Will County Gazette

Will County Gazette

Thursday, April 2, 2020

Analysis: Peotone Police Pension Fund would go broke in nine years without taxpayer subsidy

Local Government

By Local Labs News Service | May 10, 2018

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Without members and taxpayers subsidizing its revenue, Peotone Police Pension Fund lost $158,500 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 $1,334,094 in total assets. If the funds annual losses were the same, it would run out of money in nine years without these subsidies.

The fund earned $10,089 in investment income and other revenue in 2016. At the same time, it paid out $168,589 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 $171,034 to the funds revenue last year – an amount that has increased from $138,691 five years ago. Members contributed an additional $43,775 – $11,452 less than five years ago.

In all, subsidies amounted to $214,809 in 2016.

Peotone Police Pension Fund non-subsidy revenue over five years
Year
Total non-subsidy revenue
Total expenses
Outcome without subsidies
2016
$10,089
$168,589
-$158,500
2015
$23,896
$172,444
-$148,548
2014
$26,554
$120,254
-$93,700
2013
$23,402
$107,175
-$83,773
2012
$18,415
$110,804
-$92,389

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Organizations in this Story

Peotone Police Pension Fund

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