By: Diane Benjamin
The Bloomington City Council is meeting Monday night. The ICE hater s will be out in force because Donna Boelen’s council initiative is on the agenda. The far left doesn’t think laws are material to any conversation. http://bloomingtonil.iqm2.com/Citizens/FileOpen.aspx?Type=1&ID=1098&Inline=True
At last Monday’s meeting the City auditor stated Bloomington is paying more than necessary into pension funds.
To see how Bloomington and Normal stand funding pensions, click on this link in the story: Click here for the full list of city contribution surplus/shortfalls to local public safety funds in 2019.
Since the chart is microscopic, I reproduced both for you:
Both the Bloomington Police and Firefighter pension funds show a funding shortfall. These numbers had to come from the State, I wonder where the auditor got his?
Even though Bloomington is more than $800,000 behind, they are in better shape than Normal:
This report shows Normal over $1.5 million behind in funding police and fire pensions.
If the Police pension funding keeps falling the state will just seize money to fund it. Read the original link.
This report is from long before any recent crashes. It is for FY 2019 which means it was for the State year ending 6/30/2019. The Bloomington auditor was reporting on financial statements for the period that ended 4/30/2020.
More current numbers would be nice, the State of Illinois evidently doesn’t have any. Didn’t Normal short pension funding last year so they could hire a communications person? Is is worse now?
Bloomington reported as of 4/30/2020 Police pensions are 52.6% funded. Fire is 50.1% funded.
Normal reported as of 3/31/2020 Police pensions are 43.1% funded. Fire is 47.2% funded.
Experts have claimed once funding is below 50% the fund can not recover. Both municipalities have little hope of reaching 100% funding by 2040.