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South Cook News

Saturday, November 23, 2024

Analysis: Calumet City Police Pension Fund would go broke in nine years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Calumet City Police Pension Fund lost $5,009,073 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 $44,200,419 in total assets. If the funds annual losses were the same, it would run out of money in nine years without these subsidies.

The fund lost $1,187,772 in investment income and other revenue in 2016. At the same time, it paid out $3,821,301 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 $3,243,000 to the funds revenue last year – an amount that has increased from $2,551,391 five years ago. Members contributed an additional $739,948 – $109,392 more than five years ago.

In all, subsidies amounted to $3,982,948 in 2016.

Calumet City Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$1,187,772$3,821,301-$5,009,073
2015$1,231,479$3,474,891-$2,243,412
2014$1,508,318$3,321,728-$1,813,410
2013$2,303,186$3,082,508-$779,322
2012-$102,989$2,974,703-$3,077,692

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