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Lake County Gazette

Sunday, November 24, 2024

Analysis: Round Lake Park Police Pension Fund would go bankrupt in 107 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Round Lake Park Police Pension Fund would have lost $55,088 in 2018, according to a Lake County Gazette analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $5,894,084 in total assets. If the fund’s annual losses stay the same, it would run out of money in 107 years without these subsidies.

The fund earned $200,132 in investment income and other revenue in 2018. At the same time, it paid out $255,220 in expenses, according to the 2019 biennial report detailing the health of each of the state’s pension funds and retirement systems. The difference between the two shows the fund’s annual loss without subsidies.

Taxpayers added $4,149,236 to the fund’s revenue last year – an amount that has increased from $204,474 five years ago. Members contributed an additional $93,578 – $21,256 more than five years ago.

In all, subsidies amounted to $4,242,814 in 2018.

Round Lake Park Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$200,132$255,220-$55,088
2017$26,968$336,845-$309,877
2016$44,873$264,792-$219,919
2015$65,674$225,565-$159,891
2014$4,533$299,973-$295,440

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