In 2016, Kankakee's police officers' pension fund paid out $2.5 million in benefits and lost $192K in investments.
In 2016, Kankakee's police officers' pension fund paid out $2.5 million in benefits and lost $192K in investments.
Kankakee County's eight police and fire pension funds paid out $7.1 million in benefits to 186 retirees and inactive recipients in 2016 while losing $512,687 on their investments, according to a Kankakee Times analysis of the funds' mandated financial filings with the Illinois Department of Insurance.
The Times analyzed financials reported by firefighter and police funds for Kankakee, Bourbonnais, Bradley and Manteno. Collectively, they hold approximately $68 million in assets.
All told, the funds paid out $7,936,065 more in 2016 than they earned, including $303,316 in fees paid to investment advisers, according to the filings.
$7.8 million from Kankakee County property taxpayers
Kankakee County property taxpayers made up most of the difference, subsidizing the funds last year to the tune of $7,842,416.
City of Kankakee property taxpayers paid the most to pension funds, at $5.47 million in 2016.
The city's two funds paid out about the same to retirees, at $5.54 million, while losing $350,636 in investments and paying $192,383 to investment advisers.
Bradley property taxpayers paid $939,594 toward police and fire pension in funds in 2016, followed by Manteno ($864,745), and Bourbonnais ($570,770).
Four of the eight Kankakee County funds lost money in 2016, when the S&P 500 returned 12 percent.
Kankakee's firefighters' fund lost $158,191 on $10.2 million in assets (-1.6 percent). It paid out $2.975 million in benefits.
Kankakee's police officers' fund lost $192,445 on $18.6 million in assets (-1.0 percent). It paid out $2.572 million in benefits.
Bourbonnais' police officers' fund lost $205,971 on $12.13 million in assets (-1.7 percent). It paid out $551,972 in benefits.
Bradley's police officers' fund lost $72,914 on $14.4 million in assets (-0.5 percent). It paid out $881,315 in benefits.
Kankakee County Pensions: Investments and Benefits Paid
| Pension Fund | Investment Income | Investment Expenses | Total Benefits Paid | Difference |
| Bourbonnais FPD Firefighters Pension Fund | $52,857 | $892 | $26,780 | $25,184 |
| Bourbonnais Police Pension Fund | -$205,971 | $0 | $551,972 | -$757,943 |
| Bradley Firefighters Pension Fund | $4,221 | $3,070 | $35,443 | -$34,293 |
| Bradley Police Pension Fund | -$72,914 | $71,253 | $881,315 | -$1,025,482 |
| Kankakee Firefighters Pension Fund | -$158,191 | $68,333 | $2,975,162 | -$3,201,686 |
| Kankakee Police Pension Fund | -$192,445 | $124,051 | $2,571,169 | -$2,887,664 |
| Manteno Community FPD Firefighters Pension Fund | $22,136 | $18,380 | $78,220 | -$74,464 |
| Manteno Police Pension Fund | $37,620 | $17,338 | $0 | $20,282 |
| COUNTY TOTAL | -$512,687 | $303,316 | $7,120,062 | -$7,936,065 |
Analysis: Kankakee Times
Kankakee County Pensions: Recipients and Funding
| Pension Fund | Total Benefits Paid | Retirees/Inactive Recipients* | Active Members | Taxpayer Subsidies | Member Contributions |
| Bourbonnais FPD Firefighters Pension Fund | $26,780 | 2 | 12 | $121,991 | $62,610 |
| Bourbonnais Police Pension Fund | $551,972 | 11 | 24 | $448,779 | $183,549 |
| Bradley Firefighters Pension Fund | $35,443 | 2 | 6 | $82,643 | $41,605 |
| Bradley Police Pension Fund | $881,315 | 18 | 34 | $856,951 | $256,757 |
| Kankakee Firefighters Pension Fund | $2,975,162 | 82 | 52 | $2,693,520 | $350,502 |
| Kankakee Police Pension Fund | $2,571,169 | 60 | 69 | $2,773,787 | $525,627 |
| Manteno Community FPD Firefighters Pension Fund | $78,220 | 9 | 18 | $525,000 | $103,679 |
| Manteno Police Pension Fund | $0 | 2 | 16 | $339,745 | $122,067 |
| COUNTY TOTAL | $7,120,062 | 186 | 231 | $7,842,416 | $1,646,397 |
Analysis: Kankakee Times
*Retirees/Inactive Recipients, Active Members as of 2014.
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