Metro East Sun

Without members and taxpayers subsidizing its revenue, the Granite City Firefighters Pension Fund C/O Gail Va would have lost $2,577,315 in 2018, according to a Metro East Sun analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $22,908,979 in total assets. If the fund’s annual losses stay the same, it would run out of money in nine years without these subsidies.

The fund earned $835,993 in investment income and other revenue in 2018. At the same time, it paid out $3,413,308 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 $10,901,273 to the fund’s revenue last year – an amount that has increased from $1,059,167 five years ago. Members contributed an additional $365,619 – $13,940 more than five years ago.

In all, subsidies amounted to $11,266,892 in 2018.

Year	Total non-subsidy revenue	Total expenses	Outcome without subsidies
2018	$835,993	$3,413,308	-$2,577,315
2017	$1,107,046	$3,352,426	-$2,245,380
2016	-$189,469	$3,232,895	-$3,422,364
2015	$1,141,016	$3,033,550	-$1,892,534
2014	$1,321,815	$2,821,618	-$1,499,803