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Macon Reporter

Friday, November 22, 2024

Analysis: Macon County fire, police pension funds paid $16 million, made $1.7 million on investments in 2016

Decaturfire

In 2016, Decatur's firefighters' pension fund paid out $7 million in benefits and made $446K from investments.

In 2016, Decatur's firefighters' pension fund paid out $7 million in benefits and made $446K from investments.

Macon County’s five police and fire pension funds paid out a total of $16,309,270 in benefits to 318 retirees and inactive recipients in 2016 while making $1.7 million on their investments, according to a Macon Reporter analysis of the funds' mandated financial filings with the Illinois Department of Insurance.

The Reporter analyzed financials reported by firefighter and police funds in Decatur, as well as firefighter funds in Long Creek, Mt. Zion and Pleasantview. Collectively, the five funds hold approximately $197 million in assets and paid out $15 million more in 2016 than they earned, including $461,795 in fees to investment advisers, according to the filings.

The most recent filings for Mt. Zion Police Pension Fund were not made available. 

$11 million from Macon County property taxpayers

Macon County property taxpayers made up most of the difference, subsidizing the funds last year to the tune of $11,121,638.

Decatur property taxpayers paid the most to pension funds, at $8.49 million in 2016. The city’s funds made a total of $470,898, spending $382,733 on investment adviser fees. 

Pleasantview property taxpayers contributed $1.94 million to their city’s funds, followed by Long Creek ($656,133) and Mt. Zion ($30,896).

None of the funds lost money in 2016, when the S&P 500 returned 12 percent. Decatur’s police officers’ pension fund made $24,420 on $93.59 million in assets (0.03 percent), and paid out $6.82 million in benefits. 

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Macon County Pensions: Investments and Benefits Paid

Pension FundTotal Benefits PaidInvestment IncomeInvestment ExpensesDifference
Decatur Firefighters Pension Fund$7,030,555$446,478$194,179-$6,778,256
Decatur Police Pension Fund$6,824,723$24,420$188,554-$6,988,857
Long Creek FPD Firefighters Pension Fund$41,158$36,568$310-$4,900
Mt. Zion FPD Firefighters Pension Fund$0$2,631$0$2,631
Pleasantview FPD Firefighters Pension Fund$2,412,833$1,195,886$78,752-$1,295,698
COUNTY TOTAL$16,309,270$1,705,984$461,795-$15,065,080
Source: Illinois Department of Insurance. Analysis: Macon Reporter.

Macon County Pensions: Recipients and Funding

Pension FundTotal Benefits PaidRetirees/Inactive Recipients*Active EmployeesTaxpayer SubsidiesMember Contributions
Decatur Firefighters Pension Fund$7,030,555132106$4,265,438$847,728
Decatur Police Pension Fund$6,824,723155164$4,229,151$1,240,308
Long Creek FPD Firefighters Pension Fund$41,15812$656,133$9,970
Mt. Zion FPD Firefighters Pension Fund$012$30,896$13,134
Pleasantview FPD Firefighters Pension Fund$2,412,8332940$1,940,021$363,090
COUNTY TOTAL$16,309,270318314$11,121,638$2,474,231
Source: Illinois Department of Insurance. Analysis: Macon Reporter.

*Retirees/Inactive Recipients, Active Employees as of 2014.

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