Quantcast

Illinois Valley Times

Friday, November 22, 2024

Analysis: Princeton Firefighters Pension Fund would go broke in 15 years without taxpayer subsidy

Shutterstock 443523112

Without members and taxpayers subsidizing its revenue, Princeton Firefighters Pension Fund lost $457,664 in 2016, according to a Illinois Valley Times analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $6,843,914 in total assets. If the funds annual losses were the same, it would run out of money in 15 years without these subsidies.

The fund earned $2,649 in investment income and other revenue in 2016. At the same time, it paid out $460,313 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 $267,488 to the funds revenue last year – an amount that has increased from $213,982 five years ago. Members contributed an additional $83,955 – $21,216 more than five years ago.

In all, subsidies amounted to $351,443 in 2016.

Princeton Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$2,649$460,313-$457,664
2015$449,117$448,906$211
2014$686,152$390,959$295,193
2013$546,913$378,867$168,046
2012$261,293$365,286-$103,993

MORE NEWS