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Grundy Reporter

Saturday, November 23, 2024

Analysis: Minooka FPD Firefighters Pension Fund would go bankrupt in 25 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Minooka FPD Firefighters Pension Fund would have lost $194,182 in 2018, according to a Grundy Reporter analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $4,831,889 in total assets. If the fund’s annual losses stay the same, it would run out of money in 25 years without these subsidies.

The fund lost $133,925 in investment income and other revenue in 2018. At the same time, it paid out $60,257 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 $344,008 to the fund’s revenue last year – an amount that has increased from $260,826 five years ago. Members contributed an additional $118,896 – $49,195 more than five years ago.

In all, subsidies amounted to $462,904 in 2018.

Minooka FPD Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$133,925$60,257-$194,182
2017$385,425$91,622$293,803
2016$168,366$52,360$116,006
2015$38,314$52,582-$14,268
2014$229,031$50,662$178,369

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