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Metro East Sun

Friday, November 22, 2024

Analysis: Madison Police Pension Fund would go broke in five years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Madison Police Pension Fund lost $410,084 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 $1,873,732 in total assets. If the funds annual losses were the same, it would run out of money in five years without these subsidies.

The fund earned $6,227 in investment income and other revenue in 2016. At the same time, it paid out $416,311 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 $343,478 to the funds revenue last year – an amount that has increased from $308,204 five years ago. Members contributed an additional $65,659 – $3,036 more than five years ago.

In all, subsidies amounted to $409,137 in 2016.

Madison Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$6,227$416,311-$410,084
2015$34,842$412,325-$377,483
2014$71,492$366,792-$295,300
2013$39,365$334,017-$294,652
2012$22,825$332,155-$309,330

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