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West Cook News

Saturday, November 2, 2024

Analysis: Forest View Police Pension Fund would go broke in five years without taxpayer subsidy

Money 02

Without members and taxpayers subsidizing its revenue, Forest View Police Pension Fund lost $516,989 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 $2,482,169 in total assets. If the funds annual losses were the same, it would run out of money in five years without these subsidies.

The fund lost $86,227 in investment income and other revenue in 2016. At the same time, it paid out $430,762 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 $464,077 to the funds revenue last year – an amount that has increased from $46,086 five years ago. Members contributed an additional $55,888 – $6,116 more than five years ago.

In all, subsidies amounted to $519,965 in 2016.

Forest View Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$86,227$430,762-$516,989
2015$97,411$415,720-$318,309
2014$109,795$409,553-$299,758
2013$131,387$426,097-$294,710
2012$11,213$379,843-$368,630

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