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DeKalb Times

Tuesday, November 5, 2024

Analysis: Sandwich Police Pension Fund would go broke in 14 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Sandwich Police Pension Fund lost $302,633 in 2016, according to a DeKalb Times analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $4,200,185 in total assets. If the funds annual losses were the same, it would run out of money in 14 years without these subsidies.

The fund lost $17,882 in investment income and other revenue in 2016. At the same time, it paid out $284,751 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 $264,427 to the funds revenue last year – an amount that has increased from $91,766 five years ago. Members contributed an additional $118,271 – $47,930 more than five years ago.

In all, subsidies amounted to $382,698 in 2016.

Sandwich Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$17,882$284,751-$302,633
2015$173,832$270,098-$96,266
2014$233,769$243,976-$10,207
2013$224,035$239,812-$15,777
2012$44,412$231,718-$187,306

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