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Sunday, November 24, 2024

Analysis: Mount Carmel Firefighters Pension Fund would go bankrupt in 30 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Mount Carmel Firefighters Pension Fund would have lost $62,263 in 2018, according to a SE Illinois News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $1,847,194 in total assets. If the fund’s annual losses stay the same, it would run out of money in 30 years without these subsidies.

The fund earned $39,847 in investment income and other revenue in 2018. At the same time, it paid out $102,110 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 $121,601 to the fund’s revenue last year – an amount that has increased from $73,062 five years ago. Members contributed an additional $20,161 – $441 more than five years ago.

In all, subsidies amounted to $141,762 in 2018.

Mount Carmel Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$39,847$102,110-$62,263
2017$50,784$100,719-$49,935
2016$20,709$98,348-$77,639
2015$40,069$96,059-$55,990
2014$30,447$94,177-$63,730

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