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Roselle accepts actuarial reports as pension contributions rise; police fund still under 70% funded
Summary
Village trustees accepted Foster & Foster’s 2025 actuarial evaluations for the police and firefighters pension funds. Police showed a smoothed funded ratio of 61.8% with a $23.1 million unfunded liability; the village contributed slightly above recommended amounts for both funds.
The Village of Roselle accepted actuarial evaluation reports for its police and firefighters pension funds after presentations from Foster & Foster.
At the podium, actuary Heidi Andorfer said the police pension’s total actual accrued liability is $60.6 million and the unfunded actual accrued liability is about $23.1 million, yielding a smoothed funded ratio of 61.8%. Andorfer said the recommended contribution for the police fund was $2,262,907 and Roselle contributed $2,266,910 — slightly above the recommendation.
“And then the last and final point out on this page is the total normal cost of $809,000,” Andorfer said, noting the village historically contributes at or above recommended levels.
Andorfer explained methodology details driving contribution changes: the plan uses five-year smoothing (counting gains or losses gradually), the assumed investment return is 7%, and the village will move to a 15-year rolling re-amortization for unfunded liabilities. She said some increases in the recommended police contribution this year reflected unfavorable experience, primarily higher inactive-mortality liabilities, and somewhat lower smoothed investment returns in the smoothing window.
For the firefighters pension fund, Andorfer reported a total actual accrued liability of $18.9 million and roughly $5 million in unfunded accruals; the fund’s GASB funded ratio is about 79.9%. She attributed a roughly 20% decrease in the recommended contribution to lower normal cost after recent retirements and to stronger investment returns in 2025.
After the presentations Trustees moved to accept the actuarial evaluation reports for both funds. The motion was seconded, the clerk called roll and the motion carried.
Next steps: staff and the board will incorporate the new amortization approach in next year’s funding plan and monitor the pending experience-study assumption changes Andorfer said are under review by the consolidated pension board.
