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To the Editor:

Your statement, "One of those pensions, Fire/Police I, has a funded ratio of 22.3 percent as of July 1, 2013. That’s an improvement of 2 percent", is not correct. According to the most recent actuarial valuation reports the funding ratio for the plan did not improve 2 percent , but rather descresed 2 percent from the previous 22.3 percent to the current 20.3 percent. The unfunded liability actually increased by $4.8 million while assets decreased by $6.7 million.

It is this type of reporting that continues to promote the myth that all is well in Warwick regarding its pension and OPEB costs.

Hopefully a correction will be printed in the next edition.

From: Those good financial reports

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