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Actuary recommends $3.87 million in employer contributions for Belvidere police and fire pensions
Summary
Actuarial consultant Lauterbach & Amman told the Committee of the Whole the city should contribute $1,655,053 to the fire fund and $2,219,261 to the police fund for the 2024–25 valuation; the firm noted funded ratios near the mid‑60s and explained the statutory 90% funding target by 2040.
Anthony Gavilis of Lauterbach & Amman presented the city’s actuarial valuation for the police and fire pension funds at the Sept. 22 Committee of the Whole meeting and recommended employer contributions of $1,655,053 for the fire fund and $2,219,261 for the police fund.
“On the fireside, 1 new hire, 1 retirement, 1 termination... and on the police, 3 newly hired members with 2 retirements, 6…
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