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South Central Reporter

Saturday, November 23, 2024

Analysis: Hillsboro Firefighter's Pension Fund would go bankrupt in 13 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Hillsboro Firefighter's Pension Fund would have lost $77,958 in 2018, according to a South Central Reporter analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $995,943 in total assets. If the fund’s annual losses stay the same, it would run out of money in 13 years without these subsidies.

The fund earned $325 in investment income and other revenue in 2018. At the same time, it paid out $78,283 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 $112,116 to the fund’s revenue last year – an amount that has increased from $70,788 five years ago. Members contributed an additional $20,139 – $1,880 more than five years ago.

In all, subsidies amounted to $132,255 in 2018.

Hillsboro Firefighter's Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$325$78,283-$77,958
2017$10,490$75,804-$65,314
2016$1,994$69,813-$67,819
2015$18,770$70,505-$51,735
2014$18,677$38,139-$19,462

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