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Actuary warns Senate Bill 1937 would raise police-pension costs by roughly 20% for Glencoe
Summary
Foster & Foster actuary Heidi Andorfer told trustees Senate Bill 1937's proposed tier-2 changes (3% simple COLA, expanded DROP, pay-cap adjustments and earlier unreduced retirement) would increase the village's pension contributions roughly 18'9% and raise the present-value contribution burden by several million dollars.
An actuary from Foster & Foster told the Glencoe trustees that proposed state legislation — Senate Bill 1937 — would materially increase the village's police-pension costs if enacted.
Heidi Andorfer, an actuary for Foster & Foster, presented an analysis of Senate Bill 1937 and its likely effects on the village's Article 3 police pension fund. She said the bill contains several benefit enhancements that move tier-2 benefits closer to tier-1, but do not fully revert tier-2 to tier-1.
Key provisions she described include a prescribed 3% simple cost-of-living adjustment (COLA) for tier 2 (more generous than the…
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