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Actuary recommends higher, more stable city contributions after South Beloit pension valuation
Summary
An actuarial valuation commissioned by the city recommended a higher, more conservative contribution approach for the police and fire pension funds, including a $262,024 recommended police contribution and a modest administrative reimbursement for the fire fund.
An outside actuary presented a draft actuarial valuation to the South Beloit City Council on June 2 and recommended a funding approach the firm said would make the municipal police and fire pension funds more stable over time.
Kevin Kavanaugh of Lauterbach & Amen told the council the firm calculated a recommended contribution for the police fund of $262,024 for the upcoming taxing year and recommended reimbursing the fire fund $22,745 to cover last year’s administrative expenses. He said the city's fire…
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