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South Cook News

Friday, November 22, 2024

Analysis: Hazel Crest Police Pension Fund would go broke in 14 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Hazel Crest Police Pension Fund lost $1,053,814 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 $14,143,807 in total assets. If the funds annual losses were the same, it would run out of money in 14 years without these subsidies.

The fund earned $153,496 in investment income and other revenue in 2016. At the same time, it paid out $1,207,310 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 $577,064 to the funds revenue last year – an amount that has decreased from $803,032 five years ago. Members contributed an additional $210,587 – $30,490 more than five years ago.

In all, subsidies amounted to $787,651 in 2016.

Hazel Crest Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$153,496$1,207,310-$1,053,814
2015$752,170$1,195,163-$442,993
2014$576,818$1,095,230-$518,412
2013$695,854$1,169,042-$473,188
2012$847,497$1,005,687-$158,190

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