Refer to the picture below from the 3/31/2-12 CAFR. (financial statement)
Police Pensions Plan-funded Ratio has dropped from 64.83% in 2006 to 62.71% in 2012
Firefighter’s Pension Plan-funded ration has dropped from 73.05% in 2006 to 64.94% in 2012
See the chart below: For most of the years, Normal made more than the required contribution. So, why did the Funded Ratio go down? Economics! The funds are not earning the return on investment expected by the fund managers. Unlike the people with 401K’s that don’t have anybody to cover our loses, pension beneficiaries have taxpayers! Congrats citizens.
One more chart: See Other Post Employment Benefits. (Health Insurance?) Whatever this fund is for – a FOIA request wasn’t answered – if is seriously underfunded.