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South Cook News

Friday, November 22, 2024

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

Money 02

Without members and taxpayers subsidizing its revenue, Summit Police Pension Fund lost $1,150,518 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 $8,939,233 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 $181,858 in investment income and other revenue in 2016. At the same time, it paid out $1,332,376 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 $1,184,168 to the funds revenue last year – an amount that has increased from $652,564 five years ago. Members contributed an additional $229,040 – $18,280 more than five years ago.

In all, subsidies amounted to $1,413,208 in 2016.

Summit Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$181,858$1,332,376-$1,150,518
2015-$44,854$1,196,404-$1,241,258
2014$258,271$1,138,213-$879,942
2013$553,821$1,085,680-$531,859
2012$412,750$934,861-$522,111

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