Analysis: Skokie Firefighters Pension Fund would go broke in nine years without taxpayer subsidy
The fund has $69,497,105 in total assets. If the funds annual losses were the same, it would run out of money in nine years without these subsidies.
The fund lost $1,093,935 in investment income and other revenue in 2016. At the same time, it paid out $7,326,634 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 $3,595,244 to the funds revenue last year – an amount that has increased from $2,731,091 five years ago. Members contributed an additional $931,116 – $99,631 more than five years ago.
In all, subsidies amounted to $4,526,360 in 2016.