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Actuarial report: Kankakee police and fire pension funds boosted to roughly 90% funded after bond proceeds
Summary
Lauterbach & Amon presented actuarial valuations showing a roughly $3.3 million recommended contribution for 2024 across both police and fire funds, a large year-over-year decrease driven by pension obligation bond proceeds that raised combined funding to about 90%.
Lauterbach & Amon presented the city’s annual actuarial valuations for the police and fire pension funds and recommended a combined contribution of about $3.3 million for the current year, a marked decline from the prior year driven largely by proceeds from pension obligation bonds.
Todd Schroeder, the firm’s actuarial services lead, told the council the recommended contribution represents the normal cost for active members plus a payment toward unfunded liabilities. “We’re looking at a recommended contribution for the current year of about $3,300,000,” Schroeder said. He said the bond proceeds paid down a large portion of prior…
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