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West Cook News

Saturday, November 2, 2024

Analysis: Forest Park Police Pension Fund would go bankrupt in 16 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Forest Park Police Pension Fund would have lost $1,391,781 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 $21,717,059 in total assets. If the fund’s annual losses stay the same, it would run out of money in 16 years without these subsidies.

The fund earned $548,767 in investment income and other revenue in 2018. At the same time, it paid out $1,940,548 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 $1,049,386 to the fund’s revenue last year – an amount that has increased from $689,371 five years ago. Members contributed an additional $348,019 – $33,759 more than five years ago.

In all, subsidies amounted to $1,397,405 in 2018.

Forest Park Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$548,767$1,940,548-$1,391,781
2017$1,174,243$1,797,514-$623,271
2016$478,550$1,761,589-$1,283,039
2015$1,161,180$1,708,889-$547,709
2014$455,525$1,592,884-$1,137,359

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