NORTH PROVIDENCE – The town’s police pension fund last year gained more than 10 percent, or $4.7 million, says Mayor Charles Lombardi, a huge year for a fund that was once in tatters.
The Breeze reported back in September 2013 that the town’s injection of $20.6 million from the Police Department’s $60 million winnings in a settlement with Google a year earlier had pushed the fund to more than 95 percent funded.
The state’s 2019 report on locally administered pension plans showed that the fund lost about 8.1 percent on its funded status from 2012 to 2018, to 86.8 percent, and that number was about 88 percent last year, said Lombardi. He said the town’s actuary hasn’t completed its work yet, but he’s hoping that funding status could reach 90 to 92 percent with this latest positive news.
Author(s): Ethan Shorey
Publication Date: 16 February 2021
Publication Site: Valley Breeze