June 27, 2012
By: Cal Skinner
Category: Police Pension Fund, Spring Grove, Spring Grove Police Department
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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