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Police pension funded ratio edges up to 84.7%; village nearly met recommended contribution
Summary
Actuary Heidi Andorfer presented the April 1, 2025 police-pension valuation: funded ratio rose to 84.7%, unfunded accrued liability ≈ $4.7 million, and the recommended contribution was about $954,911; the village contributed roughly $900,000 (≈99.8% of recommended).
Heidi Andorfer of Foster & Foster presented the village’s police pension actuarial valuation as of April 1, 2025, reporting an improved funded ratio of 84.7% and an unfunded actuarial accrued liability of about $4.7 million.
Andorfer walked trustees through the valuation components, noting a modest year-over-year increase in contribution requirements (driven in part by two additional active members). “That gives us a funded ratio of 84.7%,” she said while explaining the amortization approach that treats the unfunded liability similar to a mortgage. She also noted the recommended total contribution of roughly $954,911 and that the village contributed just shy of $900,000 (approximately 99.8% of the recommended amount). Trustees discussed potential future impacts if state-level tier changes occur; no policy changes were adopted at the meeting.
