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Chambana Sun

Friday, November 22, 2024

Analysis: Hoopeston Police Pension Fund would go broke in 20 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Hoopeston Police Pension Fund lost $154,522 in 2016, according to a Chambana Sun analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $3,084,410 in total assets. If the funds annual losses were the same, it would run out of money in 20 years without these subsidies.

The fund earned $52,141 in investment income and other revenue in 2016. At the same time, it paid out $206,663 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 $136,043 to the funds revenue last year – an amount that has increased from $46,714 five years ago. Members contributed an additional $47,620 – $8,568 more than five years ago.

In all, subsidies amounted to $183,663 in 2016.

Hoopeston Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$52,141$206,663-$154,522
2015$54,959$202,516-$147,557
2014$50,073$201,751-$151,678
2013$89,807$192,140-$102,333
2012$92,769$237,513-$144,744

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