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Actuary recommends $2.51 million contribution to Antioch police pension; urges layered amortization to reduce volatility
Summary
An actuarial consultant recommended the Village of Antioch contribute $2,509,707 to the police pension fund for the coming year, citing higher-than-expected retirement rates and an unfunded liability of about $23.1 million; he urged a layered-amortization policy to smooth future contribution spikes.
Kevin Cavanaugh, an actuarial consultant at Lonerbach and Neiman, told the Antioch Village Board that his firm’s recommended contribution to the Antioch Police Pension Fund for the coming year is $2,509,707, an increase of about $121,300 (5.08%) from last year.
Cavanaugh said the fund’s assets stood at $19,760,100 and that the unfunded liability was $23,099,800, leaving the plan roughly 46% funded. “One way to think about that is how much it would take to get the fund to be fully funded, tomorrow,” he said, summarizing the figures in the written report distributed to trustees.
Why it matters: that contribution will be a significant line-item for the village budget. Cavanaugh told trustees the recommended payment reflects several drivers this year, including larger-than-expected salary increases for officers and an…
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