A TALE OF THREE CITIES - Who Planned and Who Didnt Rock Island and Moline pension funds for police and firefighters are funded at less than 50 percent of the liability. But East Molines pension funds are healthy, with the citys police pension 63 percent funded and the firefighters account 76 percent funded. Rock Island average pension annuity was $40,741 in 2010 In 2010 the Governor signed a law reducing benefits for all future hired firefighters and Police officers. However, it inserted for the first time, a mandate that the Comptroller review municipalities to insure they make the required contributions. Larry Frang, the president of the Illinois Municipal League, calls that a penalty. He says the provision is an unfair and should be repealed. However, the sponsors of the reform bill made sure the language of the mandatory funding provision was the very same as the mandatory funding provision in the Illinois Municipal Retirement Fund....Larry Frangs pension... and the pension of all other municipal employees. The IMRF pensions are the best funded in the state at about 80%. East Moline finance director Megan Petersen said theres no secret to why the citys police and fire pension funds are in good shape. She said she can only remember one occasion when the city didnt contribute the amount its actuary said it should to its pension funds, and the shortfall was made up the following year. - See referenced article at: qconline/archives/qco/display.php?id=657416#sthash.Tq4r7W2A.dpuf East Moline city manager knows the simple rule to the successful management of Pensions. For as long
Posted on: Mon, 28 Oct 2013 17:31:57 +0000
Trending Topics
Recently Viewed Topics
© 2015