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Wayne council approves MERS amortization extension to ease FY27 budget pressure
Summary
The Wayne City Council approved an amortization extension agreement with MERS that city staff say will lower FY2027 pension payments by about $1.2 million by extending funding from 2041 to 2053; council voted unanimously to adopt the agreement, which is included in the recommended FY2027 budget.
Wayne City Council on April 21 approved an amortization extension agreement with the Municipal Employees’ Retirement System (MERS) that city staff say will reduce the city’s FY2027 pension payment burden by about $1.2 million.
City staff presented the agreement as a reamortization—“kind of like refinancing your house and lowering your payments,” said Katie Sample, who briefed the council on the change, explaining that three…
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