’s police officers’ fund lost $722,136 on $22.39 million in assets (-3.22 percent) and paid out $2.24 million in benefits.
Freeport’s firefighters’ fund lost $472,351 on $34.35 million in assets (-1.37 percent) and paid out $3.37 million in benefits.
Rochelle’s police officers’’ fund lost $219,599 on $10.80 million in assets (-2.03 percent) and paid out $837,526 million in benefits.
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Northwest Illinois Pensions: Investments and Benefits Paid
| Pension Fund | Total Benefits Paid | Investment Income | Investment Expenses | Difference |
| Byron FPD Firefighters Pension Fund | $486,557 | $458,186 | $17,593 | -$45,964 |
| Dixon Community FPD Firefighters Pension Fund | $402,314 | -$14,659 | $31,499 | -$448,473 |
| Dixon Firefighters Pension Fund | $866,450 | -$27,310 | $53,676 | -$947,436 |
| Freeport Firefighters Pension Fund | $2,375,172 | -$472,351 | $105,896 | -$2,953,418 |
| Freeport Police Pension Fund | $2,244,595 | -$722,136 | $64,552 | -$3,031,283 |
| Rochelle Firefighters Pension Fund | $554,623 | $28,760 | $16,501 | -$542,364 |
| Rochelle Police Pension Fund | $837,526 | -$219,599 | $63,486 | -$1,120,610 |
| Savanna Firefighters Pension Fund | $118,264 | $17,618 | $688 | -$101,334 |
| Savanna Police Pension Fund | $215,067 | $27,033 | $694 | -$188,727 |
| Stillman FPD Pension Fund | $0 | $221 | $0 | $221 |
| TOTAL | $8,100,566 | -$924,236 | $354,585 | -$9,379,387 |
Northwest Illinois Pensions: Recipients and Funding
| Pension Fund | Total Benefits Paid | Retirees/Inactive Recipients* | Active Employees | Taxpayer Subsidies | Member Contributions |
| Byron FPD Firefighters Pension Fund | $486,557 | 6 | 12 | $171,974 | $83,881 |
| Dixon Community FPD Firefighters Pension Fund | $402,314 | 8 | 11 | $356,000 | $53,460 |
| Dixon Firefighters Pension Fund | $866,450 | 25 | 15 | $460,600 | $127,140 |
| Freeport Firefighters Pension Fund | $2,375,172 | 64 | 47 | $717,781 | $281,865 |
| Freeport Police Pension Fund | $2,244,595 | 62 | 47 | $1,605,261 | $275,215 |
| Rochelle Firefighters Pension Fund | $554,623 | 10 | 13 | $306,002 | $93,373 |
| Rochelle Police Pension Fund | $837,526 | 17 | 21 | $360,627 | $137,476 |
| Savanna Firefighters Pension Fund | $118,264 | 4 | 2 | $96,690 | $9,451 |
| Savanna Police Pension Fund | $215,067 | 8 | 7 | $186,746 | $32,191 |
| Stillman FPD Pension Fund | $0 | 0 | 1 | $29,669 | $9,300 |
| TOTAL | $8,100,566 | 204 | 176 | $4,291,348 | $1,103,351 |
*Retirees/Inactive Recipients, Active Employees as of 2014.
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