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West Cook News

Friday, November 22, 2024

Analysis: Elmwood Park Police Pension Fund would go broke in six years without taxpayer subsidy

Money 07

Without members and taxpayers subsidizing its revenue, Elmwood Park Police Pension Fund lost $2,399,746 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 $14,340,248 in total assets. If the funds annual losses were the same, it would run out of money in six years without these subsidies.

The fund lost $409,441 in investment income and other revenue in 2016. At the same time, it paid out $1,990,305 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 $1,531,210 to the funds revenue last year – an amount that has increased from $1,450,232 five years ago. Members contributed an additional $319,991 – $46,235 more than five years ago.

In all, subsidies amounted to $1,851,201 in 2016.

Elmwood Park Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$409,441$1,990,305-$2,399,746
2015$513,534$1,982,624-$1,469,090
2014$685,201$1,868,449-$1,183,248
2013$937,130$1,807,330-$870,200
2012$166,643$1,768,849-$1,602,206

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