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Actuary reports modest funded-status improvement for Glencoe police pension; potential state changes could raise future liabilities
Summary
Foster & Foster actuary reported a modest year‑over‑year improvement in the police pension’s funded ratio and described methodological changes, actuarial assumptions and how possible state-level changes to Tier 2 benefits could materially increase the village’s future pension liability and contribution requirements.
Heidi, an actuary from Foster & Foster, presented the police pension actuarial valuation and said the fund’s funded ratio improved slightly to 58.9% for the valuation date but that unfunded accrued liabilities remain material.
Heidi (actuary, Foster & Foster) summarized the valuation and said the plan’s total liability for all participants under the actuarial assumptions was $87,100,000 and that the liability for service earned to date was $77,200,000, leaving an unfunded actuarial accrued liability (UAAL) of about $31,700,000. She reported the plan’s normal cost was roughly $945,000 for the active population (about 24.8% of payroll when blended between Tier…
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