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Holyoke budget includes multimillion-dollar ramp-up to fully fund retirement plan by 2032
Summary
City officials told council Tuesday that Holyoke—s retirement contribution will rise sharply in coming years to meet a statewide schedule for full funding, increasing near-term costs for taxpayers but intended to eliminate long-term liability.
Holyoke City officials told the City Council on June 9 that the city is increasing its annual retirement contribution sharply in order to meet a state-mandated schedule to fully fund the municipal retirement system.
The retirement board presented figures showing a proposed total appropriation of roughly $13.1 million for retirement contributions in the coming fiscal year, including an $8 million component aimed at keeping Holyoke on track to be fully funded around 2032. "An important note: about $8,000,000 of this is to maintain our aggressive schedule to be fully funded the retirement account," a retirement board representative said during the hearing.
City and retirement…
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