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West Cook News

Friday, November 22, 2024

Analysis: Lyons Police Pension Fund would go bankrupt in five years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Lyons Police Pension Fund would have lost $2,018,157 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 $9,086,724 in total assets. If the fund’s annual losses stay the same, it would run out of money in five years without these subsidies.

The fund lost $299,973 in investment income and other revenue in 2018. At the same time, it paid out $1,718,184 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 $1,087,645 to the fund’s revenue last year – an amount that has increased from $438,151 five years ago. Members contributed an additional $77,055 – $72,562 less than five years ago.

In all, subsidies amounted to $1,164,700 in 2018.

Lyons Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$299,973$1,718,184-$2,018,157
2017$986,673$1,467,679-$481,006
2016$278,983$1,484,915-$1,205,932
2015-$143,498$1,635,246-$1,778,744
2014$707,878$1,491,790-$783,912

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