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East Central Reporter

Saturday, November 23, 2024

Analysis: Shelbyville Police Pension Fund would go bankrupt in 27 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Shelbyville Police Pension Fund would have lost $92,067 in 2018, according to a East Central Reporter analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $2,465,657 in total assets. If the fund’s annual losses stay the same, it would run out of money in 27 years without these subsidies.

The fund earned $51,443 in investment income and other revenue in 2018. At the same time, it paid out $143,510 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 $187,276 to the fund’s revenue last year – an amount that has increased from $88,316 five years ago. Members contributed an additional $33,598 – $1,983 more than five years ago.

In all, subsidies amounted to $220,874 in 2018.

Shelbyville Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$51,443$143,510-$92,067
2017$58,928$139,258-$80,330
2016$16,386$135,619-$119,233
2015$37,936$132,472-$94,536
2014$56,695$102,352-$45,657

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