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DeKalb Times

Friday, November 22, 2024

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

Money 07

Without members and taxpayers subsidizing its revenue, Sycamore Police Pension Fund lost $895,367 in 2016, according to a DeKalb Times analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $11,693,368 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 $184,938 in investment income and other revenue in 2016. At the same time, it paid out $710,429 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 $391,470 to the funds revenue last year – an amount that has increased from $351,829 five years ago. Members contributed an additional $258,649 – $50,649 more than five years ago.

In all, subsidies amounted to $650,119 in 2016.

Sycamore Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$184,938$710,429-$895,367
2015$692,572$565,275$127,297
2014$730,570$550,253$180,317
2013$794,420$476,571$317,849
2012$343,109$419,800-$76,691

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