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South Cook News

Friday, November 22, 2024

Analysis: Lynwood Police Pension Fund would go broke in eight years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Lynwood Police Pension Fund lost $328,146 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 $2,586,185 in total assets. If the funds annual losses were the same, it would run out of money in eight years without these subsidies.

The fund earned $24,478 in investment income and other revenue in 2016. At the same time, it paid out $352,624 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 $203,555 to the funds revenue last year – an amount that has increased from $73,550 five years ago. Members contributed an additional $138,968 – $20,315 more than five years ago.

In all, subsidies amounted to $342,523 in 2016.

Lynwood Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$24,478$352,624-$328,146
2015$29,447$209,596-$180,149
2014$27,103$267,505-$240,402
2013$16,257$369,161-$352,904
2012$17,596$162,985-$145,389

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