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North Cook News

Tuesday, November 5, 2024

Analysis: Harwood Heights Police Pension Fund would go bankrupt in 68 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Harwood Heights Police Pension Fund would have lost $266,091 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 $18,066,158 in total assets. If the fund’s annual losses stay the same, it would run out of money in 68 years without these subsidies.

The fund earned $1,015,454 in investment income and other revenue in 2018. At the same time, it paid out $1,281,545 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 $838,466 to the fund’s revenue last year – an amount that has increased from $626,343 five years ago. Members contributed an additional $252,680 – $16,420 more than five years ago.

In all, subsidies amounted to $1,091,146 in 2018.

Harwood Heights Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$1,015,454$1,281,545-$266,091
2017$1,079,801$1,272,523-$192,722
2016-$93,154$1,205,599-$1,298,753
2015$920,689$1,206,616-$285,927
2014$932,053$1,024,301-$92,248

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