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North Cook News

Friday, November 22, 2024

Analysis: South Barrington Police Pension Fund would go broke in 12 years without taxpayer subsidy

Money 07

Without members and taxpayers subsidizing its revenue, South Barrington Police Pension Fund lost $724,655 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 $8,554,989 in total assets. If the funds annual losses were the same, it would run out of money in 12 years without these subsidies.

The fund lost $29,134 in investment income and other revenue in 2016. At the same time, it paid out $695,521 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 $937,886 to the funds revenue last year – an amount that has increased from $569,801 five years ago. Members contributed an additional $131,323 – $23,535 less than five years ago.

In all, subsidies amounted to $1,069,209 in 2016.

South Barrington Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$29,134$695,521-$724,655
2015$482,025$530,849-$48,824
2014$514,257$282,517$231,740
2013$435,328$253,949$181,379
2012$107,338$239,812-$132,474

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