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Peoria Standard

Tuesday, November 5, 2024

Analysis: Morton Police Pension Fund would go broke in 16 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Morton Police Pension Fund lost $684,299 in 2016, according to a Peoria Standard analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $10,854,717 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 $133,794 in investment income and other revenue in 2016. At the same time, it paid out $550,505 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 $644,109 to the funds revenue last year – an amount that has increased from $533,085 five years ago. Members contributed an additional $154,844 – $11,173 less than five years ago.

In all, subsidies amounted to $798,953 in 2016.

Morton Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$133,794$550,505-$684,299
2015$560,658$463,887$96,771
2014$446,264$487,980-$41,716
2013$212,173$410,594-$198,421
2012$22,184$447,017-$424,833

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