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North Cook News

Friday, November 22, 2024

Analysis: Kenilworth Police Pension Fund would go bankrupt in nine years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Kenilworth Police Pension Fund would have lost $907,789 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 $7,523,028 in total assets. If the fund’s annual losses stay the same, it would run out of money in nine years without these subsidies.

The fund lost $196,494 in investment income and other revenue in 2018. At the same time, it paid out $711,295 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 $802,000 to the fund’s revenue last year – an amount that has increased from $355,989 five years ago. Members contributed an additional $72,440 – $51,265 less than five years ago.

In all, subsidies amounted to $874,440 in 2018.

Kenilworth Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$196,494$711,295-$907,789
2017$580,135$723,338-$143,203
2016$231,198$671,441-$440,243
2015-$21,806$652,952-$674,758
2014$238,390$744,039-$505,649

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