Excerpts from the Dupagepolicyjournal.com:
The pension fund for Wheaton firefighters is now underfunded by more than $10 million, a deficit that’s nearly doubled over the past 10 years, according to a report released by the Illinois Department of Insurance. The Wheaton Firefighters Pension Fund had only $25 million in assets as of April 30, 2014 when it should have $35 million, the report says. In 2005, it held $11 million in assets but should have had $17 million.
The deficit equates to approximately $542 in firefighter pension debt per Wheaton household.
Wheaton’s 38 active police officers haven’t been contributing enough to fully fund their pensions, the report shows. Each firefighter saved an average of just $701 per month in 2014, yet they’ll each receive an annuity upon retirement worth millions. Total Wheaton firefighter compensation in 2014 averaged $118,869, including $24,864 in Wheaton taxpayer-funded retirement savings.
Wheaton’s Firefighter Pension Fund Board includes active police officers John Cochran and Jason Skilondz, retired police officer Rick Kammes, Wheaton investment adviser Charles Hartman, City of Wheaton Finance Director Robert Lehnhardt, and Wheaton insurance executive Michael Savegnago.
Cochran currently earns $134,343 in salary and taxpayer-funded retirement savings, and had contributed $126,734 to his pension as of the end of fiscal 2014, after 19 years and seven months of service. Skilondz earns $116,321 and had contributed $55,469 over eight years of service. Kammes retired from the Wheaton Fire Department in 2014 after 35 years and five months of service. He saved a total of $173,140 and is currently collecting $82,109 per year. Kammes will collect more than $2.993 million over a 25 year retirement.
The Wheaton Fire Department includes 35 career firefighting personnel and 18 contract paramedics operating out of three fire stations.
#1 by mike on December 12, 2015 - 5:35 PM
I like how in the article they say the firemen underfunded their pension. The firemen paid 9.5% of their pay checks each pay period. The city most likely didn’t put into the pension fund what the actuary recemmended they contribute.
#2 by Dennis on December 12, 2015 - 7:59 AM
Drew, I don’t know what happened but when I clicked on the link this is what the article actually said. Maybe they changed it after.
“The pension fund for Wheaton firefighters is now underfunded by more than $10 million, a deficit that’s nearly doubled over the past 10 years, according to a report released by the Illinois Department of Insurance.
The Wheaton Firefighters Pension Fund had only $25 million in assets as of April 30, 2014 when it should have $35 million, the report says. In 2005, it held $11 million in assets but should have had $17 million.
The deficit equates to approximately $542 in firefighter pension debt per Wheaton household.
Wheaton’s 38 active firefighters haven’t been contributing enough to fully fund their pensions, the report shows. Each firefighter saved an average of just $701 per month in 2014, yet they’ll each receive an annuity upon retirement worth millions.
Total Wheaton firefighter compensation in 2014 averaged $118,869, including $24,864 in Wheaton taxpayer-funded retirement savings.
Wheaton’s Firefighter Pension Fund Board includes active firefighters John Cochran and Jason Skilondz, retired firefighter Rick Kammes, Wheaton investment adviser Charles Hartman, City of Wheaton Finance Director Robert Lehnhardt, and Wheaton insurance executive Michael Savegnago.
Cochran currently earns $134,343 in salary and taxpayer-funded retirement savings, and had contributed $126,734 to his pension as of the end of fiscal 2014, after 19 years and seven months of service.
Skilondz earns $116,321 and had contributed $55,469 over eight years of service.
Kammes retired from the Wheaton Fire Department in 2014 after 35 years and five months of service. He saved a total of $173,140 and is currently collecting $82,109 per year.
Kammes will collect more than $2.993 million over a 25 year retirement.
The Wheaton Fire Department includes 35 career firefighting personnel and 18 contract paramedics operating out of three fire stations. “
#3 by Drew Smith on December 11, 2015 - 8:27 PM
A group that produces such a report should ensure its facts are accurate. Exactly which fund are the referring to, the police or the firefighters? The third paragraph starts out talking about the police but then talks about the firefighters.
I resent the statement “Each firefighter saved an average of just $701 per month in 2014.” Read the pension code. There is no saving; it’s a mandatory deduction and payment into the fund. Every firefighter in the state covered by a pension has made these contributions faithfully. There is simply no way for any participating firefighter to not pay in – it isn’t optional.
“Wheaton’s Firefighter Pension Fund Board includes active police officers John Cochran and Jason Skilondz, retired police officer Rick Kammes, Wheaton investment adviser Charles Hartman, City of Wheaton Finance Director Robert Lehnhardt, and Wheaton insurance executive Michael Savegnago.” That seems odd since active police don’t serve on the firefighter’s pension board. Also, the pension code defines the number board members: Two persons appointed by the municipality, two active firefighters elected by the active firefighters, and one retired or disabled firefighter elected by the retired/elected members. That makes five, not six members as listed in the article.
These “watchdogs” should be watching the elected officials who didn’t fulfill their fiduciary responsibilities instead of insinuating that it is the firefighters or police officers who inadequately fund the system.
I am thankful that my fund is adequately funded and our fire district’s Board of Trustees take that responsibilty seriously.
Drew Smith
Pension Fund Trustee