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Galesburg Reporter

Wednesday, November 6, 2024

Report: Galesburg Fire Fighters Pension Fund gained $1,220,666 in investment income in 2016

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After projecting its investments would grow by 6.75 percent, the Galesburg Fire Fighters Pension Fund netted 5.49 percent on its investments in 2016, 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 $21,172,498 in investment assets last year. It paid $59,064 in investment expenses and gained $1,220,666 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
20122013201420152016
Investment assets$20,086,557$20,884,637$21,075,762$20,091,916$21,172,498
Investment expenses$109,543$94,556$15,013$70,187$59,064
Investment income$1,558,249$1,701,327$947,562-$132,183$1,220,666
Net investment income to assets7.21%7.69%4.42%-1.01%5.49%
Actuarial assumption6.75%6.75%6.75%6.75%6.75%

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