20 years to reach 90% funding for Springfield police & fire pensions – WICS (Springfield)

“The solution is pushing that ramp out and the unions should be in line over at the statehouse," said Mayor Jim Langfelder. "They lobby for other things, they should be lobbying to push that ramp out to 2050 and that would help resolve a lot of the stress we have towards making that full funding by the potential date.”
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nixit
2 years ago

Here we go. Pushing the ramp out 10 years hides the true cost of the pensions, inflates today’s salaries even further, and defers pension costs to people furthest away from those that consumed the services rendered at the time. Never allow pension systems to re-amortize unless a corresponding wage freeze is enacted as well.

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