Chicago City Wire

Chicago City Wire

Thursday, February 27, 2020

Analysis: Laborers' & Retirement Board Employees' A&B Fund would go broke in 13 years without taxpayer subsidy

Local Government

By Local Labs News Service | May 4, 2018

Money 08

Without members and taxpayers subsidizing its revenue, Laborers' & Retirement Board Employees' A&B Fund lost $102,605,929 in 2016, according to a Chicago City Wire analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $1,241,757,205 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 $66,861,373 in investment income and other revenue in 2016. At the same time, it paid out $169,467,302 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 $14,443,495 to the funds revenue last year – an amount that has increased from $14,414,835 five years ago. Members contributed an additional $17,245,913 – $686,896 more than five years ago.

In all, subsidies amounted to $31,689,408 in 2016.

Laborers' & Retirement Board Employees' A&B Fund non-subsidy revenue over five years
Year
Total non-subsidy revenue
Total expenses
Outcome without subsidies
2016
$66,861,373
$169,467,302
-$102,605,929
2015
-$12,338,079
$168,508,356
-$180,846,435
2014
$63,698,387
$164,157,702
-$100,459,315
2013
$217,709,996
$161,607,873
$56,102,123
2012
$182,368,822
$155,869,267
$26,499,555

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Laborers' & Retirement Board Employees' A&B Fund

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