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Chambana Sun

Friday, November 22, 2024

Analysis: Monticello Police Pension Fund would go broke in seven years without taxpayer subsidy

Money272

Without members and taxpayers subsidizing its revenue, Monticello Police Pension Fund lost $155,408 in 2016, according to a Chambana Sun analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $1,018,739 in total assets. If the funds annual losses were the same, it would run out of money in seven years without these subsidies.

The fund earned $1,905 in investment income and other revenue in 2016. At the same time, it paid out $157,313 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 $191,159 to the funds revenue last year – an amount that has increased from $75,128 five years ago. Members contributed an additional $27,063 – $4,719 more than five years ago.

In all, subsidies amounted to $218,222 in 2016.

Monticello Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$1,905$157,313-$155,408
2015$4,377$150,670-$146,293
2014$1,657$146,992-$145,335
2013$1,299$86,674-$85,375
2012$5,318$114,469-$109,151

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