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Sunday, November 24, 2024

Analysis: Silvis Firefighters Pension Fund would go bankrupt in 1672 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Silvis Firefighters Pension Fund would have lost $313 in 2018, according to a Rock Island Today analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $523,238 in total assets. If the fund’s annual losses stay the same, it would run out of money in 1672 years without these subsidies.

The fund earned $4,878 in investment income and other revenue in 2018. At the same time, it paid out $5,191 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 $26,995 to the fund’s revenue last year – an amount that has increased from $21,334 five years ago. Members contributed an additional $7,889 – $1,298 more than five years ago.

In all, subsidies amounted to $34,884 in 2018.

Silvis Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$4,878$5,191-$313
2017$9,515$4,126$5,389
2016$10,636$3,514$7,122
2015$15,229$1,663$13,566
2014$5,696$3,408$2,288

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