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