While I only requested two bits of information about Police Pension Funds for the last ten years in my Freedom of Information request to most McHenry County municipalities, the City of McHenry sent figures back to 1996.
The funding in 1996 was 89%.
By 2010, it had dropped to 53%.
The amount of money that taxpayers in the City of McHenry will have to come up with to pay off the obligations that have been accrued by police officers and those who have retired is $14.2 million.
Any and all public sector defined benefit pensions need to be changed to defined contribution.
If the public sector employee is exempted from social security such as TRS K-12 teachers, add them to social security. Private sector taxpayers should not be forced to pay taxes to fund public sector defined benefit pensions.
A friend, familiar with the City of McHenry pension fund states that the police officers pay into their pension AND social security, which is NOT the norm.
Way back when the pension fund first started, the department had the option to pay into pension only, or social security AND pension, and they choose to pay into both.
Once you start down that path, it cannot be changed back.
And, as my friend said, much like a soldier, stare down the wrong end of a gun just once, and you’ve earned every cent you get, period.
I don’t believe I could agree much more.