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SE Illinois News

Tuesday, November 5, 2024

Analysis: Fairfield Police Pension Fund would go broke in 13 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Fairfield Police Pension Fund lost $212,647 in 2016, according to a SE Illinois News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $2,551,995 in total assets. If the funds annual losses were the same, it would run out of money in 13 years without these subsidies.

The fund earned $103,568 in investment income and other revenue in 2016. At the same time, it paid out $316,215 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 $327,121 to the funds revenue last year – an amount that has increased from $112,652 five years ago. Members contributed an additional $53,305 – $102 more than five years ago.

In all, subsidies amounted to $380,426 in 2016.

Fairfield Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$103,568$316,215-$212,647
2015$160,678$281,473-$120,795
2014$35,318$205,194-$169,876
2013$102,889$240,303-$137,414
2012$184,660$281,140-$96,480

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