A pension fund in Galesburg would go bankrupt first without subsidies from taxpayers and members, according to an analysis of data reported to the Illinois Department of Insurance.
Pension funds record revenue from investment income and other revenue, in addition to being subsidized by municipal taxes and member contributions. Taking those subsidies out of the equation and assuming the funds annual expenses are the same, the following table shows how long it would take for a pension fund to run out of money.
Which Greater Galesburg pension funds will go bankrupt first?
Rank
Fund
City
Total Non-Subsidy Revenue
Total Expenses
Total Annual Loss without Subsidy
Years Until Assets Spent
1
Galesburg Fire Fighters Pension Fund
Galesburg
$1,161,601
$2,900,180
-$1,738,579
0
Alerts Sign-up