Spring Grove Weighs In at 49% on Police Pension Funding
Spring Grove is the latest McHenry County municipality to share its Police Pension funding information.
For the most current year, the level is 49%–about ten percent higher than that of the State of Illinois.
The fund is $1.6 million underfunded.
Why is the formula at the top of the far-right column for both Spring Grove and Harvard wrong?
he correct formula is the UAAL divided by the Covered Payroll (not multiplied by the Covered Payroll).
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