Analysis: Mount Vernon Police Pension Fund would go broke in 11 years without taxpayer subsidy
The fund has $17,933,683 in total assets. If the funds annual losses were the same, it would run out of money in 11 years without these subsidies.
The fund lost $348,745 in investment income and other revenue in 2016. At the same time, it paid out $1,358,525 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 $872,624 to the funds revenue last year – an amount that has increased from $719,932 five years ago. Members contributed an additional $259,417 – $29,618 more than five years ago.
In all, subsidies amounted to $1,132,041 in 2016.