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Lake County Gazette

Monday, November 25, 2024

Analysis: Kildeer Police Pension Fund would go broke in eight years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Kildeer Police Pension Fund lost $518,909 in 2016, according to a Lake County Gazette analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $3,877,028 in total assets. If the funds annual losses were the same, it would run out of money in eight years without these subsidies.

The fund earned $52,134 in investment income and other revenue in 2016. At the same time, it paid out $571,043 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 $600,000 to the funds revenue last year – an amount that has increased from $348,500 five years ago. Members contributed an additional $43,892 – $64,340 less than five years ago.

In all, subsidies amounted to $643,892 in 2016.

Kildeer Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$52,134$571,043-$518,909
2015$197,567$604,072-$406,505
2014$237,702$586,195-$348,493
2013$247,784$409,649-$161,865
2012$47,272$249,074-$201,802

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