FACING THE CHALLENGES OF UNDERFUNDED PENSIONS
|Pension data can be opaque.
The data below (taken from Buck Consultants, the Pension Plan actuaries) is an attempt to present the data
in an easy to understand fashion.
U City payed non-uniformed employees about $5.8 million in salaries.
The plan payed about $1 million to retired beneficiaries of that plan.
The actuaries estimated liabilities of the plan at about $20.4 million. (current
and future benefits that will need to be paid out, calculated in current dollars)
Current assets of the plan (stocks and bonds) are valued at about $16 million.
This leaves the non-uniform system underfunded by about $4.28 million in
The uniformed police-fire plan data is below and follows the same format
the non-uniformed pension is funded through general revenue
the uniform police-fire fund is funded through a dedicated property tax
The Library pays separately for the library employees, but the library pensions are managed
within the non-uniformed plan