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Chatham gets mixed news about its pensions

Thomas Clatterbuck

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The Village of Chatham received an update on the status of their pensions this week. Overall, the funding percentage of the police pension has gone up 1.65 percent, which is good news. However, the pension is still only 59.26 percent funded.

Pensions are funded both by direct monetary contributions and by profits from investing those contributions. Last year, the investment income was more than enough to cover the payments to pensioners. That meant all of the new contributions went directly to closing the funding gap. But although the investment income was enough to cover the payments, it was lower than anticipated. Lost investment income has to be made up by additional contributions from the village. This, combined with normal salary increases, mean that the village’s expected contribution will be larger next year.

But even this cloud shows a silver lining. The markets giveth, and the markets taketh away. Even minor shifts in investment performance can dramatically change funding percentages. The fact that Chatham is still making progress towards its funding goals despite underperformance in its investments means the village leadership is doing what it should be doing to meet its pension obligations. And an annual increase in funding percentage of 1.65 percent still puts the village on track to reach the state’s 90 percent funding goal by 2040.

You can read the full report here, or watch the presentation here.

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Senior strategist, statehouse reporter and political correspondent for Springfield Daily. Graduate of District 117 and UIS. Thomas covers stories in both Morgan and Sangamon Counties, as well as statewide politics.

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LIVE | Springfield City Council meeting February 19th

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Follow along live with the Springfield City Council meeting February 19th, 2019. The FY20 budget will be up for final discussion and vote.

DSI also discussed the plans for the upcoming concert series supported by the Levitt Foundation. Springfield won a nationwide Levitt AMP contest for a $25,000 grant.

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LIVE | Springfield City Council committee of the whole February 13th, 2019

Thomas Clatterbuck

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Follow along live with the Springfield City Council committee of the whole. This meeting was moved from the 12th for Lincoln’s birthday. Brian McFadden from Sangamon County spoke about the animal control situation and the county’s policies.

UIS baseball coach Chris Ramirez was recognized for his team’s achievements. Ramirez was awarded coach of the year.

This meeting was preceded by a special City Council meeting, where $1.2 million in TIF funding was approved for the Poplar Place Redevelopment Project. This money will go towards road infrastructure for the area. The council was unanimous in their support for the project, and looks forward to the multi-million dollar development.

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Boy Scout day at Jacksonville City Council showcases parliamentary procedure

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City council meetings can be a intimidating event for the first time visitor. The procedures that help the meetings run smoothly can be difficult to understand or track if you don’t know what’s going on. But at last night’s city council meeting in Jacksonville, local Boy Scouts got a hands-on look at why the council does things this way. This chance for the scouts to take part in the council meeting is an annual event.

The meeting’s agenda was routine. Claims were paid, and the liquor ordinance was amended. But the lack of action was a chance for Mayor Ezard and the aldermen to explain the procedure for the meeting.

During the workshop, the parks and lakes department also discussed a grant they are trying for to expand the trails at Lake Jacksonville. You can watch that discussion in the player below.

 

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