Quantcast

South Cook News

Friday, November 22, 2024

Analysis: Dolton Police Pension Fund would go broke in 11 years without taxpayer subsidy

Money 04

Without members and taxpayers subsidizing its revenue, Dolton Police Pension Fund lost $2,291,109 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 $24,460,259 in total assets. If the funds annual losses were the same, it would run out of money in 11 years without these subsidies.

The fund lost $457,288 in investment income and other revenue in 2016. At the same time, it paid out $1,833,821 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 $787,728 to the funds revenue last year – an amount that has increased from $521,828 five years ago. Members contributed an additional $325,100 – $6,727 less than five years ago.

In all, subsidies amounted to $1,112,828 in 2016.

Dolton Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$457,288$1,833,821-$2,291,109
2015$1,662,240$1,857,455-$195,215
2014$2,015,230$1,740,687$274,543
2013$1,700,411$1,598,962$101,449
2012-$719,142$1,824,941-$2,544,083

MORE NEWS