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East Central Reporter

Saturday, November 23, 2024

Analysis: Flora Police Pension Fund would go bankrupt in 22 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Flora Police Pension Fund would have lost $252,496 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 $5,545,786 in total assets. If the fund’s annual losses stay the same, it would run out of money in 22 years without these subsidies.

The fund earned $116,595 in investment income and other revenue in 2018. At the same time, it paid out $369,091 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 $268,253 to the fund’s revenue last year – an amount that has increased from $240,850 five years ago. Members contributed an additional $73,149 – $6,105 more than five years ago.

In all, subsidies amounted to $341,402 in 2018.

Flora Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$116,595$369,091-$252,496
2017$250,112$324,626-$74,514
2016$9,398$316,370-$306,972
2015$280,021$335,575-$55,554
2014$165,047$386,977-$221,930

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