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Galesburg Reporter

Wednesday, November 6, 2024

Report: Galesburg Fire Fighters Pension Fund lost $1,170,663 in investment income in 2018

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After projecting its investments would grow by 6.3 percent, the Galesburg Fire Fighters Pension Fund lost 5.6 percent on its investments in 2018, according to data reported to the Illinois Department of Insurance Pension Division.

The DOI biennial report detailing the health of each of the pension funds shows the Galesburg Fire Fighters Pension Fund's had $22,137,083 in investment assets last year. It paid $63,656 in investment expenses and lost $1,170,663 in investment income.

Pension funds and retirement systems set actuarial assumptions to project returns on investments to cover obligations to pensioners. When they fall short, the difference has to be made up from other sources – primarily from taxpayers and member contributions.

Galesburg Fire Fighters Pension Fund investment performance
20142015201620172018
Investment assets$21,075,762$20,091,916$21,172,498$23,654,410$22,137,083
Investment expenses$15,013$70,187$59,064$61,771$63,656
Investment income$947,562-$132,183$1,220,666$2,659,623-$1,170,663
Net investment income to assets4.4-15.511-5.6
Actuarial assumption6.86.86.86.56.3

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