Finance committee gives recommendation to cover $4.1M pension
The city’s mandated minimum contribution to police, fire and employees’ pension funds is $4.1 million — $1 million less than the previous obligation, city officials said.
City Council’s finance committee gave the minimum municipal obligation a positive recommendation Tuesday.
The contributions are for police, $1.8 million; fire, $1.1 million; and officers and employees, $1.1 million, said Joseph Pawlak, city interim finance director.
The total minimum pension obligation is $4,140,563, he said.
“The number is about $1 million below the 2021 valuation,” Pawlak said.
Councilwoman Liz Miele, committee chairwoman, said this amount is the minimum the city has to contribute to the pension funds.
“If we were to contribute more money, it would achieve full funding status and decrease the annual obligation substantially,” Miele said.
The city must approve the obligation to pay pensions by Sept. 30 but can amend it up and until the passage of the 2022 budget, Pawlak said.