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South Cook News

Friday, November 22, 2024

Analysis: Flossmoor Police Pension Fund would go broke in 13 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Flossmoor Police Pension Fund lost $1,030,543 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 $12,690,699 in total assets. If the funds annual losses were the same, it would run out of money in 13 years without these subsidies.

The fund lost $113,044 in investment income and other revenue in 2016. At the same time, it paid out $917,499 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 $571,732 to the funds revenue last year – an amount that has increased from $465,261 five years ago. Members contributed an additional $267,982 – $126,534 more than five years ago.

In all, subsidies amounted to $839,714 in 2016.

Flossmoor Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$113,044$917,499-$1,030,543
2015$915,644$856,268$59,376
2014$1,022,050$846,367$175,683
2013$863,144$807,081$56,063
2012$349,870$787,445-$437,575

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