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South Cook News

Tuesday, November 5, 2024

Analysis: Sauk Village Police Pension Fund would go broke in nine years without taxpayer subsidy

Money041

Without members and taxpayers subsidizing its revenue, Sauk Village Police Pension Fund lost $607,510 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 $5,386,242 in total assets. If the funds annual losses were the same, it would run out of money in nine years without these subsidies.

The fund lost $22,400 in investment income and other revenue in 2016. At the same time, it paid out $585,110 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 $193,171 to the funds revenue last year – an amount that has increased from $148,338 five years ago. Members contributed an additional $141,687 – $1,942 more than five years ago.

In all, subsidies amounted to $334,858 in 2016.

Sauk Village Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$22,400$585,110-$607,510
2015$236,305$722,966-$486,661
2014$373,851$510,212-$136,361
2013$362,515$438,902-$76,387
2012$77,341$384,400-$307,059

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