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The fund has $32,548,638 in total assets. If the fund’s annual losses stay the same, it would run out of money in 61 years without these subsidies.
The fund earned $3,145,857 in investment income and other revenue in 2018. At the same time, it paid out $3,686,594 in expenses, according to the 2019 biennial report detailing the health of each of the state’s pension funds and retirement systems. The difference between the two shows the fund’s annual loss without subsidies.
Taxpayers added $3,116,182 to the fund’s revenue last year – an amount that has increased from $2,350,426 five years ago. Members contributed an additional $406,119 – $23,450 more than five years ago.
In all, subsidies amounted to $3,522,301 in 2018.
Quincy Firefighters Pension Fund non-subsidy revenue over five years
| Year | Total non-subsidy revenue | Total expenses | Outcome without subsidies |
|---|---|---|---|
| 2018 | $3,145,857 | $3,686,594 | -$540,737 |
| 2017 | $2,853,240 | $3,545,994 | -$692,754 |
| 2016 | $139,880 | $3,429,087 | -$3,289,207 |
| 2015 | $1,648,660 | $3,310,028 | -$1,661,368 |
| 2014 | $2,290,285 | $3,236,340 | -$946,055 |
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