Analysis: Norwood Park FPD Firefighters Pension Fund would go broke in 13 years without taxpayer subsidy
The fund has $14,642,635 in total assets. If the funds annual losses were the same, it would run out of money in 13 years without these subsidies.
The fund earned $178,308 in investment income and other revenue in 2016. At the same time, it paid out $1,357,139 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 $998,875 to the funds revenue last year – an amount that has increased from $917,353 five years ago. Members contributed an additional $210,559 – $3,841 less than five years ago.
In all, subsidies amounted to $1,209,434 in 2016.