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SE Illinois News

Tuesday, November 5, 2024

Analysis: Mount Carmel Police Pension Fund would go broke in 11 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Mount Carmel Police Pension Fund lost $368,721 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 $3,848,926 in total assets. If the funds annual losses were the same, it would run out of money in 11 years without these subsidies.

The fund earned $37,773 in investment income and other revenue in 2016. At the same time, it paid out $406,494 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 $227,832 to the funds revenue last year – an amount that has increased from $173,394 five years ago. Members contributed an additional $51,688 – $324 less than five years ago.

In all, subsidies amounted to $279,520 in 2016.

Mount Carmel Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$37,773$406,494-$368,721
2015$147,930$399,116-$251,186
2014$194,790$421,437-$226,647
2013$178,452$341,689-$163,237
2012$60,470$283,021-$222,551

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