Quantcast

East Central Reporter

Saturday, November 23, 2024

Analysis: Lawrenceville Police Pension Fund would go bankrupt in 54 years without taxpayer subsidy

Adobestock 299978300

Adobe Stock

Adobe Stock

Without members and taxpayers subsidizing its revenue, the Lawrenceville Police Pension Fund would have lost $80,042 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 $4,250,500 in total assets. If the fund’s annual losses stay the same, it would run out of money in 54 years without these subsidies.

The fund earned $195,049 in investment income and other revenue in 2018. At the same time, it paid out $275,091 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 $150,253 to the fund’s revenue last year – an amount that has increased from $81,114 five years ago. Members contributed an additional $34,552 – $350 more than five years ago.

In all, subsidies amounted to $184,805 in 2018.

Lawrenceville Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$195,049$275,091-$80,042
2017$213,415$267,407-$53,992
2016-$11,058$259,932-$270,990
2015$333,634$264,408$69,226
2014$187,777$236,750-$48,973

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