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South Cook News

Friday, November 22, 2024

Analysis: Country Club Hills Police Pension Fund would go broke in nine years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Country Club Hills Police Pension Fund lost $2,075,212 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 $17,451,526 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 $457,177 in investment income and other revenue in 2016. At the same time, it paid out $1,618,035 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 $1,076,041 to the funds revenue last year – an amount that has decreased from $1,165,519 five years ago. Members contributed an additional $534,829 – $107,602 more than five years ago.

In all, subsidies amounted to $1,610,870 in 2016.

Country Club Hills Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$457,177$1,618,035-$2,075,212
2015$827,255$1,432,455-$605,200
2014$1,108,131$1,368,257-$260,126
2013$1,224,350$1,122,477$101,873
2012$108,135$1,137,700-$1,029,565

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