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Bloominton City Council Amends Pension Funding Ordinance

Wed, 13 Nov 2013 04:11:38 CST
By: Rachel Darling

An amendment to Bloomington's Fire and Police Pension Funding Ordinance was unanimously passed by the City Council. Alderman Judy Stearns says the five-year phase-in is better for future councils...

   

"We're contributing more now, and maybe a little bit less down the road, and we're also saving money."

Alderman Scott Black says he favors a more aggressive approach to funding pensions...

   

"That five year period would allow us to 'see the budget.' I know that there is a lot of uncertainties, but that's a little easier to foresee than a ten-year period of time."

Alderman Mboka Mwilambwe says he is ready to move...

   

"This is something we talked about during the campaign as well. And we said that we would do it, so I'm all for it. Five years...let's do and then move past it."

The amendment brought forth by City Staff codifies pension funding policy and attaches a five-year phase in to get annual city contributions in line with state mandates and the City's budget demands.The five-year phase-in that will save $4 million dollars over the next thirty years, and prevent large increases in the city's pension funding payments in the future.

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