In 2016, Moline's firefighters' pension fund paid out over $5 million in benefits and made $130K from investments.
In 2016, Moline's firefighters' pension fund paid out over $5 million in benefits and made $130K from investments.
Rock Island and its surrounding communities’ 18 police and fire pension funds paid out a total of $26,994,988 in benefits to 638 retirees and inactive recipients in 2016 while losing $591,703 on their investments, according to a Rock Island Today analysis of the funds' mandated financial filings with the Illinois Department of Insurance.
Rock Island Today analyzed financials reported by firefighter and police funds in Rock Island and its surrounding communities, including East Moline, Kewanee, Moline, Rock Island and Sterling. Collectively, the 18 funds hold approximately $236 million in assets and paid out $28,128,166 more in 2016 than they earned, including $541,475 in fees paid to investment advisers, according to the filings.
Rock Island and its surrounding communities' property taxpayers made up most of the difference, subsidizing the funds last year to the tune of $17,533,300.
Moline property taxpayers paid the most to pension funds, at $7 million in 2016. The city's two funds gained $257,288, spending $156,996 on investment adviser fees.
Rock Island taxpayers contributed $5.36 million to their city’s two funds, followed by East Moline ($1,531,503) and Sterling ($1,393,191).
Eleven Rock Island funds lost money in 2016, while the S&P 500 returned 12 percent.
East Moline’s firefighters’ fund lost $564,427 on $23.01 million in assets (-2.45 percent) and paid out $1.56 million in benefits.
East Moline’s police officers' fund lost $278,550 on $19.92 million in assets (-1.40 percent) and paid out $1.76 million in benefits.
Sterling’s police officers’ fund lost $215,977 on $13.01 million in assets (-1.60 percent) and paid out $1.10 million in benefits.
---
Rock Island Pensions: Investments and Benefits Paid
| Pension Fund | Total Benefits Paid | Investment Income | Investment Expenses | Difference |
| Colona Police Pension Fund | $150,628 | -$1,955 | $0 | -$152,583 |
| East Moline Firefighters Pension Fund | $1,558,304 | -$564,427 | $91,276 | -$2,214,008 |
| East Moline Police Pension Fund | $1,763,945 | -$278,550 | $30,325 | -$2,072,820 |
| Geneseo Police Pension Fund | $352,270 | $95,021 | $4,914 | -$262,163 |
| Kewanee Community FPD Firefighters Pension Fund | $75,129 | $2,815 | $0 | -$72,314 |
| Kewanee Firefighters Pension Fund | $809,206 | -$130,932 | $21,710 | -$961,847 |
| Kewanee Police Pension Fund | $768,827 | -$39,632 | $130 | -$808,588 |
| Milan Police Pension Fund | $544,076 | -$100,914 | $11,127 | -$656,117 |
| Moline Firefighters Pension Fund | $5,010,139 | $130,862 | $64,382 | -$4,943,659 |
| Moline Police Pension Fund | $3,947,961 | $126,426 | $92,614 | -$3,914,149 |
| Rock Falls Firefighters Pension Fund | $452,555 | -$7,123 | $18,742 | -$478,421 |
| Rock Falls Police Pension Fund | $744,632 | -$35,956 | $17,625 | -$798,212 |
| Rock Island Firefighters Pension Fund | $3,867,666 | $430,613 | $54,239 | -$3,491,292 |
| Rock Island Police Pension Fund | $3,969,874 | -$21,826 | $55,711 | -$4,047,411 |
| Silvis Firefighters Pension Fund | $0 | $12,051 | $1,418 | $10,633 |
| Silvis Police Pension Fund | $513,798 | $106,640 | $24,687 | -$431,845 |
| Sterling Firefighters Pension Fund | $1,360,388 | -$98,840 | $36,741 | -$1,495,968 |
| Sterling Police Pension Fund | $1,105,590 | -$215,977 | $15,834 | -$1,337,401 |
| TOTAL | $26,994,988 | -$591,703 | $541,475 | -$28,128,166 |
Rock Island Pensions: Recipients and Funding
| Pension Fund | Total Benefits Paid | Retirees/Inactive Recipients* | Active Employees | Taxpayer Subsidies | Member Contributions |
| Colona Police Pension Fund | $150,628 | 8 | 10 | $139,874 | $53,711 |
| East Moline Firefighters Pension Fund | $1,558,304 | 39 | 35 | $634,464 | $237,806 |
| East Moline Police Pension Fund | $1,763,945 | 45 | 38 | $897,039 | $249,771 |
| Geneseo Police Pension Fund | $352,270 | 8 | 13 | $269,577 | $77,718 |
| Kewanee Community FPD Firefighters Pension Fund | $75,129 | 3 | 3 | $71,994 | $9,603 |
| Kewanee Firefighters Pension Fund | $809,206 | 17 | 27 | $315,307 | $130,596 |
| Kewanee Police Pension Fund | $768,827 | 23 | 22 | $339,843 | $126,669 |
| Milan Police Pension Fund | $544,076 | 13 | 14 | $291,676 | $95,972 |
| Moline Firefighters Pension Fund | $5,010,139 | 104 | 61 | $3,482,362 | $473,457 |
| Moline Police Pension Fund | $3,947,961 | 84 | 79 | $3,523,625 | $601,643 |
| Rock Falls Firefighters Pension Fund | $452,555 | 14 | 13 | $140,050 | $70,592 |
| Rock Falls Police Pension Fund | $744,632 | 20 | 19 | $292,074 | $111,932 |
| Rock Island Firefighters Pension Fund | $3,867,666 | 91 | 58 | $2,676,324 | $416,580 |
| Rock Island Police Pension Fund | $3,969,874 | 106 | 83 | $2,687,850 | $590,127 |
| Silvis Firefighters Pension Fund | $0 | 0 | 1 | $30,924 | $7,110 |
| Silvis Police Pension Fund | $513,798 | 11 | 15 | $347,125 | $95,423 |
| Sterling Firefighters Pension Fund | $1,360,388 | 28 | 17 | $689,721 | $104,793 |
| Sterling Police Pension Fund | $1,105,590 | 24 | 30 | $703,470 | $173,505 |
| TOTAL | $26,994,988 | 638 | 538 | $17,533,300 | $3,627,007 |
*Retirees/Inactive Recipients, Active Employees as of 2014.
ORGANIZATIONS IN THIS STORY
!RECEIVE ALERTS
DONATE
Alerts Sign-up