Warwick Police & Fire Pensions Only 22% Funded
… according to actuary results released a couple of hours ago by Councilman Joseph Solomon.
According to the city’s professional actuaries, Warwick’s largest pension plan is just 22.3 percent funded and, as of June 30, 2011, had a staggering liability of $242,127,650.
Police and Fire I is not the city’s only pension plan, but it is by far the largest pension plan in the city. The other three pension plans are relatively well-funded, but when liabilities and assets are combined with Police and Fire I, the city’s four pension plans are average funded at just 51.2 percent.
Not sure what the councilman means by this allusion to the governor.
“Like many of our neighbors, we in the city of Warwick face some serious liabilities. Time is running out. Warwick city leaders need to stop downplaying our significant financial challenges and start getting behind solutions,” said Solomon, an accountant and lawyer.
Solomon continued: “I would hate to think Governor Chafee was misled. I will continue to deliver the truth about Warwick’s financial condition as information becomes available to me from our actuaries and CPA auditors—even though it may not be pleasant.”