Financial analysts reported Monday night that South Burlington’s pension funding shortfall is still over $8 million, but noted solid gains in attempts to shore up the plan’s finances.According to an annual update for the City Council by Tracy Braun of Peoples United Retirement Services and Annie Voldman of Annie Voldman, a consulting actuary, the unfunded part of the municipal retirement fund dropped approximately $800,000 below last year’s $8.9 million shortfall.During the past decade, elected officials seemingly weren’t aware of the fund’s downward slide until they were revealed by new City Manager Sandy Miller. Paying the unfunded part of the plan through a low-interest bond was a strategy introduced during the council’s discussions.Public safety pensions have played a notably large role in the unfunded obligation, says the report summary. Starting this past July, the whole plan was 57 percent funded. However, only 52 percent of public safety pensions were funded compared to 72 percent for nonpublic safety employees.The fund’s assets, according to Voldman, increased by more than $2 million over last year, but increased expenses prevented the shortfall from continuing to shrink.
22SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Naomi Anderson Naomi Anderson is Vice President of Prepaid for LSC. In her current role, her team manages the day to day program support, customer service functions and implementations as well as … Web: Lsc.net Details Ability to brand cards with your logoOne such program, CUMONEY® Gift Cards charges no implementation or monthly fee, allows members to load as little as $10, and has a 7-year expiration period*.Gift cards are also ideal for SEGS and they make great incentives and holiday gifts for your own staff.Credit unions are all about people helping people. This year, help your people tear up those shopping lists and offer them gift cards for their friends, family, staff, whoever! Then they can actually relax and enjoy the season. *No expiration in NY, CT, VT, & HI It’s that time of year again. The temperatures are still sweltering and the kids are starting to head back to school. That means time to prepare for the holidays. Oh, don’t believe me? It’s hard to believe, I know, but just like objects in your rear view mirror, the holidays are closer than they appear. This is the time for credit unions to step up and be there to make gift giving easy and quick for their members.Makes you wonder why people even bother taking on the hot, crowded malls, or even staring at a computer screen until their eyeballs ache as they scour shopping sites for the perfect gift. Encourage your members to use gift cards to cross off every name on their lists in one fell swoop. I know what you may be thinking – people don’t like giving gift cards to their loved ones because they feel impersonal. Did you know in a recent study, nearly 60% of participants stated they’d rather get a gift card for the holidays than any other present? I’d say giving people what they want by letting them get whatever they want is as personal as it gets. Here’s another number you might be interested in. In that same study, it was estimated Americans spent $26 Billion dollars on gift cards in a single year. If your credit union doesn’t currently have a gift card program, it’s a good time to look into one. Of course there a few things you want to make sure of before choosing a gift card provider. Among them: Long term or NO expiration period – members don’t want the recipient to feel rushed or penalizedInstant issue at the branch – members aren’t going to wait for them to be mailedLow minimum load amount – members don’t have to load higher dollar amounts No liability for fraudulent activity Free Implementation / NO Monthly fee to your credit union