At least one Springfield alderman is not convinced by City Budget Director Bill McCarty’s assessment that police and firefighter pension funds are not in trouble.
“I will bet my future career on this,” says Alderman Joe McMenamin. “We continue to be unrealistic and we don’t have a plan to solve the structural funds of our pensions and our budget.”
McCarty says the city pays more the the Illinois Department of Insurance’s recommended amount and pays out far less than assets on hand. The city council voted on a procedural measure for a payment into the funds Tuesday night.