The City of Springfield is going to make an extra payment to their growing fire and police pension funds, but this is only going to make a small dent in the overall pension costs.
During the Springfield City Council meeting on Tuesday. Feb. 16, the aldermen voted in favor of making a $589,323 payment to the police and fire pension funds.
The reason they can make this move is because their corporate fund balance was over 20% after closing the books on Fiscal Year 2020 last August, but Springfield Mayor Jim Langfelder said this is small.
Author(s): Tessa Bentulan
Publication Date: 16 February 2021
Publication Site: News Channel ABC 20