Darien Cop Pension Numbers Likely 'Far-Fetched': City Expert

DARIEN, IL – Darien never seems to get closer to its longtime goal of fully funding its police pension system.

It's the same story every year: The city's pension account is about 60 percent funded. That is the money it has on hand compared to the total value of the benefits it is mandated to pay over time.

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During annual pension presentations, Darien Alderman Ted Schauer, who joined the City Council in 2009, notes that no movement appears to be made.

"When I first got on the council, we were funding at 63 percent. Right now we're at 61.9 percent," he said.

He noted the city's long-term target is to completely fund the pension account by 2040.

In response, the city's actuary, Jason Franken, pointed out the page in his latest report showing that the city plans to pay $17 million in just six years to achieve the 2040 goal.

"It's probably pretty far-fetched, but that's how the system is designed," Franken said. "More than likely, that date is going to get kicked out, and you'll have a decision to make on how you want to fund the plan."

Another challenge to the pension system is that police officers are retiring earlier, a trend seen elsewhere, he said.

"The data suggests that the assumptions need to change. There's been a change in behavior for a lot of different reasons," Franken said.

However, Darien's treasurer, Michael Coren, expressed concern that the city's assumptions would differ from most other towns, which follow the state assumption. He said that makes it harder to compare Darien to other towns.

Franken said it's important to go with reality-based assumptions and "not keep our head in the sand."

According to the report, 33 officers are paying into the pension system, compared to 31 pension recipients.