Peoria public safety pension costs to go up 40% in next decade, officials work to diversify portfolio

  • Source: Sun Cities Independent
  • Published: 11/08/2018 03:37 AM

Pension costs have exploded nationally for public safety employees over the last 15 years, and in Peoria it is no different. Peoria Police Department and Peoria Fire-Medical Department contributions for personnel with pensions are expected to go up about 40 percent over the next decade, according to the Public Safety Personnel Retirement System, which provides retirement benefits and programs to active members, retired members and surviving beneficiaries. The police department had accrued nearly $61.3 million in unfunded liabilities — future debt with no savings set aside to pay for it — at the end of fiscal year 2017, about 51 percent of its total obligations. The fire department had accrued about $33 million, about 66 percent of its oblations, according to PSPRS. Public safety pension costs are 8.3 percent of the general fund operating budget for Fiscal Year 2019.


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