By: Diane Benjamin
The below information is from the Illinois Comptroller website: https://tinyurl.com/w25h7sk9
Start with the Total OPEB Liability. In TWO years it increased 42.86%. What is OPEB? Other Post Employment Benefits, in other word promises to retired employees other than a pension. The Town of Normal pays these costs as incurred. Unlike the private sector, government employees haven’t seen a benefits cut.
Now look at pensions:
IMRF is every employee that isn’t Police or Fire. Note the funding percentage of both Police and Fire is still below what it was two years ago.
Commas would make these numbers easier to read, maybe that’s why they aren’t there!
What is the total Normal is on the hook for paying to retirees?
Since Normal thinks property taxes need to fund pensions, it isn’t a problem for them. It will be for you, especially when the stock market crashes again. The 2020 funding level went down because the evaluation date was right when the Covid shutdowns hit and the stock market reacted to it.
Springfield refuses to fix the pension system. It will have to collapse before it is realigned with the private sector.