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Actuary: Shorewood police pension funded ratio dips to 83.9%; recommended village contribution rises
Summary
Foster & Foster actuary Heidi Andover reported the police pension funded ratio decreased to 83.9% from 84.7%, citing retirements and higher-than-expected salary increases; recommended village contribution rose to about $989,217.
Heidi Andover of Foster & Foster presented the Village of Shorewood police pension actuarial valuation (snapshot as of April 1, 2026), reporting a funded ratio decline from 84.7% to 83.9% and a recommended village contribution of about $989,217 for the coming year.
Andover said the funded-ratio decline reflected “a small decrease in the funded ratio from 84.7 down to 83.9,” driven primarily by more retirements than anticipated and slightly higher salary increases. She noted that 62% of active participants are in tier 2 and that actuarial assumptions remain unchanged pending state-level updates to experience tables. The valuation showed total actuarial accrued liability at about $33,000,000 and an unfunded actuarial accrued liability of roughly $5,300,000.
Board members asked about the path to full funding. Andover noted Shorewood’s funding policy aims for a 100% funded status by 2040 if annual contributions continue on the current schedule and that the village has historically funded at or above the recommended amounts.
The presentation will be part of the village’s fiscal-year audit materials; trustees did not take policy action at the meeting but discussed the contribution and long-term funding policy.
