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Metro East Sun

Monday, December 23, 2024

Analysis: Caseyville Police Pension Fund would go broke in 13 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Caseyville Police Pension Fund lost $184,887 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 $2,308,656 in total assets. If the funds annual losses were the same, it would run out of money in 13 years without these subsidies.

The fund earned $7,533 in investment income and other revenue in 2016. At the same time, it paid out $192,420 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 $203,873 to the funds revenue last year – an amount that has increased from $116,613 five years ago. Members contributed an additional $64,126 – $3,243 more than five years ago.

In all, subsidies amounted to $267,999 in 2016.

Caseyville Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$7,533$192,420-$184,887
2015$49,099$218,188-$169,089
2014$57,074$143,131-$86,057
2013$75,899$156,694-$80,795
2012$23,932$318,854-$294,922

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