Without members and taxpayers subsidizing its revenue, the Carmi Police Pension Fund would have lost $385,555 in 2018, according to a SE Illinois News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.
The fund has $3,185,073 in total assets. If the fund’s annual losses stay the same, it would run out of money in nine years without these subsidies.
The fund lost $7,073 in investment income and other revenue in 2018. At the same time, it paid out $378,482 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 $358,479 to the fund’s revenue last year – an amount that has increased from $229,936 five years ago. Members contributed an additional $52,765 – $16,133 more than five years ago.
In all, subsidies amounted to $411,244 in 2018.
| Year | Total non-subsidy revenue | Total expenses | Outcome without subsidies |
|---|---|---|---|
| 2018 | -$7,073 | $378,482 | -$385,555 |
| 2017 | $66,883 | $365,483 | -$298,600 |
| 2016 | $32,747 | $377,657 | -$344,910 |
| 2015 | -$1,607 | $397,730 | -$399,337 |
| 2014 | $18,231 | $329,448 | -$311,217 |
