Quantcast

Peoria Standard

Tuesday, December 24, 2024

Analysis: East Peoria Police Pension Fund would go broke in 11 years without taxpayer subsidy

Money836

Without members and taxpayers subsidizing its revenue, East Peoria Police Pension Fund lost $2,306,417 in 2016, according to a Peoria Standard analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $24,964,107 in total assets. If the funds annual losses were the same, it would run out of money in 11 years without these subsidies.

The fund lost $181,022 in investment income and other revenue in 2016. At the same time, it paid out $2,125,395 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 $1,452,077 to the funds revenue last year – an amount that has increased from $1,330,790 five years ago. Members contributed an additional $390,718 – $93,358 more than five years ago.

In all, subsidies amounted to $1,842,795 in 2016.

East Peoria Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$181,022$2,125,395-$2,306,417
2015$1,530,154$1,999,086-$468,932
2014$1,137,921$1,956,589-$818,668
2013$1,872,784$1,870,217$2,567
2012$982,674$1,824,611-$841,937

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS