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North Cook News

Tuesday, November 5, 2024

Analysis: South Barrington Police Pension Fund would go bankrupt in 58 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the South Barrington Police Pension Fund would have lost $183,371 in 2018, according to a North Cook News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $10,527,673 in total assets. If the fund’s annual losses stay the same, it would run out of money in 58 years without these subsidies.

The fund earned $519,005 in investment income and other revenue in 2018. At the same time, it paid out $702,376 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 $1,321,405 to the fund’s revenue last year – an amount that has increased from $495,542 five years ago. Members contributed an additional $143,124 – $2,240 less than five years ago.

In all, subsidies amounted to $1,464,529 in 2018.

South Barrington Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$519,005$702,376-$183,371
2017$578,350$757,548-$179,198
2016-$29,134$695,521-$724,655
2015$482,025$530,849-$48,824
2014$514,257$282,517$231,740

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