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Monday, November 4, 2024

Analysis: Springfield Police Pension Fund would go broke in eight years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Springfield Police Pension Fund lost $18,978,605 in 2016, according to a Sangamon Sun analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $137,560,565 in total assets. If the funds annual losses were the same, it would run out of money in eight years without these subsidies.

The fund lost $6,685,044 in investment income and other revenue in 2016. At the same time, it paid out $12,293,561 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 $9,050,592 to the funds revenue last year – an amount that has increased from $8,550,262 five years ago. Members contributed an additional $1,895,118 – $69,843 less than five years ago.

In all, subsidies amounted to $10,945,710 in 2016.

Springfield Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$6,685,044$12,293,561-$18,978,605
2015$8,922,971$11,746,172-$2,823,201
2014$14,992,331$10,998,229$3,994,102
2013$9,006,153$10,311,596-$1,305,443
2012$3,590,316$9,620,625-$6,030,309

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