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East Central Reporter

Saturday, November 23, 2024

Analysis: Effingham Police Pension Fund would go broke in 17 years without taxpayer subsidy

Money 06

Without members and taxpayers subsidizing its revenue, Effingham Police Pension Fund lost $897,426 in 2016, according to a East Central Reporter analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $15,028,028 in total assets. If the funds annual losses were the same, it would run out of money in 17 years without these subsidies.

The fund earned $12,453 in investment income and other revenue in 2016. At the same time, it paid out $909,879 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 $618,018 to the funds revenue last year – an amount that has increased from $567,039 five years ago. Members contributed an additional $146,396 – $21,827 more than five years ago.

In all, subsidies amounted to $764,414 in 2016.

Effingham Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$12,453$909,879-$897,426
2015$973,618$831,326$142,292
2014$1,379,102$817,823$561,279
2013$1,088,627$797,533$291,094
2012$67,650$772,434-$704,784

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