After investment losses and an explosion of pension costs for public safety employees during the past 20 years, Peoria officials say their police and fire departments have reached a healthy level above 80% funded.
The Public Safety Personnel Retirement System, which provides retirement benefits and programs to active members, retired members and surviving beneficiaries, has been running at a deficit for a number of years.
City Manager Henry Darwin said this is not the case for Peoria, and is a monumental change considering in 2020, police was funded at 54% and fire was funded at 66%.
