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Tuesday, December 24, 2024

Analysis: Dixon Police Pension Fund would go broke in 10 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Dixon Police Pension Fund lost $1,415,877 in 2016, according to a NW Illinois News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $13,648,894 in total assets. If the funds annual losses were the same, it would run out of money in 10 years without these subsidies.

The fund lost $394,245 in investment income and other revenue in 2016. At the same time, it paid out $1,021,632 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 $603,612 to the funds revenue last year – an amount that has increased from $433,597 five years ago. Members contributed an additional $203,509 – $24,077 more than five years ago.

In all, subsidies amounted to $807,121 in 2016.

Dixon Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$394,245$1,021,632-$1,415,877
2015$679,949$991,444-$311,495
2014$799,293$978,645-$179,352
2013$998,196$977,250$20,946
2012$343,650$968,051-$624,401

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