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West Cook News

Monday, December 23, 2024

Analysis: Schiller Park Police Pension Fund would go bankrupt in 15 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Schiller Park Police Pension Fund would have lost $1,277,222 in 2018, according to a West Cook News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $18,111,887 in total assets. If the fund’s annual losses stay the same, it would run out of money in 15 years without these subsidies.

The fund earned $910,872 in investment income and other revenue in 2018. At the same time, it paid out $2,188,094 in expenses, according to the 2019 biennial report detailing the health of each of the state’s pension funds and retirement systems. The difference between the two shows the fund’s annual loss without subsidies.

Taxpayers added $2,099,026 to the fund’s revenue last year – an amount that has increased from $1,103,634 five years ago. Members contributed an additional $291,226 – $28,324 more than five years ago.

In all, subsidies amounted to $2,390,252 in 2018.

Schiller Park Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$910,872$2,188,094-$1,277,222
2017$1,019,282$1,918,029-$898,747
2016-$453,089$1,684,187-$2,137,276
2015$652,421$1,628,645-$976,224
2014$738,200$1,580,350-$842,150

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