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South Cook News

Friday, November 22, 2024

Analysis: Sauk Village Police Pension Fund would go bankrupt in 17 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Sauk Village Police Pension Fund would have lost $341,920 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 $5,470,728 in total assets. If the fund’s annual losses stay the same, it would run out of money in 17 years without these subsidies.

The fund earned $270,798 in investment income and other revenue in 2018. At the same time, it paid out $612,718 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 $242,182 to the fund’s revenue last year – an amount that has increased from $191,246 five years ago. Members contributed an additional $137,393 – $18,974 less than five years ago.

In all, subsidies amounted to $379,575 in 2018.

Sauk Village Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$270,798$612,718-$341,920
2017$306,319$611,334-$305,015
2016-$22,400$585,110-$607,510
2015$236,305$722,966-$486,661
2014$373,851$510,212-$136,361

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