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Kane County Reporter

Thursday, March 28, 2024

[CORRECTION] Analysis: Kane County fire, police pension funds paid out $53 million, made $2 million on investments in 2016

Elginfirebarn

Elgin's historic Fire Barn 5 | I, G LeTourneau, CC-BY-SA-3.0

Elgin's historic Fire Barn 5 | I, G LeTourneau, CC-BY-SA-3.0

Thirty-four of the 35 Kane County police and fire pension funds paid out a total of $53,761,339 in benefits to 966 retirees and inactive recipients last year while gaining $2,148,587 on their investments, according to a Kane County Reporter analysis of the funds' mandated financial filings with the Illinois Department of Insurance.

The Reporter analyzed financials reported by firefighter and police funds across the region, including Algonquin, Aurora, Elgin, Geneva, and St. Charles. Collectively, the 34 funds hold approximately $816 million in assets and paid out $54,203,264 more in 2016 than they earned, including $2,590,513 in fees paid to investment advisers, according to the filings.

$57 million from Kane County property taxpayers

Kane County property taxpayers made up more than the difference, subsidizing the funds last year to the tune of $57,705,924.

Aurora property taxpayers paid the most to pension funds, at $21.57 million in 2016. The cities’ two funds gained $2.87 million, spending $916,076 on investment adviser fees. 

Elgin taxpayers contributed $15.81 million to their city’s police and fire pension funds, followed by Carpentersville ($3,095,771), Sugar Grove ($2,841,272), and St. Charles ($2,702,707).

Eleven Kane County funds lost money in 2016, when the S&P 500 returned 12 percent.

St. Charles’ police officers’ and firefighters’ funds lost a combined $1.59 million on $64.23 million in assets (-2.48 percent) and paid out $3.58 million in benefits.

Batavia’s police officers’ fund lost $757,236 on $26.42 million in assets (-2.87 percent) and paid out $1.69 million in benefits.

Geneva’s police officers’ and firefighters’ fund lost a combined -$622,540 on $31.38 million in assets (-1.98 percent) and paid out $1.67 million.

Carpentersville’s firefighters’ fund lost $136,071 on $18.31 million in assets (-0.74 percent) and paid out $607,615 in benefits. 

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Kane County Pensions: Investments and Benefits Paid

Pension FundTotal Benefits PaidInvestment IncomeInvestment ExpensesDifference
Algonquin Lake In The Hills FPD Pension Fund$792,325$238,025$57,361-$611,661
Algonquin Police Pension Fund$903,832$6,951$81,708-$978,589
Aurora Firefighters Pension Fund$11,093,294$1,197,817$412,274-$10,307,751
Aurora Police Pension Fund$12,845,770$1,677,049$503,802-$11,672,523
Batavia Firefighters Pension Fund$609,849$135,091$34,673-$509,431
Batavia Police Pension Fund$1,695,836-$757,236$152,410-$2,605,481
Burlington Community FPD Firefighters Pension Fund$0$2,965$891$2,074
Carpentersville Firefighters Pension Fund$607,615-$136,071$36,908-$780,594
Carpentersville Police Pension Fund$1,460,181-$74,333$97,503-$1,632,018
East Dundee Countryside FPD Firefighters Pension Fund$173,321$25,585$8,369-$156,106
East Dundee Police Pension Fund$652,320$118,779$31,123-$564,664
Elburn Countryside FPD Firefighters Pension Fund$88,924-$98,859$17,855-$205,638
Elburn Police Pension Fund$85,992$23,031$2,260-$65,221
Elgin Firefighters Pension Fund$5,845,018$495,373$191,736-$5,541,381
Elgin Police Pension Fund$7,629,359$769,879$241,295-$7,100,776
Geneva Firefighters Pension Fund$465,657-$323,790$28,003-$817,449
Geneva Police Pension Fund$1,212,510-$298,750$85,818-$1,597,078
Gilberts Police Pension Fund$0$22,482$8,954$13,528
Hampshire FPD Firefighters Pension Fund$0$29,383$7,115$22,268
Hampshire Police Pension Fund$0$299$0$299
Montgomery & Countryside FPD Firefighters Pension$0$3,714$0$3,714
Montgomery Police Pension Fund$481,164-$7,515$18,113-$506,792
North Aurora FPD Firefighters Pension Fund$21,527$168,555$7,671$139,357
North Aurora Police Pension Fund$642,831$14,312$22,235-$650,754
Oswego FPD Firefighters Pension Fund$129,151$170,165$47,289-$6,276
Oswego Police Pension Fund$517,978$222,198$59,895-$355,675
Pingree Grove & Countryside FPD Firefighters Pension Fund$42,732$22,328$7,090-$27,494
South Elgin Countryside FPD Firefighters Pension Fund$288,921$129,053$41,328-$201,196
South Elgin Police Pension Fund$597,131$28,679$46,075-$614,527
St. Charles Firefighters Pension Fund$1,315,059-$822,021$175,820-$2,312,899
St. Charles Police Pension Fund$2,263,911-$773,368$133,047-$3,170,326
Sugar Grove Police Pension Fund$233,961$45,440$11,447

-$422,483
West Dundee Firefighters Pension Fund$343,111-$47,261$6,087-$396,459
West Dundee Police Pension Fund$722,059-$59,360$14,358-$795,777
COUNTY TOTAL$53,761,339$2,148,587$2,590,513

-$54,203,264

Source: Illinois Department of Insurance. Analysis: Kane County Reporter.

Kane County Pensions: Recipients and Funding

Pension FundTotal Benefits PaidRetirees/Inactive Recipients*Active EmployeesTaxpayer SubsidiesMember Contribution
Algonquin Lake In The Hills FPD Pension Fund$792,3251646$1,138,707$363,559
Algonquin Police Pension Fund$903,8321046$1,240,000$450,578
Aurora Firefighters Pension Fund$11,093,294169191$9,996,199$1,999,670
Aurora Police Pension Fund$12,845,770198289$11,571,764$3,805,258
Batavia Firefighters Pension Fund$609,8491522$760,874$193,606
Batavia Police Pension Fund$1,695,8363239$1,450,502$374,120
Burlington Community FPD Firefighters Pension Fund$002$31,738$10,891
Carpentersville Firefighters Pension Fund$607,6152236$1,010,757$212,253
Carpentersville Police Pension Fund$1,460,1814359$2,085,015$374,280
East Dundee Police Pension Fund$652,320913$448,635$106,193
East Dundee Countryside FPD Firefighters Pension Fund$173,32137$218,764$36,541
Elburn Police Pension Fund$85,99225$151,016$38,517
Elburn Countryside FPD Firefighters Pension Fund$88,924725$628,014$219,528
Elgin Firefighters Pension Fund$5,845,018104134$6,875,630$1,197,974
Elgin Police Pension Fund$7,629,359132173$8,937,888$1,950,540
Geneva Firefighters Pension Fund$465,657920$355,690$188,272
Geneva Police Pension Fund$1,212,5102236$1,144,355$365,178
Gilberts Police Pension Fund$027$117,040$52,985
Hampshire FPD Firefighters Pension Fund$018$190,088$43,743
Hampshire Police Pension Fund$0011$187,000$82,415
Montgomery & Countryside FPD Firefighter's Pension$001$42,975$9,196
Montgomery Police Pension Fund$481,1641024$452,282$216,533
North Aurora FPD Firefighters Pension Fund$21,527627$278,200$134,367
North Aurora Police Pension Fund$642,8311328$747,000$242,060
Oswego FPD Firefighters Pension Fund$129,151260$1,087,786$477,355
Oswego Police Pension Fund$517,9781747$1,250,000$425,332
Pingree Grove & Countryside FPD Firefighter's Pens$42,73255$70,621$37,253
South Elgin Countryside FPD Firefighters Pension Fund

$288,921831$620,416$241,274
South Elgin Police Pension Fund$597,1311732$814,000$275,179
St. Charles Firefighters Pension Fund$1,315,0592245$1,162,413$473,869
St. Charles Police Pension Fund$2,263,9114350$1,540,294$506,838
Sugar Grove Police Pension Fund$233,961413$269,002

$92,439
West Dundee Firefighters Pension Fund$343,111910$313,207$62,959
West Dundee Police Pension Fund$722,0591418$518,055$144,589
COUNTY TOTAL$53,761,3399661,560$57,705,924

$15,405,344

Source: Illinois Department of Insurance. Analysis: Kane County Reporter.

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

Note: Sugar Grove Firefighters' recipient numbers were not provided.

 

Editor's Note: A previous version of this article reported that Sugar Grove Police's fund received $1,162,413 in taxpayer subsidies and paid $233,961 in investment expenses. This article has been updated to reflect the correct numbers.

 

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