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NW Illinois News

Tuesday, December 24, 2024

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

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Without members and taxpayers subsidizing its revenue, Freeport Police Pension Fund lost $3,058,446 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 $21,160,198 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 lost $786,688 in investment income and other revenue in 2016. At the same time, it paid out $2,271,758 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 $1,605,261 to the funds revenue last year – an amount that has increased from $1,175,463 five years ago. Members contributed an additional $275,215 – $5,158 less than five years ago.

In all, subsidies amounted to $1,880,476 in 2016.

Freeport Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$786,688$2,271,758-$3,058,446
2015$1,367,479$2,317,063-$949,584
2014$2,192,281$1,975,677$216,604
2013$1,979,291$1,741,657$237,634
2012$547,573$1,705,806-$1,158,233

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