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Monday, October 21, 2019

Analysis: Mount Vernon Police Pension Fund would go broke in 11 years without taxpayer subsidy

Local Government

By Local Labs News Service | May 5, 2018


Without members and taxpayers subsidizing its revenue, Mount Vernon Police Pension Fund lost $1,707,270 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 $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.

Mount Vernon Police Pension Fund non-subsidy revenue over five years
Year
Total non-subsidy revenue
Total expenses
Outcome without subsidies
2016
-$348,745
$1,358,525
-$1,707,270
2015
$1,183,424
$1,297,095
-$113,671
2014
$1,587,811
$1,243,061
$344,750
2013
$1,461,528
$1,200,678
$260,850
2012
$475,817
$1,014,160
-$538,343

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Organizations in this Story

Mount Vernon Police Pension Fund

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