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Illinois Valley Times

Monday, November 25, 2024

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

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Without members and taxpayers subsidizing its revenue, the Princeton Firefighters Pension Fund would have lost $117,869 in 2018, according to a Illinois Valley Times analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $7,447,651 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 $374,144 in investment income and other revenue in 2018. At the same time, it paid out $492,013 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 $302,812 to the fund’s revenue last year – an amount that has increased from $235,097 five years ago. Members contributed an additional $91,386 – $22,800 more than five years ago.

In all, subsidies amounted to $394,198 in 2018.

Princeton Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$374,144$492,013-$117,869
2017$431,240$469,405-$38,165
2016$2,649$460,313-$457,664
2015$449,117$448,906$211
2014$686,152$390,959$295,193

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