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South Cook News

Saturday, November 23, 2024

Analysis: Lansing Police Pension Fund would go bankrupt in 14 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Lansing Police Pension Fund would have lost $2,509,424 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 $34,798,736 in total assets. If the fund’s annual losses stay the same, it would run out of money in 14 years without these subsidies.

The fund earned $1,223,110 in investment income and other revenue in 2018. At the same time, it paid out $3,732,534 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 $3,727,904 to the fund’s revenue last year – an amount that has increased from $2,275,526 five years ago. Members contributed an additional $621,796 – $168,499 more than five years ago.

In all, subsidies amounted to $4,349,700 in 2018.

Lansing Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$1,223,110$3,732,534-$2,509,424
2017$1,623,833$3,315,498-$1,691,665
2016-$97,258$3,200,284-$3,297,542
2015$1,357,778$3,124,164-$1,766,386
2014$866,437$3,000,877-$2,134,440

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