David Cerolo wrote:A large portion of the problem with police and fire pensions is that in the 80's, 90's and to some point now, the governing bodies failed to make their required % payments to the state. This caused the pensions to take a big hit.
That is quite true. It was a big problem for them then and it is now as well. I recall a bill being passed around 1982 or so which dedicated a portion of the fire insurance presmiums to the city fire department pensions. That helped for a while but there still appears to be a problem.
I am told that Huntington has the worst unfunded liability of any. Their's is a problem of too many firemen for the size of the city, I am also told.
Apparently the problem began in the late 60s and 70s and there was a hue and cry about it which led to the legislature mandating actuarial studies in the late 70s. They probably shouldn't have looked under that rock...
