The City of Peoria needs to pay more money into its pension fund for firefighters next year. That's the message from the city fire pension board:
The city currently pays more than $7 million annually towards fire pensions. Board member Joe Troglio says the city needs to pay about $1.5 million more in pension contributions:
“Long term, you could save some money today by not putting in these dollars, but you have to make that up. That unfunded liability never stops. And every year you’re un-funding, you have to pay interest on it.”
Staff say the city is following state code and isn’t required to increase its share. The request comes at a time the city is paying more than half of its property tax share towards pension costs. The City Council is expected to talk pensions and other costs during a special budget meeting Tuesda