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West Cook News

Friday, November 22, 2024

Analysis: Franklin Park Police Pension Fund would go broke in 11 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Franklin Park Police Pension Fund lost $2,173,188 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 $23,450,784 in total assets. If the funds annual losses were the same, it would run out of money in 11 years without these subsidies.

The fund earned $308,448 in investment income and other revenue in 2016. At the same time, it paid out $2,481,636 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 $1,769,378 to the funds revenue last year – an amount that has increased from $1,342,545 five years ago. Members contributed an additional $403,414 – $72,934 more than five years ago.

In all, subsidies amounted to $2,172,792 in 2016.

Franklin Park Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$308,448$2,481,636-$2,173,188
2015$1,442,873$2,423,806-$980,933
2014$1,739,269$2,289,405-$550,136
2013$1,493,171$2,313,256-$820,085
2012-$218,044$2,180,203-$2,398,247

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