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West Cook News

Saturday, November 2, 2024

Analysis: Broadview Police Pension Fund would go broke in 15 years without taxpayer subsidy

Money 02

Without members and taxpayers subsidizing its revenue, Broadview Police Pension Fund lost $1,781,121 in 2016, according to a West Cook News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $25,129,031 in total assets. If the funds annual losses were the same, it would run out of money in 15 years without these subsidies.

The fund earned $229,155 in investment income and other revenue in 2016. At the same time, it paid out $2,010,276 in expenses, according to the 2017 biennial report detailing the health of each of the states pension funds and retirement systems. The difference between the two shows the funds annual loss without subsidies.

Taxpayers added $1,143,219 to the funds revenue last year – an amount that has decreased from $1,443,218 five years ago. Members contributed an additional $255,331 – $57,985 more than five years ago.

In all, subsidies amounted to $1,398,550 in 2016.

Broadview Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$229,155$2,010,276-$1,781,121
2015$1,870,570$1,962,628-$92,058
2014$1,837,118$1,892,400-$55,282
2013$2,002,158$1,709,882$292,276
2012$888,036$1,576,272-$688,236

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