In 2016, Normal's firefighters' pension fund paid out over $2 million in benefits and lost $103K from investments.
In 2016, Normal's firefighters' pension fund paid out over $2 million in benefits and lost $103K from investments.
McLean County’s four police and fire pension funds paid out a total of $14,770,208 in benefits to 281 retirees and inactive recipients in 2016 while losing $1.96 million on their investments, according to a McLean 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 in Bloomington and Normal. Collectively, the five funds hold approximately $174 million in assets and paid out $16.8 million more in 2016 than they earned, including $94,791 in fees to investment advisers, according to the filings.
$12 million from McLean County property taxpayers
McLean County property taxpayers made up most of the difference, subsidizing the funds last year to the tune of $12,374,279.
Bloomington property taxpayers paid the most to pension funds, at $9.1 million in 2016. The city’s funds lost a total of $1.68 million and spent $2,368 on investment adviser fees.
Normal property taxpayers contributed $3.26 million to their city’s pension funds and lost $274,839 on investments last year; the funds spent $92,424 on investment adviser fees.
Each of the four funds lost money in 2016, when the S&P 500 returned 12 percent.
Bloomington’s firefighters’ fund lost $1.44 million on $50 million in assets (-2.84 percent) and paid out $4.65 million in benefits.
Bloomington’s police officers’ fund lost $245,102 on $63.9 million in assets (-0.38 percent) and paid out $5.37 million in benefits.
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McLean County Pensions: Investments and Benefits Paid
| Pension Fund | Total Benefits Paid | Investment Income | Investment Expenses | Difference |
| Bloomington Firefighters Pension Fund | $4,653,275 | -$1,439,295 | $2,368 | -$6,094,937 |
| Bloomington Police Pension Fund | $5,371,307 | -$245,102 | $0 | -$5,616,409 |
| Normal Firefighters Pension Fund | $2,122,167 | -$103,801 | $48,171 | -$2,274,139 |
| Normal Police Pension Fund | $2,623,460 | -$171,038 | $44,253 | -$2,838,751 |
| COUNTY TOTAL | $14,770,208 | -$1,959,236 | $94,791 | -$16,824,236 |
McLean County Pensions: Recipients and Funding
| Pension Fund | Total Benefits Paid | Retirees/Inactive Recipients* | Active Employees | Taxpayer Subsidies | Member Contributions |
| Bloomington Firefighters Pension Fund | $4,653,275 | 90 | 108 | $4,416,266 | $808,931 |
| Bloomington Police Pension Fund | $5,371,307 | 101 | 124 | $4,690,359 | $1,158,840 |
| Normal Firefighters Pension Fund | $2,122,167 | 36 | 63 | $1,528,405 | $462,784 |
| Normal Police Pension Fund | $2,623,460 | 54 | 76 | $1,739,249 | $603,082 |
| COUNTY TOTAL | $14,770,208 | 281 | 371 | $12,374,279 | $3,033,637 |
*Retirees/Inactive Recipients, Active Employees as of 2014.
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