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Thursday, April 2, 2020

Analysis: Park Employees' & Retirement Board Employees' A&B would go broke in 10 years without taxpayer subsidy

Local Government

By Local Labs News Service | May 5, 2018

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Without members and taxpayers subsidizing its revenue, Park Employees' & Retirement Board Employees' A&B lost $44,592,772 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 $429,724,414 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 earned $33,212,308 in investment income and other revenue in 2016. At the same time, it paid out $77,805,080 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 $30,890,241 to the funds revenue last year – an amount that has increased from $5,268,363 five years ago. Members contributed an additional $12,246,115 – $6,875,031 more than five years ago.

In all, subsidies amounted to $43,136,356 in 2016.

Park Employees' & Retirement Board Employees' A&B non-subsidy revenue over five years
Year
Total non-subsidy revenue
Total expenses
Outcome without subsidies
2016
$33,212,308
$77,805,080
-$44,592,772
2015
$11,135,916
$74,359,906
-$63,223,990
2014
$30,011,051
$74,414,886
-$44,403,835
2013
$68,991,659
$72,149,179
-$3,157,520
2012
$26,222,904
$35,270,922
-$9,048,018

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Park Employees' & Retirement Board Employees' A&B

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