Quantcast

Rock Island Today

Friday, November 22, 2024

Analysis: Rock Island Police Pension Fund would go bankrupt in six years without taxpayer subsidy

Adobestock 314277037

Adobe Stock

Adobe Stock

Without members and taxpayers subsidizing its revenue, the Rock Island Police Pension Fund would have lost $6,140,309 in 2018, according to a Rock Island Today analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $35,244,686 in total assets. If the fund’s annual losses stay the same, it would run out of money in six years without these subsidies.

The fund lost $1,646,130 in investment income and other revenue in 2018. At the same time, it paid out $4,494,179 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 $3,384,517 to the fund’s revenue last year – an amount that has increased from $2,421,323 five years ago. Members contributed an additional $585,519 – $165,780 more than five years ago.

In all, subsidies amounted to $3,970,036 in 2018.

Rock Island Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$1,646,130$4,494,179-$6,140,309
2017$3,805,283$4,161,110-$355,827
2016$2,917,447$4,108,910-$1,191,463
2015-$77,537$4,226,203-$4,303,740
2014$1,329,640$3,282,420-$1,952,780

MORE NEWS