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Monday, December 23, 2024

Analysis: Judges' Retirement System Of Illinois would go broke in seven years without taxpayer subsidy

Money 01

Without members and taxpayers subsidizing its revenue, Judges' Retirement System Of Illinois lost $140,643,350 in 2016, according to a Sangamon Sun analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $851,971,706 in total assets. If the funds annual losses were the same, it would run out of money in seven years without these subsidies.

The fund lost $6,470,553 in investment income and other revenue in 2016. At the same time, it paid out $134,172,797 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 $132,060,000 to the funds revenue last year – an amount that has increased from $63,644,099 five years ago. Members contributed an additional $14,962,055 – $1,482,741 less than five years ago.

In all, subsidies amounted to $147,022,055 in 2016.

Judges' Retirement System Of Illinois non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$6,470,553$134,172,797-$140,643,350
2015$36,009,150$127,582,812-$91,573,662
2014$110,058,987$120,110,540-$10,051,553
2013$76,886,319$116,140,919-$39,254,600
2012-$69,096$108,003,640-$108,072,736

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