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Police and Fire pension contribution to rise to $224M; actuarial assumption changes cited
Summary
Tim Johnson told the Finance Committee the city's Police & Fire pension contribution for the next fiscal year will be $224 million, citing a quarter-point reduction in return assumptions and updated mortality and salary assumptions as key drivers; auditors said some of the forecasted increases will affect multi-year budget projections.
Tim Johnson, presenting on behalf of the Police & Fire Pension Fund, told the Finance Committee the city’s required contribution for next fiscal year will be $224,000,000, up from $201,000,000 this year.
Johnson said that without the surtax legislation the contribution would have been approximately $346,000,000 — a difference of roughly $122,000,000 he attributed to surtax financing. He…
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