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North Cook News

Friday, November 22, 2024

Analysis: Niles Police Pension Fund would go bankrupt in 15 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Niles Police Pension Fund would have lost $2,250,657 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 $32,507,333 in total assets. If the fund’s annual losses stay the same, it would run out of money in 15 years without these subsidies.

The fund earned $2,145,865 in investment income and other revenue in 2018. At the same time, it paid out $4,396,522 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 $3,674,756 to the fund’s revenue last year – an amount that has increased from $3,092,178 five years ago. Members contributed an additional $546,220 – $35,349 more than five years ago.

In all, subsidies amounted to $4,220,976 in 2018.

Niles Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$2,145,865$4,396,522-$2,250,657
2017$2,797,471$4,103,252-$1,305,781
2016$94,186$4,107,006-$4,012,820
2015$954,092$3,809,307-$2,855,215
2014$953,971$3,644,259-$2,690,288

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