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August 22, 2014, 4:40 pm
970 WMAY News

Police and Firefighter's Pension Funds Underfunded by $11.7 Million


The unfunded liability for Springfield police and fire fighter pensions combined has gone up to nearly $11.7 million, according to actuarial reports provided to aldermen by the Office of Budget and Management.

 

Details come just before the city council is set to discuss levying taxes to pay for police and fire pension funds.

 

The reports indicate the reason for most of the increase in unfunded liability is due to investment return that was lower than assumed, an issue raised many times by Alderman Joe McMenamin.

 

Actuarial Documents:

 

Firefighters' Pension Fund (pdf link)

Police Pension Fund (pdf link)

 

McMenamin says the mayor's plan of lowering the rate a quarter-percent a year is "shockingly inadequate in relation to the seriousness of the situation" and by the time it takes to reach 5.5 percent the unfunded liability would explode even further.

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