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East Central Reporter

Saturday, November 23, 2024

Analysis: Lawrenceville Police Pension Fund would go broke in 15 years without taxpayer subsidy

Money 08

Without members and taxpayers subsidizing its revenue, Lawrenceville Police Pension Fund lost $270,990 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 $4,031,169 in total assets. If the funds annual losses were the same, it would run out of money in 15 years without these subsidies.

The fund lost $11,058 in investment income and other revenue in 2016. At the same time, it paid out $259,932 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 $171,516 to the funds revenue last year – an amount that has increased from $80,269 five years ago. Members contributed an additional $31,919 – $2,039 less than five years ago.

In all, subsidies amounted to $203,435 in 2016.

Lawrenceville Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$11,058$259,932-$270,990
2015$333,634$264,408$69,226
2014$187,777$236,750-$48,973
2013$341,776$215,904$125,872
2012$234,089$209,840$24,249

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