Pension progress made in South Burlington

first_imgFinancial 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.last_img read more

March forth

first_imgStudents protested at campuses across the state Thursday as part of the Day of Defense of Public Education. The protests were held for students to voice their discontent with the state of public education. The idea for the protest day began in California and spread to more than 30 other states.last_img