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McHenry Times

Friday, November 22, 2024

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

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Without members and taxpayers subsidizing its revenue, Mchenry Police Pension Fund lost $2,305,130 in 2016, according to a McHenry Times analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $20,839,299 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 lost $228,847 in investment income and other revenue in 2016. At the same time, it paid out $2,076,283 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 $1,386,205 to the funds revenue last year – an amount that has increased from $1,241,647 five years ago. Members contributed an additional $513,111 – $173,871 more than five years ago.

In all, subsidies amounted to $1,899,316 in 2016.

Mchenry Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$228,847$2,076,283-$2,305,130
2015$1,080,517$1,884,204-$803,687
2014$1,757,729$1,729,890$27,839
2013$1,552,160$1,691,800-$139,640
2012$404,807$1,668,131-$1,263,324

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