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North Cook News

Friday, March 29, 2024

Analysis: North Cook County fire, police pension funds paid $195 million, lost $5 million on investments in 2016

Evanstonfire

In 2016, Evanston's firefighters' pension fund paid out over $8 million in benefits and made $417K from investments.

In 2016, Evanston's firefighters' pension fund paid out over $8 million in benefits and made $417K from investments.

North Cook County’s 61 police and fire pension funds paid out a total of $195,281,518 in benefits to 3,465 retirees and inactive recipients in 2016 while losing $5,495,345 on their investments, according to a North Cook News analysis of the funds' mandated financial filings with the Illinois Department of Insurance.

North Cook News analyzed financials reported by firefighter and police funds in North Cook County, including Arlington Heights, Des Plaines, Elgin, Evanston, Mt. Prospect and Skokie. Collectively, the 61 funds hold approximately $2.6 billion in assets and paid out $206,933,532 more in 2016 than they earned, including $6,156,669 in fees paid to investment advisers, according to the filings.

$161 million from North Cook County property taxpayers

North Cook County property taxpayers made up most of the difference, subsidizing the funds last year to the tune of $161,991,779.

Glenview property taxpayers paid the most to pension funds, at $17.8 million in 2016. The city’s two funds gained $941,531, spending $194,337 on investment adviser fees.

Elgin taxpayers contributed $15.81 million to their city’s two funds, the second highest in North Cook County. Evanston taxpayers paid $15.19 million, followed by Arlington Heights ($9,557,400), Schaumburg ($8,306,484) and Des Plaines ($8,608,916).

Twenty-five North Cook County funds lost money in 2016, when the S&P 500 returned 12 percent.

Schaumburg’s firefighters’ fund lost $2,761,881 on $107.5 million in assets (-2.57 percent) and paid out $6.91 million in benefits.

Arlington Heights’ firefighters’ fund lost $2,418,558 on $91.89 million in assets (-2.63 percent) and paid out $3.94 million in benefits.

Glencoe’s police officers’ fund lost $1,682,628 on $32.11 million in assets (-5.24 percent) and paid out $2.07 million in benefits.

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North Cook County Pensions: Investments and Benefits Paid

Pension FundTotal Benefits PaidInvestment IncomeInvestment ExpensesDifference
Arlington Heights Firefighters Pension Fund$3,946,420-$2,418,558$147,049-$6,512,027
Arlington Heights Police Pension Fund$3,835,374-$861,016$155,508-$4,851,898
Barrington Firefighters Pension Fund$474,519$226,788$44,690-$292,422
Barrington Police Pension Fund$1,722,186-$99,905$65,835-$1,887,927
Bartlett FPD Firefighters Pension Fund$339,075-$255,080$26,920-$621,076
Bartlett Police Pension Fund$1,315,394$351,666$85,084-$1,048,813
Buffalo Grove Firefighters Pension Fund$2,141,667$759,945$124,530-$1,506,253
Buffalo Grove Police Pension Fund$2,969,656$370,366$183,038-$2,782,328
Des Plaines Firefighters Pension Fund$6,456,438-$777,008$273,354-$7,506,800
Des Plaines Police Pension Fund$6,767,978-$791,714$253,904-$7,813,597
Elgin Firefighters Pension Fund$5,845,018$495,373$191,736-$5,541,381
Elgin Police Pension Fund$7,629,359$769,879$241,295-$7,100,776
Elk Grove Village Police Pension Fund$4,425,399$67,059$111,475-$4,469,815
Evanston Firefighters Pension Fund$8,067,965$417,898$189,657-$7,839,724
Evanston Police Pension Fund$10,424,955$702,639$271,933-$9,994,250
Glencoe Firefighters Pension Fund$64,436$39$218-$64,614
Glencoe Police Pension Fund$2,069,518-$1,682,628$76,926-$3,829,073
Glenview Firefighters Pension Fund$5,327,947$904,533$126,970-$4,550,384
Glenview Police Pension Fund$3,665,232$36,998$67,367-$3,695,600
Hanover Park Firefighters Pension Fund$975,580-$265,572$29,645-$1,270,797
Hanover Park Police Pension Fund$1,952,464-$444,485$50,795-$2,447,745
Harwood Heights Police Pension Fund$1,159,819-$41,665$51,564-$1,253,048
Hoffman Estates Firefighters Pension Fund$3,835,382$498,628$235,409-$3,572,164
Hoffman Estates Police Pension Fund$4,131,392-$1,318,851$104,310-$5,554,553
Kenilworth Police Pension Fund$643,012$1,171$23,377-$665,217
Lincolnwood Police Pension Fund$2,213,009$79,946$43,747-$2,176,810
Morton Grove Firefighters Pension Fund$2,530,110$426,503$75,874-$2,179,481
Morton Grove Police Pension Fund$3,335,185-$77,974$57,278-$3,470,437
Mt. Prospect Firefighters Pension Fund$4,594,876$1,886,330$84,679-$2,793,225
Mt. Prospect Police Pension Fund$4,529,962$650,926$109,580-$3,988,616
Niles Firefighters Pension Fund$3,630,830$182,550$43,322-$3,491,602
Niles Police Pension Fund$4,047,778$135,737$43,507-$3,955,548
Norridge Police Pension Fund$1,913,751-$399,345$141,282-$2,454,378
North Maine FPD Firefighters Pension Fund$1,371,886$1,135$38,796-$1,409,547
Northbrook Firefighters Pension Fund$3,364,422$1,835,436$64,247-$1,593,232
Northbrook Police Pension Fund$3,737,336-$1,648,548$40,103-$5,425,986
Northfield Police Pension Fund$1,235,926-$118,618$42,759-$1,397,304
Norwood Park FPD Firefighters Pension Fund

$1,313,198

$204,887

$28,076

-$1,136,387

Palatine Firefighters Pension Fund$4,215,646-$899,004$174,242-$5,288,892
Palatine Police Pension Fund$3,866,026$16,227$227,090-$4,076,889
Palatine Rural FPD Firefighters Pension Fund$247,039$101,271$25,470-$171,237
Park Ridge Firefighters Pension Fund$2,979,011$235,236$124,135-$2,867,910
Park Ridge Police Pension Fund$3,086,845$372,290$140,592-$2,855,147
Prospect Heights FPD Firefighters Pension Fund$0$69,848$11,695$58,154
Prospect Heights Police Pension Fund$322,396-$96,597$26,189-$445,182
Rolling Meadows Firefighters Pension Fund$3,156,692$295,100$73,748-$2,935,341
Rolling Meadows Police Pension Fund$2,927,628$247,255$95,275-$2,775,648
Roselle Firefighters Pension Fund$178,688$65,819$16,628-$129,497
Roselle Police Pension Fund$1,607,973$335,930$90,887-$1,362,930
Schaumburg Firefighters Pension Fund$6,916,306-$2,761,881$154,883-$9,833,071
Schaumburg Police Pension Fund$7,120,613-$1,077,260$166,814-$8,364,687
Skokie Firefighters Pension Fund$7,226,005-$1,036,118$98,249-$8,360,372
Skokie Police Pension Fund$6,721,145$455,898$178,873-$6,444,119
South Barrington Police Pension Fund$667,694-$13,725$15,409-$696,828
Streamwood Firefighters Pension Fund$1,578,091-$474,246$50,327-$2,102,664
Streamwood Police Pension Fund$2,142,823-$476,447$62,723-$2,681,993
Wheeling Firefighters Pension Fund$2,746,399$515,583$50,377-$2,281,192
Wilmette Firefighters Pension Fund$3,283,837-$785,465$83,853-$4,153,155
Wilmette Police Pension Fund$2,654,506-$744,287$83,135-$3,481,928
Winnetka Firefighters Pension Fund$1,852,469$84,664$125,558-$1,893,364
Winnetka Police Pension Fund$1,779,229$269,100$134,677-$1,644,806
TOTAL$195,281,518

-$5,495,345

$6,156,669

-$206,933,532

Source: Illinois Department of Insurance. Analysis: North Cook News.

North Cook County Pensions: Recipients and Funding

Pension FundTotal Benefits PaidRetirees/Inactive Recipients*Active EmployeesTaxpayer SubsidiesMember Contributions
Arlington Heights Firefighters Pension Fund$3,946,42099108$5,057,400$704,523
Arlington Heights Police Pension Fund$3,835,37489106$4,500,000$691,981
Barrington Firefighters Pension Fund$474,5193218$287,063$188,556
Barrington Police Pension Fund$1,722,1862822$800,000$209,607
Bartlett FPD Firefighters Pension Fund$339,075943$927,940$357,194
Bartlett Police Pension Fund$1,315,3942357$1,311,249$524,083
Buffalo Grove Firefighters Pension Fund$2,141,6673455$2,202,138$524,694
Buffalo Grove Police Pension Fund$2,969,6565063$2,284,316$669,027
Des Plaines Firefighters Pension Fund$6,456,43810491$4,304,044$836,027
Des Plaines Police Pension Fund$6,767,97811492$4,304,873$904,529
Elgin Firefighters Pension Fund$5,845,018104134$6,875,630$1,197,974
Elgin Police Pension Fund$7,629,359132173$8,937,888$1,950,540
Elk Grove Village Police Pension Fund$4,425,3997087$4,218,512$833,491
Evanston Firefighters Pension Fund$8,067,965145107$6,385,244$956,092
Evanston Police Pension Fund$10,424,955186163$8,804,264$1,454,770
Glencoe Firefighters Pension Fund$64,43640$60,207$0
Glencoe Police Pension Fund$2,069,5183433$1,562,863$340,092
Glenview Firefighters Pension Fund$5,327,9478480$10,309,348$750,195
Glenview Police Pension Fund$3,665,2325372$7,494,545$777,705
Hanover Park Firefighters Pension Fund$975,5802835$1,164,625$293,937
Hanover Park Police Pension Fund$1,952,4644062$2,078,956$510,565
Harwood Heights Police Pension Fund$1,159,8191926$668,617$224,805
Hoffman Estates Firefighters Pension Fund$3,835,3825793$2,597,016$863,860
Hoffman Estates Police Pension Fund$4,131,3927690$2,670,802$861,841
Kenilworth Police Pension Fund$643,012129$800,144$79,967
Lincolnwood Police Pension Fund$2,213,0093332$1,663,647$368,810
Morton Grove Firefighters Pension Fund$2,530,1105041$1,949,493$387,408
Morton Grove Police Pension Fund$3,335,1855945$1,819,397$412,809
Mt Prospect Firefighters Pension Fund$4,594,8767867$2,532,316$606,932
Mt Prospect Police Pension Fund$4,529,9628282$2,918,395$795,827
Niles Firefighters Pension Fund$3,630,8306249$2,714,895$511,802
Niles Police Pension Fund$4,047,7786055$3,256,499$593,810
Norridge Police Pension Fund$1,913,7512939$1,084,796$327,651
North Maine FPD Firefighters Pension Fund$1,371,8863022$1,601,136$200,066
Northbrook Firefighters Pension Fund$3,364,4225369$1,565,117$631,545
Northbrook Police Pension Fund$3,737,3365865$1,591,260$752,378
Northfield Police Pension Fund$1,235,9262519$1,523,140$205,621
Norwood Park FPD Firefighters Pension Fund

$1,313,198

22

24

$998,875

$210,559

Palatine Firefighters Pension Fund$4,215,6466591$3,620,989$857,036
Palatine Police Pension Fund$3,866,02661108$3,371,172$1,034,219
Palatine Rural FPD Firefighters Pension Fund$247,0391221$554,905$162,429
Park Ridge Firefighters Pension Fund$2,979,0115348$1,846,200$439,597
Park Ridge Police Pension Fund$3,086,8455453$2,027,060$482,744
Prospect Heights FPD Firefighters Pension Fund$0215$322,103$143,211
Prospect Heights Police Pension Fund$322,3961122$715,486$194,884
Rolling Meadows Firefighters Pension Fund$3,156,6924843$2,755,511$397,740
Rolling Meadows Police Pension Fund$2,927,6284948$2,547,497$469,521
Roselle Firefighters Pension Fund$178,688513$320,296$98,851
Roselle Police Pension Fund$1,607,9732828$1,016,327$268,741
Schaumburg Firefighters Pension Fund$6,916,306121122$3,764,945$1,072,444
Schaumburg Police Pension Fund$7,120,613106111$4,541,539$1,295,799
Skokie Firefighters Pension Fund$7,226,005148114$3,595,244$931,116
Skokie Police Pension Fund$6,721,145121110$2,208,070$1,059,517
South Barrington Police Pension Fund$667,6941116$937,886$131,323
Streamwood Firefighters Pension Fund$1,578,0913548$1,332,260$400,465
Streamwood Police Pension Fund$2,142,8234957$1,814,239$528,478
Wheeling Firefighters Pension Fund$2,746,3995450$2,258,857$578,831
Wilmette Firefighters Pension Fund$3,283,8375545$2,296,000$427,887
Wilmette Police Pension Fund$2,654,5064346$1,763,100$439,929
Winnetka Firefighters Pension Fund$1,852,4693225$1,396,267$232,443
Winnetka Police Pension Fund$1,779,2293526$1,159,177$252,560
TOTAL$195,281,518

3,465

3,688

$161,991,779

$34,611,038

Source: Illinois Department of Insurance. Analysis: North Cook News.

*Retirees/Inactive Recipients, Active Members as of 2014. 

Note: Elk Grove Village FPD Firefighters Fund's recipient numbers were not provided. 

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