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.
Published on May 10, 2013 at 5:17 pm Contact Jacob: firstname.lastname@example.org | @Jacob_Klinger_ Related Stories Syracuse considers continuing rivalry with Villanova Syracuse will play Villanova in each of the next two seasons, SU Athletics announced in a joint release with VU on Friday.The Orange will host the Wildcats on Dec. 28 in the Carrier Dome, and visit Villanova in the Wells Fargo Center in the 2014-15 season. The meetings will continue a rivalry that was a staple of the Big East. Syracuse will officially join the Atlantic Coast Conference next season, casting doubt on many of its storied rivalries.The Orange and the Wildcats first played each other on Jan. 26, 1946. VU joined the Big East in its second season, in 1980. Syracuse holds a 38-32 record in the all-time series against its ninth-most common opponent.SU and Villanova split this year’s series, with each team winning at home on Jan. 12 and Jan. 26 respectively.“The series with Villanova has been one of our most competitive, year in and year out,” Syracuse head coach Jim Boeheim said in the release. “It really took off when Coach (Rollie) Massimino was in charge and has certainly continued with Coach (Jay) Wright at Villanova.”AdvertisementThis is placeholder textThe game will add to a nonconference schedule that already includes Indiana, St. John’s and the Maui Invitational. Comments Facebook Twitter Google+