In 2016, Joliet's firefighters' pension fund paid out over $9 million in benefits and lost $421K on investments.
In 2016, Joliet's firefighters' pension fund paid out over $9 million in benefits and lost $421K on investments.
Will County’s 38 police and fire pension funds paid out a total of $40,749,996 in benefits to 667 retirees and inactive recipients in 2016 while losing $647,696 on their investments, according to a Will County Gazette analysis of the funds' mandated financial filings with the Illinois Department of Insurance.
The Gazette analyzed financials reported by firefighter and police funds across Will County, including Bolingbrook, Joliet, Frankfort and Romeoville. Collectively, the 38 funds hold approximately $678 million in assets and paid out $43.8 million more in 2016 than they earned, including $2,414,746 in fees to investment advisers, according to the filings.
Recipient numbers were not provided for the University Park Police Pension Fund.
$53 million from Will County property taxpayers
Will County property taxpayers made up more than the difference, subsidizing the funds last year to the tune of $53,062,222.
Joliet property taxpayers paid the most to pension funds, at $25.9 million in 2016. The city’s funds lost a total of $1.49 million, spending $854,046 on investment adviser fees.
Bolingbrook property taxpayers contributed $6.77 million to their city’s funds, followed by Lockport ($3,934,129), Mokena ($2,163,626) and Romeoville ($2,048,727).
Thirteen of the 38 funds lost money in 2016, when the S&P 500 returned 12 percent.
Joliet’s police officers’ fund lost $1.06 million on $171 million in assets (-0.62 percent) and paid out $12.16 million in benefits.
Lockport’s firefighters’ fund lost $758,811 on $37.45 million in assets (-2.03 percent) and paid out $2.19 million in benefits.
Bolingbrook’s firefighters’ fund lost $696,706 on $46.72 million in assets (-1.49 percent) and paid out $3.42 million in benefits.
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Will County Pensions: Investments and Benefits Paid
| Pension Fund | Total Benefits Paid | Investment Income | Investment Expenses | Difference |
| Bolingbrook Firefighters Pension Fund | $3,421,119 | -$696,706 | $211,421 | -$4,329,246 |
| Bolingbrook Police Pension Fund | $3,807,438 | $863,050 | $239,378 | -$3,183,766 |
| Braidwood Police Pension Fund | $185,929 | $57,774 | $13,160 | -$141,314 |
| Channahon FPD Firefighters Pension Fund | $0 | $65,317 | $15,878 | $49,439 |
| Channahon Police Pension Fund | $252,724 | -$58,600 | $5,007 | -$316,331 |
| Coal City Firefighter's Pension Fund | $0 | $34,615 | $4,378 | $30,237 |
| Coal City Police Pension Fund | $159,457 | $58,882 | $7,379 | -$107,954 |
| Crest Hill Police Pension Fund | $791,008 | $144,598 | $46,276 | -$692,686 |
| Crete Police Pension Fund | $259,260 | -$76,047 | $19,803 | -$355,110 |
| East Joliet FPD Firefighters Pension Fund | $34,395 | $24,355 | $0 | -$10,040 |
| Elwood FPD Pension Fund | $0 | -$888 | $507 | -$1,395 |
| Frankfort FPD Firefighters Pension Fund | $135,687 | $163,420 | $52,216 | -$24,483 |
| Frankfort Police Pension Fund | $576,190 | -$142,666 | $31,650 | -$750,506 |
| Joliet Firefighters Pension Fund | $9,726,302 | -$421,810 | $615,137 | -$10,763,249 |
| Joliet Police Pension Fund | $12,167,696 | -$1,068,724 | $238,909 | -$13,475,329 |
| Lockport Police Pension Fund | $944,101 | $256,537 | $71,858 | -$759,422 |
| Lockport Township FPD Pension Fund | $2,189,879 | -$758,811 | $158,939 | -$3,107,629 |
| Manhattan FPD Firefighters Pension Fund | $4,694 | $34,817 | $0 | $30,123 |
| Manhattan Police Pension Fund | $152,161 | $27,747 | $4,906 | -$129,321 |
| Minooka FPD Firefighters Pension Fund | $34,479 | $53,072 | $15,730 | $2,862 |
| Minooka Police Pension Fund | $123,293 | $84,116 | $22,188 | -$61,365 |
| Mokena FPD Firefighters Pension Fund | $150,169 | $317,000 | $27,110 | $139,721 |
| Mokena Police Pension Fund | $496,242 | $542,237 | $49,020 | -$3,025 |
| Monee Police Pension Fund | $0 | $33,488 | $3,212 | $30,277 |
| New Lenox FPD Firefighters Pension Fund | $89,813 | $16,275 | $239 | -$73,777 |
| New Lenox Police Pension Fund | $584,824 | -$228,020 | $34,489 | -$847,333 |
| Northwest Homer FPD Firefighters Pension Fund | $105,443 | $40,115 | $0 | -$65,328 |
| Peotone Police Pension Fund | $162,576 | $10,089 | $0 | -$152,487 |
| Plainfield FPD Firefighters Pension Fund | $90,326 | $133,326 | $31,022 | $11,977 |
| Plainfield Police Pension Fund | $434,932 | -$15,555 | $69,450 | -$519,937 |
| Romeoville Firefighters Pension Fund | $179,883 | $155,666 | $30,735 | -$54,952 |
| Romeoville Police Pension Fund | $1,765,114 | -$197,201 | $282,825 | -$2,245,141 |
| Shorewood Police Pension Fund | $380,088 | -$7,852 | $45,448 | -$433,388 |
| Steger Police Pension Fund | $325,277 | -$153,784 | $19,265 | -$498,326 |
| University Park Firefighters Pension Fund | $323,760 | $75,663 | $16,539 | -$264,636 |
| University Park Police Pension Fund | $411,371 | $26,086 | $30,473 | -$415,758 |
| Wilmington FPD Firefighter's Pension Fund | $0 | $2,638 | $111 | $2,527 |
| Wilmington Police Pension Fund | $284,366 | -$41,911 | $87 | -$326,364 |
| COUNTY TOTAL | $40,749,996 | -$647,696 | $2,414,746 | -$43,812,437 |
Will County Pensions: Recipients and Funding
| Pension Fund | Total Benefits Paid | Retirees/Inactive Recipients* | Active Employees | Taxpayer Subsidies | Member Contributions |
| Bolingbrook Firefighters Pension Fund | $3,421,119 | 64 | 86 | $3,140,863 | $747,357 |
| Bolingbrook Police Pension Fund | $3,807,438 | 65 | 109 | $3,631,065 | $1,055,142 |
| Braidwood Police Pension Fund | $185,929 | 4 | 14 | $230,493 | $66,826 |
| Channahon FPD Firefighters Pension Fund | $0 | 2 | 14 | $387,053 | $95,743 |
| Channahon Police Pension Fund | $252,724 | 10 | 23 | $562,298 | $195,170 |
| Coal City Firefighter's Pension Fund | $0 | 1 | 8 | $185,112 | $52,704 |
| Coal City Police Pension Fund | $159,457 | 2 | 12 | $299,400 | $79,760 |
| Crest Hill Police Pension Fund | $791,008 | 13 | 29 | $1,125,000 | $244,196 |
| Crete Police Pension Fund | $259,260 | 11 | 15 | $301,401 | $116,921 |
| East Joliet FPD Firefighters Pension Fund | $34,395 | 7 | 11 | $246,249 | $56,273 |
| Elwood FPD Pension Fund | $0 | 0 | 1 | $120,000 | $14,109 |
| Frankfort FPD Firefighters Pension Fund | $135,687 | 6 | 54 | $929,501 | $502,083 |
| Frankfort Police Pension Fund | $576,190 | 14 | 28 | $836,569 | $253,766 |
| Joliet Firefighters Pension Fund | $9,726,302 | 105 | 209 | $12,021,687 | $2,215,794 |
| Joliet Police Pension Fund | $12,167,696 | 179 | 262 | $13,884,298 | $3,160,100 |
| Lockport Police Pension Fund | $944,101 | 16 | 38 | $1,212,200 | $327,609 |
| Lockport Township FPD Pension Fund | $2,189,879 | 37 | 83 | $2,721,929 | $828,675 |
| Manhattan FPD Firefighters Pension Fund | $4,694 | 2 | 13 | $161,497 | $85,042 |
| Manhattan Police Pension Fund | $152,161 | 6 | 10 | $269,526 | $72,586 |
| Minooka FPD Firefighters Pension Fund | $34,479 | 3 | 11 | $249,796 | $80,699 |
| Minooka Police Pension Fund | $123,293 | 4 | 19 | $470,143 | $142,223 |
| Mokena FPD Firefighters Pension Fund | $150,169 | 4 | 33 | $817,688 | $303,440 |
| Mokena Police Pension Fund | $496,242 | 5 | 31 | $1,345,938 | $253,539 |
| Monee Police Pension Fund | $0 | 0 | 12 | $218,539 | $98,039 |
| New Lenox FPD Firefighters Pension Fund | $89,813 | 5 | 11 | $380,609 | $94,295 |
| New Lenox Police Pension Fund | $584,824 | 12 | 36 | $1,036,551 | $349,488 |
| Northwest Homer FPD Firefighters Pension Fund | $105,443 | 4 | 10 | $186,058 | $75,319 |
| Peotone Police Pension Fund | $162,576 | 4 | 7 | $171,034 | $43,775 |
| Plainfield FPD Firefighters Pension Fund | $90,326 | 4 | 54 | $848,141 | $449,842 |
| Plainfield Police Pension Fund | $434,932 | 10 | 51 | $948,549 | $490,958 |
| Romeoville Firefighters Pension Fund | $179,883 | 5 | 20 | $351,767 | $155,201 |
| Romeoville Police Pension Fund | $1,765,114 | 26 | 63 | $1,696,960 | $552,258 |
| Shorewood Police Pension Fund | $380,088 | 6 | 25 | $585,391 | $204,056 |
| Steger Police Pension Fund | $325,277 | 8 | 12 | $257,765 | $89,002 |
| University Park Firefighters Pension Fund | $323,760 | 16 | 17 | $362,524 | $113,327 |
| University Park Police Pension Fund | $411,371 | -- | -- | $408,503 | $161,311 |
| Wilmington FPD Firefighter's Pension Fund | $0 | 0 | 2 | $85,446 | $7,664 |
| Wilmington Police Pension Fund | $284,366 | 7 | 12 | $374,680 | $88,541 |
| COUNTY TOTAL | $40,749,996 | 667 | 1,445 | $53,062,222 | $13,922,831 |
*Retirees/Inactive Recipients, Active Members as of 2014.
Recipient numbers were not provided for the University Park Police Pension Fund.
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