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North Cook News

Friday, November 22, 2024

Analysis: Des Plaines Police Pension Fund would go bankrupt in five years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Des Plaines Police Pension Fund would have lost $14,580,548 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 $64,987,399 in total assets. If the fund’s annual losses stay the same, it would run out of money in five years without these subsidies.

The fund lost $6,810,962 in investment income and other revenue in 2018. At the same time, it paid out $7,769,586 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 $5,484,051 to the fund’s revenue last year – an amount that has increased from $4,154,166 five years ago. Members contributed an additional $1,015,064 – $135,160 more than five years ago.

In all, subsidies amounted to $6,499,115 in 2018.

Des Plaines Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$6,810,962$7,769,586-$14,580,548
2017$10,123,403$7,560,185$2,563,218
2016$4,420,806$7,323,304-$2,902,498
2015-$1,057,767$6,862,125-$7,919,892
2014$3,224,627$6,526,777-$3,302,150

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