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Antioch finance director proposes 15‑year layered plan to tackle $23M police pension shortfall
Summary
Village finance staff presented a police pension funding policy to address a reported $23,000,100 unfunded liability, proposing a 15‑year layered amortization approach to stop repeated long‑term 'kick the can' refinancing and improve funding clarity.
Finance director Michael Peterson presented a proposed police pension funding policy intended to address an unfunded liability he reported as $23,000,100 as of May 1, 2025.
Peterson described the proposal as a 15‑year layered funding schedule with a 100% amortization target for each new layer. He said the structure would replace the typical 30‑year refinancing approach that sometimes results in…
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