Quantcast

West Cook News

Friday, November 22, 2024

Analysis: Countryside Police Pension Fund would go broke in 10 years without taxpayer subsidy

Shutterstock 249974521

Without members and taxpayers subsidizing its revenue, Countryside Police Pension Fund lost $1,872,579 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 $18,197,663 in total assets. If the funds annual losses were the same, it would run out of money in 10 years without these subsidies.

The fund lost $306,432 in investment income and other revenue in 2016. At the same time, it paid out $1,566,147 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 $914,574 to the funds revenue last year – an amount that has increased from $532,241 five years ago. Members contributed an additional $187,505 – $8,217 more than five years ago.

In all, subsidies amounted to $1,102,079 in 2016.

Countryside Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$306,432$1,566,147-$1,872,579
2015$1,177,169$1,447,838-$270,669
2014$1,657,801$1,350,157$307,644
2013$1,316,116$1,271,284$44,832
2012$304,274$1,199,515-$895,241

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS