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Will County Gazette

Friday, November 22, 2024

Analysis: University Park Policemen's Pension Fund would go broke in 16 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, University Park Policemen's Pension Fund lost $446,691 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 $6,828,335 in total assets. If the funds annual losses were the same, it would run out of money in 16 years without these subsidies.

The fund lost $4,386 in investment income and other revenue in 2016. At the same time, it paid out $442,305 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 $408,503 to the funds revenue last year – an amount that has increased from $175,127 five years ago. Members contributed an additional $161,311 – $47,225 more than five years ago.

In all, subsidies amounted to $569,814 in 2016.

University Park Policemen's Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$4,386$442,305-$446,691
2015$345,279$507,367-$162,088
2014$564,059$433,761$130,298
2013$435,506$390,799$44,707
2012$75,251$386,665-$311,414

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