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Rock Island Today

Monday, December 23, 2024

Analysis: Moline Firefighters Pension Fund would go bankrupt in five years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Moline Firefighters Pension Fund would have lost $7,171,310 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 $29,226,360 in total assets. If the fund’s annual losses stay the same, it would run out of money in five years without these subsidies.

The fund lost $1,279,993 in investment income and other revenue in 2018. At the same time, it paid out $5,891,317 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 $5,147,669 to the fund’s revenue last year – an amount that has increased from $3,489,864 five years ago. Members contributed an additional $435,579 – $23,215 more than five years ago.

In all, subsidies amounted to $5,583,248 in 2018.

Moline Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$1,279,993$5,891,317-$7,171,310
2017$3,787,855$5,653,883-$1,866,028
2016$1,473,038$5,380,797-$3,907,759
2015$143,155$5,096,337-$4,953,182
2014$1,642,081$4,769,639-$3,127,558

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