Wednesday, April 20, 2011

City of Peoria - Another Reason For The City's Large Deficits

Pensions plans are costing the city $2.1 million more over 2010. IMRF costs amount to an increase of $320,000 with the rest of the $2.1 million supporting the police and firefighter union pensions..

The city has more than $145 million in unfunded liabilities. Either the budget for the city will be cut or or people's pensions will dry up. Unless changes are made in the pension system in the public sector, expect these figures to skyrocket over the next 10 years.

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