Analysis: Galesburg pays $8.64 for every $1 pensioners contribute to Galesburg Fire Fighters Pension Fund

By Galesburg Reporter

Jul 2, 2020

Taxpayers contributed 89.6 percent of the $2,666,022 the Galesburg Fire Fighters Pension Fund brought in 2018, or $8.64 for every $1 from pension members, according to a Galesburg Reporter analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

In all, Galesburg contributed $2,389,691 to the fund, which saw a $285,232 increase in revenue over 2017. Members contributed $276,331, or 10.4 percent, in 2018.

Galesburg Fire Fighters Pension Fund revenue over 5 years

	2014	2015	2016	2017	2018	Change 2014-2018
Municipality	$1,600,784	$2,328,400	$2,096,966	$2,112,413	$2,389,691	49.3%
Pension members	$257,374	$289,576	$263,295	$268,377	$276,331	7.4%
Other Revenue	-$-1	-$-1	-$-1	$0	$0	100%
Total	$1,858,157	$2,617,975	$2,360,260	$2,380,790	$2,666,022	43.5%