Health & Fitness
$30,000,000 in Unfunded Benefits Comes With New Fire Dept.
The Actuary hired by the City calculates the unfunded employee benefit liability of our new fire department to be approximately $30,000,000.
How will the citizens of Belmont ever pay off a $30,000,000 Liability?
How much is the unfunded benefit liability for the rest of those in City Hall? No one knows because our part time actuary hasn't made the calculations because no one has asked him to do so. My guess is it is more than $30,000,000. If my guess is correct the City (we) are looking at $60,000,000 to $100,000,000 in unfunded liabilities. It will get worse this year because PERS is counting on a 7 3/4% rerturn on investment They invest the Ctty's retirement money. How many of us know of a safe investment paying that 7 3/4%?
How did we get into this mess? Dtd our CPAs tell anyone, Did our actuary, who provides service to many cities on the peninsula, tell anyone what we were/are doing to ourselves?
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What should be done to correct this problem today. Do you want to know what our total liability is right now?
