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South Cook News

Friday, November 22, 2024

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

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Without members and taxpayers subsidizing its revenue, Markham Police Pension Fund lost $1,224,769 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 $17,041,819 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 lost $269,498 in investment income and other revenue in 2016. At the same time, it paid out $955,271 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 $955,232 to the funds revenue last year – an amount that has increased from $400,931 five years ago. Members contributed an additional $263,551 – $38,377 less than five years ago.

In all, subsidies amounted to $1,218,783 in 2016.

Markham Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$269,498$955,271-$1,224,769
2015$894,812$918,704-$23,892
2014$1,058,694$817,530$241,164
2013$1,079,099$894,587$184,512
2012$333,114$762,019-$428,905

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