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West Cook News

Friday, November 22, 2024

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

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Without members and taxpayers subsidizing its revenue, Westchester Police Pension Fund lost $2,454,626 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 $24,760,959 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 lost $364,914 in investment income and other revenue in 2016. At the same time, it paid out $2,089,712 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 $996,315 to the funds revenue last year – an amount that has increased from $984,563 five years ago. Members contributed an additional $257,642 – $5,094 more than five years ago.

In all, subsidies amounted to $1,253,957 in 2016.

Westchester Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$364,914$2,089,712-$2,454,626
2015$1,569,330$2,038,703-$469,373
2014$1,678,657$1,885,493-$206,836
2013$2,121,224$1,769,766$351,458
2012$730,285$1,569,368-$839,083

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