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Peoria Standard

Saturday, November 23, 2024

Analysis: Pekin Police Pension Fund would go broke in 10 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Pekin Police Pension Fund lost $2,923,739 in 2016, according to a Peoria Standard analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $28,081,213 in total assets. If the funds annual losses were the same, it would run out of money in 10 years without these subsidies.

The fund lost $463,449 in investment income and other revenue in 2016. At the same time, it paid out $2,460,290 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 $1,577,451 to the funds revenue last year – an amount that has increased from $1,411,688 five years ago. Members contributed an additional $425,591 – $64,715 more than five years ago.

In all, subsidies amounted to $2,003,042 in 2016.

Pekin Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$463,449$2,460,290-$2,923,739
2015$1,816,275$2,417,090-$600,815
2014$2,655,928$2,256,781$399,147
2013$1,952,660$2,214,377-$261,717
2012$742,734$2,187,767-$1,445,033

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