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Rock Island Today

Friday, November 22, 2024

Analysis: Colona Police Pension Fund would go broke in 12 years without taxpayer subsidy

Money 02

Without members and taxpayers subsidizing its revenue, Colona Police Pension Fund lost $158,796 in 2016, according to a Rock Island Today analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $1,866,630 in total assets. If the funds annual losses were the same, it would run out of money in 12 years without these subsidies.

The fund lost $1,955 in investment income and other revenue in 2016. At the same time, it paid out $156,841 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 $139,874 to the funds revenue last year – an amount that has decreased from $200,055 five years ago. Members contributed an additional $53,711 – $12,570 more than five years ago.

In all, subsidies amounted to $193,585 in 2016.

Colona Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$1,955$156,841-$158,796
2015$9,082$126,141-$117,059
2014-$59,583$128,588-$188,171
2013-$46,406$116,563-$162,969
2012-$59,451$133,734-$193,185

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