Chambana Sun

The pension fund for Champaign firefighters is now underfunded by more than $21 million, a deficit that’s jumped more than 35 percent over the past 10 years, an Illinois Department of Insurance report said.

The Champaign Firefighters Pension Fund totaled approximately $71 million in assets as of June 30, 2014, when it should have $92 million, the report said. In 2005, it held $41 million in assets when it should have had $58 million.

The deficit equates to approximately $651 in firefighter pension debt per Champaign household.

Champaign’s 97 active firefighters haven’t been contributing enough to fully fund their pensions, the report said. Each firefighter saved an average of just $598 per month in 2014, yet they’ll each receive an annuity upon retirement worth millions.

Total Champaign firefighter compensation in 2014 averaged $110,440, including $35,906 in Champaign taxpayer-funded retirement savings.

Champaign’s Firefighter Pension Fund Board includes active firefighters Darrell Carlson and Roger Cruse, retired firefighter Jim Cross, Champaign Fire Chief Gary Ludwig, and City of Champaign Finance Director Richard Schnuer.

Carlson currently earns $124,505 in salary and taxpayer-funded retirement savings and has contributed $138,241 to his pension as of the end of fiscal 2014, after 29 years and 11 months of service.

Cruse earns $124,505 and had contributed $118,991 over 23 years and six months of service.

Cross retired from the Champaign Fire Department in 1999 after 29 years and 10 months of service. Cross contributed a total of $45,876 to his pension over his career and is currently collecting $62,882 per year.

Over 16 years of retirement, Cross has collected $890,310. Over a 30-year retirement, he’ll collect a total of $1.946 million, under the current Illinois pension system.

Ludwig earns $135,000 per year as Champaign’s fire chief.