Quantcast

Lake County Gazette

Monday, November 4, 2024

Analysis: Lakemoor police pension fund saw 100% shortfall in city contribution in 2016

Shutterstock 184329281

Of the 651 fire and police pension funds in Illinois, more than 400 were underfunded by cities in 2016, including 29 funds serving cities in Lake County.

A Wirepoints analysis of the latest data from the Illinois Department of Insurance shows two-thirds of the state’s 355 police pension funds and 60 percent of its firefighter pension funds did not receive as much from municipalities as they should have under state law.

If municipalities continue falling short of their required contributions, they could end up in the same boat as Harvey, where a state court ordered the city to increase property taxes to fully fund the Harvey firefighter pensions. The firefighter pension fund was only 22 percent funded.

“Now, the state has stepped in on behalf of Harvey’s police pension fund,” Wirepoints reported. “The state comptroller has begun garnishing the city’s tax revenues to make up what the municipality failed to contribute. In response, the city has announced that 40 public safety employees will be laid off.”

A 2011 law requires the state comptroller to step in like it has in Harvey, intercepting revenue from taxes collected by the state that would usually go to municipalities.

“Harvey may be the first city to suffer garnishment, but it won’t be the last,” Wirepoints reported. “Illinois has a $10 billion downstate pension crisis – made up of municipal police and firefighter pension funds – that is separate from the state’s own $130 billion crisis.

“Some public safety funds are in good shape, but the majority are in trouble. And a growing number are approaching total insolvency. More than half of Illinois’ 651 public safety funds are less than 60 percent funded.”

--

Which public safety pension funds aren’t fully funded?

Police or

Fire

Fund2016 funding ratioTotal required contributionActual city contribution2016 contribution (shortfall) / surplusPercent shortfall / surplus
PoliceLakemoor  32%$329,901$0($329,901)-100%
FireNewport Township  59%$143,207$50,087($93,120)-65%
PoliceRound Lake Park  22%$551,340$211,320($340,020)-62%
PoliceNorth Chicago  34%$2,321,809$1,119,364($1,202,444)-52%
FireNorth Chicago 35%$1,281,481$702,086($579,395)-45%
PoliceWinthrop Harbor  77%$202,711$127,277($75,434)-37%
FireGrayslake  59%$1,101,704$725,109($376,595)-34%
PoliceIsland Lake  49%$367,664$249,889($117,775)-32%
PoliceZion  57%$1,675,646$1,149,487($526,159)-31%
PoliceAntioch  33%$1,340,445$930,548($409,897)-31%
PoliceMundelein  57%$1,815,913$1,305,730($510,183)-28%
PolicePark City  21%$477,564$360,000($117,564)-25%
PoliceWauconda  58%$953,874$724,641($229,233)-24%
FireMundelein 74%$754,526$582,571($171,955)-23%
PoliceLindenhurst  85%$373,366$293,600($79,766)-21%
FireZion                     54%$1,158,859$932,135($226,724)-20%
PoliceHawthorn Woods  58%$334,294$280,223($54,071)-16%
FireGreater Round Lake  81%$982,001$823,234($158,767)-16%
FireWaukegan 50%$5,153,527$4,401,280($752,247)-15%
PoliceGurnee  68%$1,847,388$1,590,485($256,903)-14%
PoliceLake Villa  42%$707,005$609,619($97,386)-14%
PoliceRound Lake  63%$503,194$448,626($54,568)-11%
FireWauconda   54%$1,491,530$1,337,000($154,530)-10%
FireGurnee                   72%$1,630,348$1,471,445($158,903)-10%
FireLong Grove 91%$346,454$323,468($22,987)-7%
PoliceWaukegan  49%$6,712,801$6,286,274($426,527)-6%
PoliceGrayslake  82%$788,637$748,319($40,318)-5%
PoliceDeerfield  79%$974,689$934,918($39,771)-4%
FireLake Zurich 64%$1,924,022$1,911,342($12,680)-1%
PoliceLake Forest  54%$1,774,582$1,806,270$31,688 2%
PoliceLake Zurich  51%$1,520,963$1,564,453$43,490 3%
PoliceRound Lake Beach  73%$896,013$956,749$60,736 7%
FireLake Forest 72%$1,139,112$1,216,585$77,473 7%
FireDeerfield-Bnnckbrn Fire Dist.79%$1,298,193$1,398,327$100,135 8%
PoliceHighwood  65%$246,765$267,185$20,420 8%
FireBeach Park  69%$162,855$181,128$18,272 11%
FireFox Lake    85%$206,174$234,500$28,326 14%
PoliceLake Bluff  56%$552,711$645,381$92,669 17%
PoliceHighland Park  48%$2,798,354$3,611,980$813,626 29%
PoliceLibertyville  56%$1,763,668$2,306,006$542,338 31%
FireLibertyville 67%$1,256,440$1,647,860$391,420 31%
FireHighland Park 52%$2,575,387$3,412,844$837,457 33%
PoliceVernon Hills  82%$1,145,488$1,541,722$396,234 35%
PoliceKildeer  40%$432,272$600,000$167,728 39%
PoliceFox Lake  80%$469,486$692,803$223,317 48%
FireLincolnshire-Riverwood  83%$915,144$1,420,456$505,312 55%
PoliceLincolnshire  90%$489,102$833,131$344,030 70%
FireHighwood 86%$47,658$120,163$72,505 152%
PoliceFox River Grove  29%$451,877$1,458,831$1,006,954 223%
FireLake Villa   0%$0$101$101 --
Source: Wirepoints; Illinois Department of Insurance

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS