Quantcast

Kane County Reporter

Monday, December 23, 2024

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

Money 03

Without members and taxpayers subsidizing its revenue, Sugar Grove Police Pension Fund lost $244,515 in 2016, according to a Kane County Reporter analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $2,959,398 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 $34,982 in investment income and other revenue in 2016. At the same time, it paid out $279,497 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 $269,002 to the funds revenue last year – an amount that has increased from $222,543 five years ago. Members contributed an additional $92,439 – $3,600 more than five years ago.

In all, subsidies amounted to $361,441 in 2016.

Sugar Grove Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$34,982$279,497-$244,515
2015$173,037$233,827-$60,790
2014$4,982$212,317-$207,335
2013$86,870$186,862-$99,992
2012$113,979$141,716-$27,737

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS