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Metro East Sun

Monday, December 23, 2024

Analysis: Washington Park Police Pension Fund would go bankrupt in seven years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Washington Park Police Pension Fund would have lost $216,760 in 2018, according to a Metro East Sun analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $1,358,574 in total assets. If the fund’s annual losses stay the same, it would run out of money in seven years without these subsidies.

The fund earned $17,002 in investment income and other revenue in 2018. At the same time, it paid out $233,762 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 $45,479 to the fund’s revenue last year – an amount that has decreased from $60,548 five years ago. Members contributed an additional $4,467 – $2,199 less than five years ago.

In all, subsidies amounted to $49,946 in 2018.

Washington Park Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$17,002$233,762-$216,760
2017$31,116$219,829-$188,713
2016$3,168$212,115-$208,947
2015$35,947$224,578-$188,631
2014$29,169$184,992-$155,823

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