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Quincy City Council OK's $7.6 million in pension payments

Quincy City Council OK's $7.6 million in pension payments

3 weeks, 1 day ago by Scott Hardy

Police pension nearly 49% funded, Fire pension 40% funded

The Quincy City Council has approved paying just over 7 point 6 million dollars in the next Fiscal Year to the Police and Firefighter's pension funds. 

The City Council approved a resolution Monday night, authorizing payments of just over $4 million to the Firefighter pension fund, and $3.6 million to the Police pension fund. That amount is the 90 per cent minimum recommended payment the city could make this year. The vote was taken after Aldermen heard a report from the accounting firm of Lauterbach and Amen. They told the Council that as of now, the Firefighter's pension fund is 40 per cent funded, while the Police pension fund is nearly 49 per cent funded. They also noted that the downturn earlier this year in the stock market didn't help the funds, and said they hoped the funds would bounce back next year if the stock market improves. Right now, the funds have an un-funded liability of $101 million, up $32 million over the last five years.

The Council also approved borrowing up to $5 million from the state of Illinois's Water Pollution Control Loan program, to help pay for Federally-mandated improvements to the city's storm-water system. The Council also approved borrowing up to $7 million from the state's Public Water Supply Loan program, to help pay for a new pump station at the water plant. The new pump station would make the water plant safer during floods and severe storms.

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