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North Cook News

Friday, November 22, 2024

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

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Without members and taxpayers subsidizing its revenue, Kenilworth Police Pension Fund lost $440,243 in 2016, according to a North Cook News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $6,680,958 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 earned $231,198 in investment income and other revenue in 2016. At the same time, it paid out $671,441 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 $705,080 to the funds revenue last year – an amount that has increased from $156,418 five years ago. Members contributed an additional $81,078 – $29,903 more than five years ago.

In all, subsidies amounted to $786,158 in 2016.

Kenilworth Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$231,198$671,441-$440,243
2015-$21,806$652,952-$674,758
2014$238,390$744,039-$505,649
2013$550,947$586,626-$35,679
2012$80,186$356,368-$276,182

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