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South Cook News

Friday, November 22, 2024

Analysis: South Chicago Heights Police Pension Fund would go bankrupt in 12 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the South Chicago Heights Police Pension Fund would have lost $308,225 in 2018, according to a South Cook News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $3,483,174 in total assets. If the fund’s annual losses stay the same, it would run out of money in 12 years without these subsidies.

The fund lost $55,497 in investment income and other revenue in 2018. At the same time, it paid out $252,728 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 $156,837 to the fund’s revenue last year – an amount that has increased from $117,183 five years ago. Members contributed an additional $49,574 – $16,709 more than five years ago.

In all, subsidies amounted to $206,411 in 2018.

South Chicago Heights Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$55,497$252,728-$308,225
2017$315,990$239,671$76,319
2016$19,439$224,415-$204,976
2015-$56,507$308,724-$365,231
2014$64,722$215,130-$150,408

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