After investment losses and an explosion of pension costs for public safety employees over the past 15 years, Peoria leadership recently gave the go-ahead for a plan staff says will save on costs and achieve 100% funding ahead of a mandated deadline.
City Council recently approved a payment of $30 million from contingency funds to the underfunded Public Safety Personnel Retirement System. Staff says this budget amendment could save $65 million to $85 million in pension contributions.
The Public Safety Personnel Retirement System, which provides retirement benefits and programs to active members, retired members and surviving beneficiaries, has a deficit of $109.5 million for Peoria police and fire members.
