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South Cook News

Friday, November 22, 2024

Analysis: Tinley Park Police Pension Fund would go broke in 20 years without taxpayer subsidy

Money 07

Without members and taxpayers subsidizing its revenue, Tinley Park Police Pension Fund lost $3,046,842 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 $59,581,165 in total assets. If the funds annual losses were the same, it would run out of money in 20 years without these subsidies.

The fund lost $161,549 in investment income and other revenue in 2016. At the same time, it paid out $2,885,293 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 $2,301,390 to the funds revenue last year – an amount that has increased from $2,204,304 five years ago. Members contributed an additional $887,769 – $61,136 less than five years ago.

In all, subsidies amounted to $3,189,159 in 2016.

Tinley Park Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$161,549$2,885,293-$3,046,842
2015$4,011,046$2,626,276$1,384,770
2014$4,323,461$2,512,235$1,811,226
2013$4,255,192$2,379,565$1,875,627
2012$1,528,409$2,128,723-$600,314

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