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Macon Reporter

Friday, November 22, 2024

Analysis: Clinton Police Pension Fund would go broke in 19 years without taxpayer subsidy

Money 01

Without members and taxpayers subsidizing its revenue, Clinton Police Pension Fund lost $275,801 in 2016, according to a Macon Reporter analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $5,227,041 in total assets. If the funds annual losses were the same, it would run out of money in 19 years without these subsidies.

The fund lost $24,335 in investment income and other revenue in 2016. At the same time, it paid out $251,466 in expenses, according to the 2017 biennial report detailing the health of each of the states pension funds and retirement systems. The difference between the two shows the funds annual loss without subsidies.

Taxpayers added $165,233 to the funds revenue last year – an amount that has increased from $117,932 five years ago. Members contributed an additional $69,685 – $4,767 more than five years ago.

In all, subsidies amounted to $234,918 in 2016.

Clinton Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$24,335$251,466-$275,801
2015$304,136$193,430$110,706
2014$338,409$171,122$167,287
2013$315,683$143,645$172,038
2012$3,300$141,392-$138,092

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