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Illinois Valley Times

Saturday, November 2, 2024

Analysis: Peru Police Pension Fund would go broke in nine years without taxpayer subsidy

Money 05

Without members and taxpayers subsidizing its revenue, Peru Police Pension Fund lost $954,334 in 2016, according to a Illinois Valley Times analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $8,023,768 in total assets. If the funds annual losses were the same, it would run out of money in nine years without these subsidies.

The fund lost $66,810 in investment income and other revenue in 2016. At the same time, it paid out $887,524 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 $923,410 to the funds revenue last year – an amount that has increased from $710,090 five years ago. Members contributed an additional $161,858 – $18,732 more than five years ago.

In all, subsidies amounted to $1,085,268 in 2016.

Peru Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$66,810$887,524-$954,334
2015$306,839$814,336-$507,497
2014$276,861$790,060-$513,199
2013$296,632$782,399-$485,767
2012$235,849$742,674-$506,825

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