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South Cook News

Friday, November 22, 2024

Analysis: South Chicago Heights Police Pension Fund would go broke in 17 years without taxpayer subsidy

Money759

Without members and taxpayers subsidizing its revenue, South Chicago Heights Police Pension Fund lost $204,976 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 $3,324,825 in total assets. If the funds annual losses were the same, it would run out of money in 17 years without these subsidies.

The fund earned $19,439 in investment income and other revenue in 2016. At the same time, it paid out $224,415 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 $136,901 to the funds revenue last year – an amount that has increased from $96,810 five years ago. Members contributed an additional $42,911 – $9,386 more than five years ago.

In all, subsidies amounted to $179,812 in 2016.

South Chicago Heights Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$19,439$224,415-$204,976
2015-$56,507$308,724-$365,231
2014$64,722$215,130-$150,408
2013$211,893$210,541$1,352
2012$186,018$204,142-$18,124

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