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South Cook News

Friday, November 22, 2024

Analysis: Oak Lawn Police Pension Fund would go bankrupt in six years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Oak Lawn Police Pension Fund would have lost $12,524,063 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 $72,245,327 in total assets. If the fund’s annual losses stay the same, it would run out of money in six years without these subsidies.

The fund lost $4,873,231 in investment income and other revenue in 2018. At the same time, it paid out $7,650,832 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 $3,894,219 to the fund’s revenue last year – an amount that has increased from $1,712,766 five years ago. Members contributed an additional $1,253,675 – $171,281 more than five years ago.

In all, subsidies amounted to $5,147,894 in 2018.

Oak Lawn Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$4,873,231$7,650,832-$12,524,063
2017$11,233,557$7,309,399$3,924,158
2016$4,358,758$6,767,385-$2,408,627
2015-$1,727,214$6,434,709-$8,161,923
2014$4,049,542$5,809,019-$1,759,477

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