Quantcast

Metro East Sun

Tuesday, November 5, 2024

Analysis: Collinsville Police Pension Fund would go bankrupt in nine years without taxpayer subsidy

Adobestock 294508985

Adobe Stock

Adobe Stock

Without members and taxpayers subsidizing its revenue, the Collinsville Police Pension Fund would have lost $3,085,072 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 $25,462,659 in total assets. If the fund’s annual losses stay the same, it would run out of money in nine years without these subsidies.

The fund lost $1,385,525 in investment income and other revenue in 2018. At the same time, it paid out $1,699,547 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 $1,422,092 to the fund’s revenue last year – an amount that has increased from $1,169,202 five years ago. Members contributed an additional $365,016 – $44,894 less than five years ago.

In all, subsidies amounted to $1,787,108 in 2018.

Collinsville Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$1,385,525$1,699,547-$3,085,072
2017$2,972,832$1,599,010$1,373,822
2016$1,061,159$1,575,843-$514,684
2015$518,870$1,539,582-$1,020,712
2014$741,953$1,439,181-$697,228

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS