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McLean County Times

Monday, December 23, 2024

Analysis: Bloomington Police Pension Fund would go broke in 12 years without taxpayer subsidy

Money041

Without members and taxpayers subsidizing its revenue, Bloomington Police Pension Fund lost $5,705,263 in 2016, according to a McLean County Times analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $64,089,508 in total assets. If the funds annual losses were the same, it would run out of money in 12 years without these subsidies.

The fund lost $245,102 in investment income and other revenue in 2016. At the same time, it paid out $5,460,161 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 $4,690,359 to the funds revenue last year – an amount that has increased from $4,111,770 five years ago. Members contributed an additional $1,158,840 – $134,651 more than five years ago.

In all, subsidies amounted to $5,849,199 in 2016.

Bloomington Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$245,102$5,460,161-$5,705,263
2015$4,683,825$4,948,365-$264,540
2014$5,529,840$4,655,171$874,669
2013$4,473,303$4,231,946$241,357
2012$1,141,671$4,148,720-$3,007,049

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