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Friday, November 22, 2024

Analysis: Metropolis Police Pension Fund would go bankrupt in 261 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Metropolis Police Pension Fund would have lost $27,171 in 2018, according to a Southern Illinois News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $7,072,874 in total assets. If the fund’s annual losses stay the same, it would run out of money in 261 years without these subsidies.

The fund earned $347,317 in investment income and other revenue in 2018. At the same time, it paid out $374,488 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 $484,144 to the fund’s revenue last year – an amount that has increased from $292,303 five years ago. Members contributed an additional $80,835 – $5,328 less than five years ago.

In all, subsidies amounted to $564,979 in 2018.

Metropolis Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$347,317$374,488-$27,171
2017$415,901$353,663$62,238
2016$159,609$327,955-$168,346
2015$169,885$258,429-$88,544
2014$412,485$262,106$150,379

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