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Carbondale Reporter

Friday, November 22, 2024

Analysis: Murphysboro Police Pension Fund would go broke in 10 years without taxpayer subsidy

Money 04

Without members and taxpayers subsidizing its revenue, Murphysboro Police Pension Fund lost $563,924 in 2016, according to a Carbondale Reporter analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $5,232,896 in total assets. If the funds annual losses were the same, it would run out of money in 10 years without these subsidies.

The fund earned $16,530 in investment income and other revenue in 2016. At the same time, it paid out $580,454 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 $330,233 to the funds revenue last year – an amount that has decreased from $356,119 five years ago. Members contributed an additional $113,331 – $37,510 more than five years ago.

In all, subsidies amounted to $443,564 in 2016.

Murphysboro Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$16,530$580,454-$563,924
2015$309,968$537,911-$227,943
2014$405,815$489,275-$83,460
2013$377,123$396,220-$19,097
2012$101,822$326,262-$224,440

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