Police and Fire Pension Funds Face Insolvency

by Mark Friedman  on Monday, Sep. 17, 2012 12:00 am  

The board has considered moving the closed fire fund to LOPFI, which would manage the funds. But the city of Benton would have to pay about $350,000 a year to LOPFI for the next 15 years, money the city doesn’t have, Scott said.

“The council is really not doing much other than kind of waiting and hoping that the investment market turns around, which as we know is not very likely in the next few years,” Scott said.

DeWitt finds itself on the projected insolvency list for its firefighter pension plan. Liz Ferguson, the city clerk for DeWitt, though, doesn’t think the plan is in trouble because one of main beneficiaries of the plan recently died. The local board will continue to monitor the plan, she said.

“We have a meeting twice a year,” Ferguson said. “We’re just floating along, I guess you might say.” 

 

 

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