Quantcast

Peoria Standard

Saturday, November 23, 2024

Analysis: Pekin Police Pension Fund would go bankrupt in 288 years without taxpayer subsidy

Adobestock 302181503

Adobe Stock

Adobe Stock

Without members and taxpayers subsidizing its revenue, the Pekin Police Pension Fund would have lost $113,519 in 2018, according to a Peoria Standard analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $32,592,125 in total assets. If the fund’s annual losses stay the same, it would run out of money in 288 years without these subsidies.

The fund earned $2,442,670 in investment income and other revenue in 2018. At the same time, it paid out $2,556,189 in expenses, according to the 2019 biennial report detailing the health of each of the state’s pension funds and retirement systems. The difference between the two shows the fund’s annual loss without subsidies.

Taxpayers added $1,739,614 to the fund’s revenue last year – an amount that has increased from $1,444,877 five years ago. Members contributed an additional $461,642 – $4,463 more than five years ago.

In all, subsidies amounted to $2,201,256 in 2018.

Pekin Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$2,442,670$2,556,189-$113,519
2017$2,779,968$2,488,604$291,364
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

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