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Abilene council hears options to address $70M firefighter pension shortfall
Summary
City staff and the Firefighters’ Relief and Retirement Fund discussed options including debt restructuring, actuarial changes and switching new hires to TMRS to address an estimated roughly $70 million unfunded liability; council asked for further study and cooperative action with the pension board.
City officials and the Abilene Firefighters’ Relief and Retirement Fund spent the budget workshop reviewing a long-running, multi‑decade shortfall in the firefighters’ pension and potential routes to fix it, including issuing debt to fully fund liabilities or changing the retirement plan for new hires.
The fund’s most recent public actuarial figure (October 2023) showed a funded ratio of about 45% and an unfunded liability in the tens of millions; staff and the pension board discussed a working estimate of roughly $70 million to fully fund the liability. City management described that continuing to rely solely on investment returns…
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