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Over the last 3 pension valuation periods and reporting provided by Gabriel Roeder Smith & Company Consultants & Actuaries for the City of Warwick, here are the combined results for the Police/Fire I, Police II, Fire II and the municipal pension plans:
Actuarial Accrued Liability reported,
2008/2009 = $550 million
2010/2011 = $619 million
2012/2013 = $664 million
Unfunded Liability
2008/2009 = $237 million
2010/2011 = $307 million
2012/2013 = $328 million
Funded ration of all plans:
2008/2009 = 57.0 percent
2010/2011 = 51.2 percent
2012/2013 = 50.6 percent
Conclusion: Even with all the great double digit returns of pension plab assets experienced, the total liability as h increased, the unfunded liability has increased and the overall pension funding continues to decrease with every reporting period.
The Mayor proclaims this as good news. Taxpayer and union members should be very concened that even with these great investment results the plans are sinking futher and furher into debt.
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