Bloomington Employees: Pensions

by Diane Benjamin

Firemen’s Pension  –  51.38% funded

Police Pension  –  58.23% funded

All other employees  –  31.95% funded

(Percentage are as of 12/31/2011 as reported in the 4/30/12 Financial Statements)

Are employees other than Fire and Police less important?  Why is their funding percent so much less?

Total Unfunded Liability as of 4/30/12:

Fire – $37,640,948

Police – $37,844,830

Other – $35,496,747

Cities can file bankruptcy.  Maybe citizens and union members should investigate how the 3 candidates for mayor plan to handle pensions.  Since the current council isn’t interested in funding pensions, ask their opponents if they plan to fund the pensions.

Compensated Absences payable is now $9,872,000.  Employees can accumulate unused sick and vacation days (up to 1800 hours) and be paid for them when they leave City employment.  In 2011 this figure was $9,692,724, an increase of $179,000 in 1 year.  Where in the private sector is this benefit available?

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