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West Cook News

Saturday, November 2, 2024

Analysis: North Riverside Police Pension Fund would go bankrupt in 18 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the North Riverside Police Pension Fund would have lost $935,596 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 $16,819,353 in total assets. If the fund’s annual losses stay the same, it would run out of money in 18 years without these subsidies.

The fund earned $1,232,664 in investment income and other revenue in 2018. At the same time, it paid out $2,168,260 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 $1,518,549 to the fund’s revenue last year – an amount that has increased from $358,334 five years ago. Members contributed an additional $247,319 – $52,834 less than five years ago.

In all, subsidies amounted to $1,765,868 in 2018.

North Riverside Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$1,232,664$2,168,260-$935,596
2017$1,439,256$2,066,757-$627,501
2016-$226,272$1,753,687-$1,979,959
2015$988,376$1,694,631-$706,255
2014$1,455,599$1,680,357-$224,758

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