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Will County Gazette

Sunday, December 22, 2024

Analysis: Braidwood Police Pension Fund would go broke in 18 years without taxpayer subsidy

Money 01

Without members and taxpayers subsidizing its revenue, Braidwood Police Pension Fund lost $195,057 in 2016, according to a Will County Gazette analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $3,393,052 in total assets. If the funds annual losses were the same, it would run out of money in 18 years without these subsidies.

The fund earned $40,948 in investment income and other revenue in 2016. At the same time, it paid out $236,005 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 $230,493 to the funds revenue last year – an amount that has increased from $221,741 five years ago. Members contributed an additional $66,826 – $12,924 more than five years ago.

In all, subsidies amounted to $297,319 in 2016.

Braidwood Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$40,948$236,005-$195,057
2015$191,773$169,310$22,463
2014$78,952$170,664-$91,712
2013$126,201$125,912$289
2012$297,400$228,318$69,082

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