Lake Bluff finance committee reviews 2025 police pension valuation; funding policy not formalized

Actuarial consultants presented the Village of Lake Bluff’s draft 2025 police pension actuarial valuation to the finance committee on Aug. 25, showing roughly $15 million in market assets against about $26 million in accrued liabilities and recommending an employer contribution of $1.4 million for fiscal 2025.

The presentation, led by actuary Kathy Manning, summarized participant counts, funding-policy methodology and accounting results and noted that “as I understand it, Lake Bluff would like to fund, on the entry age method to 85 per or to 95% funded by 2040.” That target and its amortization method are not in a formal written funding policy, Manning said, which affects how external auditors treat projections beyond 2040.

The valuation showed a funded ratio of about 57.9% on the funding-policy (entry‑age) basis and 57.5% on the statutory…