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South Cook News

Tuesday, November 5, 2024

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

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Without members and taxpayers subsidizing its revenue, Calumet Park Police Pension Fund lost $917,615 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 $7,722,544 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 $39,287 in investment income and other revenue in 2016. At the same time, it paid out $878,328 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 $665,596 to the funds revenue last year – an amount that has decreased from $754,120 five years ago. Members contributed an additional $127,409 – $2,837 less than five years ago.

In all, subsidies amounted to $793,005 in 2016.

Calumet Park Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$39,287$878,328-$917,615
2015$451,306$788,754-$337,448
2014$654,606$726,675-$72,069
2013$474,967$713,850-$238,883
2012$123,156$682,814-$559,658

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