Quantcast

South West Illinois News

Sunday, December 22, 2024

Analysis: Pinckneyville Police Pension Fund would go broke in four years without taxpayer subsidy

Money272

Without members and taxpayers subsidizing its revenue, Pinckneyville Police Pension Fund lost $173,704 in 2016, according to a SW Illinois News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $659,299 in total assets. If the funds annual losses were the same, it would run out of money in four years without these subsidies.

The fund earned $4,157 in investment income and other revenue in 2016. At the same time, it paid out $177,861 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 $203,176 to the funds revenue last year – an amount that has increased from $108,513 five years ago. Members contributed an additional $28,662 – $4,437 more than five years ago.

In all, subsidies amounted to $231,838 in 2016.

Pinckneyville Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$4,157$177,861-$173,704
2015$14,621$171,274-$156,653
2014$8,946$175,332-$166,386
2013$16,121$147,857-$131,736
2012$19,718$145,994-$126,276

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS