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Actuary: LaGrange should boost contributions as police, fire pension funds remain under 60% funded
Summary
An actuarial valuation presented to the LaGrange Village Board recommends employer contributions of $1,819,544 for the fire pension and $2,232,288 for the police pension for the coming year, citing a combined unfunded liability of about $37.4 million and funded ratios near 52% and 55%.
Kevin Cavanaugh of Lauterbach and Amen presented the village's annual actuarial valuation of the police and fire pension funds, telling trustees the recommended employer contributions for the upcoming year are $1,819,544 for fire and $2,232,288 for police. Cavanaugh said those amounts reflect a roughly 9.3% increase for the fire fund and about a 7.5% increase for police, driven by higher-than-expected salary increases and demographic experience changes.
Cavanaugh said the combined unfunded liability for both funds is about $37.4 million and the funded percentages are roughly 52.3% for the fire…
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