The town’s three pension boards approved 2008 valuation reports at special meetings Thursday, May 7 that agree with a proposal to pay back $21 million in unfunded liabilities over a 20-year period.
To pay off millions of dollars in losses that occurred between 2000 and 2002, Finance Director Tom Kelley said losses would be paid back in 20 years, instead of 30 years.
The 30-year amortization method that the town currently uses was a point of contention with former state actuary Charles Slavin, who retired earlier this year.
Kelley said the reports will be sent to the state today, and the town will know within a month whether the reports are accepted.
Acceptance is expected because the town’s pension actuary, Foster & Foster, engaged in talks with the state’s Division of Retirement, which has already agreed to the proposal known as the 10-20-30 plan.
The 20-year amortization plan calls for the town to pay approximately $2.1 million this year and in future years until the losses are made up.
The town will be required to pump an additional $400,000 per year into the plans, with $300,000 being used to pay off losses and $100,000 being used to fund the plans moving forward.
For more information, please pick up a copy of the May 14 Longboat Observer.
Contact Kurt Schultheis at firstname.lastname@example.org.
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