Adobe Stock
Adobe Stock
The fund has $9,480,334 in total assets. If the fund’s annual losses stay the same, it would run out of money in five years without these subsidies.
The fund lost $555,999 in investment income and other revenue in 2018. At the same time, it paid out $1,696,431 in expenses, according to the 2019 biennial report detailing the health of each of the state’s pension funds and retirement systems. The difference between the two shows the fund’s annual loss without subsidies.
Taxpayers added $1,628,467 to the fund’s revenue last year – an amount that has increased from $1,121,420 five years ago. Members contributed an additional $248,926 – $26,564 more than five years ago.
In all, subsidies amounted to $1,877,393 in 2018.
Summit Police Pension Fund non-subsidy revenue over five years
| Year | Total non-subsidy revenue | Total expenses | Outcome without subsidies |
|---|---|---|---|
| 2018 | -$555,999 | $1,696,431 | -$2,252,430 |
| 2017 | $740,624 | $1,427,838 | -$687,214 |
| 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 |
Alerts Sign-up