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Chambana Sun

Friday, November 22, 2024

Analysis: Champaign Police Pension Fund would go broke in 16 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Champaign Police Pension Fund lost $5,906,795 in 2016, according to a Chambana Sun analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $89,950,214 in total assets. If the funds annual losses were the same, it would run out of money in 16 years without these subsidies.

The fund earned $185,442 in investment income and other revenue in 2016. At the same time, it paid out $6,092,237 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 $5,455,503 to the funds revenue last year – an amount that has increased from $4,108,746 five years ago. Members contributed an additional $1,044,350 – $212,975 more than five years ago.

In all, subsidies amounted to $6,499,853 in 2016.

Champaign Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$185,442$6,092,237-$5,906,795
2015$3,402,783$5,525,420-$2,122,637
2014$10,174,998$5,202,400$4,972,598
2013$6,757,632$4,874,168$1,883,464
2012$902,768$4,591,993-$3,689,225

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