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NW Illinois News

Tuesday, December 24, 2024

Analysis: Sterling Firefighters Pension Fund would go broke in eight years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Sterling Firefighters Pension Fund lost $1,515,161 in 2016, according to a NW Illinois News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $11,444,700 in total assets. If the funds annual losses were the same, it would run out of money in eight years without these subsidies.

The fund lost $135,581 in investment income and other revenue in 2016. At the same time, it paid out $1,379,580 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 $689,721 to the funds revenue last year – an amount that has increased from $455,997 five years ago. Members contributed an additional $104,793 – $988 less than five years ago.

In all, subsidies amounted to $794,514 in 2016.

Sterling Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$135,581$1,379,580-$1,515,161
2015$831,636$1,298,342-$466,706
2014$1,064,076$1,087,024-$22,948
2013$870,106$999,556-$129,450
2012$173,413$836,440-$663,027

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