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Kankakee Times

Friday, May 23, 2025

Analysis: Kankakee Firefighters' Pension Fund would go broke in four years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Kankakee Firefighters' Pension Fund lost $3,262,079 in 2016, according to a Kankakee Times analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $10,199,505 in total assets. If the funds annual losses were the same, it would run out of money in four years without these subsidies.

The fund lost $227,950 in investment income and other revenue in 2016. At the same time, it paid out $3,034,129 in expenses, according to the 2017 biennial report detailing the health of each of the states pension funds and retirement systems. The difference between the two shows the funds annual loss without subsidies.

Taxpayers added $2,693,520 to the funds revenue last year – an amount that has increased from $2,117,020 five years ago. Members contributed an additional $350,502 – $4,161 more than five years ago.

In all, subsidies amounted to $3,044,022 in 2016.

Kankakee Firefighters' Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$227,950$3,034,129-$3,262,079
2015$461,408$2,936,792-$2,475,384
2014$409,146$2,678,441-$2,269,295
2013$465,932$2,606,200-$2,140,268
2012$87,268$2,496,928-$2,409,660

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