City of Wayne issued the following announcement on May 10.
Please take some time to listen to the attached City Council Budget Study Session from Tuesday, April 28th
Sue Feinberg from the Municipal Employees Retirement System talks about how the city entered into the retirement system 85% funded prior to the recession and how in 2009 the "generous packages" as she referred to them, that were agreed to, have finally caught up to the city. The pensions, which are an obligation and absolutely not an option as far as paying them out, have shot up to over $6 million this coming fiscal year and to over $7 million in the next fiscal year.
Despite many of the current city unions taking significant reductions to their pension number in 2016, their sacrifices will not be realized for years. But, they were necessary to eventually bring the system into a manageable place. There are over 200 retirees collecting their pension and 75 employees paying into the pension system. With that significant split, it makes the challenges even more insurmountable. The pension system is just under 60% funded.
Please contact any member of council or the Mayor if you have any questions. They would be happy to discuss these challenges with you further.
And please, listen to the presentation. It is very informative.
Tporter@cityofwayne.com
Jwebster@cityofwayne.com
Kskiff@cityofwayne.com
Pwagner@cityofwayne.com
Kdowd@cityofwayne.com
Amiller@cityofwayne.com
To learn more, please watch the presentation.
Original source can be found here.
Source: City of Wayne
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