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Rock Island Today

Monday, December 23, 2024

Analysis: Milan Police Pension Fund would go bankrupt in 38 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Milan Police Pension Fund would have lost $255,179 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 $9,558,038 in total assets. If the fund’s annual losses stay the same, it would run out of money in 38 years without these subsidies.

The fund earned $352,169 in investment income and other revenue in 2018. At the same time, it paid out $607,348 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 $3,637,334 to the fund’s revenue last year – an amount that has increased from $273,517 five years ago. Members contributed an additional $139,571 – $55,355 more than five years ago.

In all, subsidies amounted to $3,776,905 in 2018.

Milan Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$352,169$607,348-$255,179
2017$517,959$572,241-$54,282
2016-$112,040$552,752-$664,792
2015$199,101$539,649-$340,548
2014$529,942$527,125$2,817

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