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Friday, November 22, 2024

Analysis: Moline Police Pension Fund would go bankrupt in seven years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Moline Police Pension Fund would have lost $6,522,450 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 $39,933,202 in total assets. If the fund’s annual losses stay the same, it would run out of money in seven years without these subsidies.

The fund lost $1,660,461 in investment income and other revenue in 2018. At the same time, it paid out $4,861,989 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 $4,249,014 to the fund’s revenue last year – an amount that has increased from $3,124,517 five years ago. Members contributed an additional $574,035 – $37,720 less than five years ago.

In all, subsidies amounted to $4,823,049 in 2018.

Moline Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$1,660,461$4,861,989-$6,522,450
2017$5,229,370$4,544,729$684,641
2016$2,060,859$4,231,728-$2,170,869
2015$33,812$3,990,579-$3,956,767
2014$2,077,542$4,258,874-$2,181,332

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