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Illinois Valley Times

Saturday, November 2, 2024

Analysis: Peru Police Pension Fund would go bankrupt in 23 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Peru Police Pension Fund would have lost $397,263 in 2018, according to a Illinois Valley Times analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $9,131,045 in total assets. If the fund’s annual losses stay the same, it would run out of money in 23 years without these subsidies.

The fund earned $581,387 in investment income and other revenue in 2018. At the same time, it paid out $978,650 in expenses, according to the 2019 biennial report detailing the health of each of the state’s pension funds and retirement systems. The difference between the two shows the fund’s annual loss without subsidies.

Taxpayers added $1,248,667 to the fund’s revenue last year – an amount that has increased from $701,936 five years ago. Members contributed an additional $162,422 – $9,191 more than five years ago.

In all, subsidies amounted to $1,411,089 in 2018.

Peru Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$581,387$978,650-$397,263
2017$565,304$935,869-$370,565
2016-$66,810$887,524-$954,334
2015$306,839$814,336-$507,497
2014$276,861$790,060-$513,199

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