Questions raised on pension funding in Monticello
MONTICELLO — The topic of pension funding came before the city council this week when a resident accused the city of underfunding police and city Illinois Municipal Retirement Fund pension accounts.
Maureen Holtz said the city's 2012 auditor's report showed the underfunded actuarial accrued liability for city employees is over $500,000, while the police pensions are only 28 percent funded and $1.8 million short.
Mayor Chris Corrie said after the meeting that the issue dates back several years ago when there was a switch to state IMRF plans and that auditors told him the city is on a 30-year path to fully fund local pensions.
But to Holtz, the long-term plan is jargon for "put it on a tab for future generations to deal with."
Corrie said city auditors will be on hand at the March 26 meeting to answer questions on the pension funds.
"He (the auditor) says communities statewide are behind on their pension funds, and a lot of was due to the changeover they made from different agencies to the IMRF," said Corrie.
Holtz countered that employees still have to pay 100 percent of their contribution to local pensions each year, and felt the city should consider doing the same.