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Metro East Sun

Monday, December 23, 2024

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

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Without members and taxpayers subsidizing its revenue, Cahokia Police Pension Fund lost $1,312,283 in 2016, according to a Metro East Sun analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $14,064,116 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 $28,952 in investment income and other revenue in 2016. At the same time, it paid out $1,283,331 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 $593,042 to the funds revenue last year – an amount that has decreased from $640,841 five years ago. Members contributed an additional $278,467 – $105,916 more than five years ago.

In all, subsidies amounted to $871,509 in 2016.

Cahokia Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$28,952$1,283,331-$1,312,283
2015$766,024$1,404,828-$638,804
2014$516,873$1,147,208-$630,335
2013$790,341$1,144,196-$353,855
2012$437,726$1,085,515-$647,789

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