Quantcast

South Cook News

Friday, November 22, 2024

Analysis: Burnham Police Pension Fund would go broke in five years without taxpayer subsidy

Shutterstock 443523118

Without members and taxpayers subsidizing its revenue, Burnham Police Pension Fund lost $372,667 in 2016, according to a South Cook News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $1,845,811 in total assets. If the funds annual losses were the same, it would run out of money in five years without these subsidies.

The fund earned $7,690 in investment income and other revenue in 2016. At the same time, it paid out $380,357 in expenses, according to the 2017 biennial report detailing the health of each of the states pension funds and retirement systems. The difference between the two shows the funds annual loss without subsidies.

Taxpayers added $234,513 to the funds revenue last year – an amount that has increased from $174,113 five years ago. Members contributed an additional $57,805 – $11,232 more than five years ago.

In all, subsidies amounted to $292,318 in 2016.

Burnham Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$7,690$380,357-$372,667
2015$80,778$357,920-$277,142
2014$37,703$351,865-$314,162
2013$75,615$373,036-$297,421
2012$51,791$330,017-$278,226

MORE NEWS