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East Central Reporter

Saturday, November 23, 2024

Analysis: Mattoon Police Pension Fund would go broke in six years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Mattoon Police Pension Fund lost $2,751,510 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 $16,054,262 in total assets. If the funds annual losses were the same, it would run out of money in six years without these subsidies.

The fund lost $715,510 in investment income and other revenue in 2016. At the same time, it paid out $2,036,000 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 $1,403,050 to the funds revenue last year – an amount that has increased from $1,235,813 five years ago. Members contributed an additional $253,098 – $41,437 more than five years ago.

In all, subsidies amounted to $1,656,148 in 2016.

Mattoon Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$715,510$2,036,000-$2,751,510
2015$1,022,919$1,976,053-$953,134
2014$1,351,976$1,837,463-$485,487
2013$869,790$1,735,520-$865,730
2012$290,112$1,650,186-$1,360,074

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