Local News

Clinton Fire and Police Pensions Well Funded

The Clinton City levy has been on file for a couple of weeks now, but preparations by the city in the past has put the city in good financial standing for future years.

Recent changes to police and fire pension funds by the state of Illinois will put some communities in a tough situation. Treasurer for the City of Clinton, Clint Lichtenwalter explains those changes are cities must have their pension funds well funded by the year 2016 or they could begin to lose funds in other areas.

[audio:levydetails1.mp3]A Word From Lichtenwalter[/audio]

The levy this year was nearly $1.5-million. Lichtenwalter explains each year the city budgets for their fire and police pensions. He says since he began working with the city, they have really built up the funds and should not be in any danger of being underfunded in the future.

[audio:levydetails2.mp3]A Word From Lichtenwalter[/audio]

With the changes in the pension funding methods the state is proposing, Lichtenwalter says underfunded pensions would be put off to the last minute, and at that time it would put those communities in a tough spot. He suggests next year both police and fire pensions could seek out their own actuaries.

[audio:levydetails3.mp3]A Word From Lichtenwalter[/audio]

Lichtenwalter says in his time in Clinton budgeting for the levy has never been a problem, and having the city in a good financial position with their pensions is a good sign for the future, especially for Clinton first responders.

Townhall Top of the Hour News

Local Weather - Sponsored By:

CLINTON WEATHER

Local News

DeWittDN on Facebook