During the Vanderburgh County Council Personnel & Finance Meeting on October 30, 2024, council members engaged in a critical discussion regarding the financial health of the county's pension fund. The meeting highlighted the need for a thorough financial analysis to assess the pension's current status and future obligations, with estimates suggesting a potential shortfall ranging from $4.5 million to $8 million.

A significant point of contention arose over the proposed expenditure of $20,000 for a third-party actuarial review. Some council members expressed skepticism about the cost, questioning whether such an analysis could be performed more affordably by a certified public accountant (CPA). One member suggested that the funds could be better allocated directly into the pension fund itself, emphasizing the importance of maximizing resources for the county's financial stability.

The discussion also touched on the qualifications of the proposed actuarial firm, with one member noting that the individual leading the review previously worked for a reputable firm and believed the existing numbers were accurate. This perspective aimed to reassure council members about the validity of the analysis, which would focus on future funding strategies rather than merely verifying past figures.

Concerns were raised about the potential for high costs associated with hiring external consultants, drawing parallels to previous expenditures on studies that did not yield actionable results. Members emphasized the need for caution in approving such spending, particularly given the significant sums involved in managing the pension fund, which currently holds approximately $55 million.

As the meeting concluded, council members recognized the urgency of addressing the pension fund's health, with a commitment to ensuring that the county meets its actuarially determined contributions (ADC) in the coming years. The council plans to further evaluate the necessity and cost-effectiveness of the proposed actuarial review before making a final decision. This ongoing dialogue reflects the council's dedication to maintaining fiscal responsibility while safeguarding the financial future of county employees.