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Monday, October 21, 2019

Analysis: Benton Police Pension Fund would go broke in 13 years without taxpayer subsidy

Local Government

By Local Labs News Service | May 4, 2018


Without members and taxpayers subsidizing its revenue, Benton Police Pension Fund lost $236,315 in 2016, according to a North Egypt News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $2,879,320 in total assets. If the funds annual losses were the same, it would run out of money in 13 years without these subsidies.

The fund earned $63,183 in investment income and other revenue in 2016. At the same time, it paid out $299,498 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 $443,771 to the funds revenue last year – an amount that has increased from $278,083 five years ago. Members contributed an additional $52,456 – $6,910 more than five years ago.

In all, subsidies amounted to $496,227 in 2016.

Benton Police Pension Fund non-subsidy revenue over five years
Year
Total non-subsidy revenue
Total expenses
Outcome without subsidies
2016
$63,183
$299,498
-$236,315
2015
$89,706
$289,517
-$199,811
2014
$69,414
$284,777
-$215,363
2013
$68,596
$264,869
-$196,273
2012
$119,561
$255,812
-$136,251

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Benton Police Pension Fund

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