Report Inappropriate Comments

Some facts taken directly from city actuarial reports released to the public on Friday March 30, 2012:

The combined funding ratio of all pension plans in Warwick is 51.2%.

Factoring in OPEB liability (Other Post Employment Benefits, "Healthcare") the ratio slips to 37%.

Rate of return for city pension plans based on official city financial documents from Fiduciary Investment Advisors report:

Page 65 Police I & Fire I Pension plan: Since Inception Date 10/01/1997 rate of return 5.3%

Page 69 Police II Pension plan: Since inception date 10/01/1997 rate of return 5.7%

Page 73 Municipal Pension plan: Since Inception date 10/01/1997 rate of return 5.8%

Page 77 Fire II Pension plan: Since inception 07/01/2002 rate of return 6.0%

No city pension plan has been able to meet the new 7.5% assumed rate of return since inception according to report. In reality this means the plans funding ration are much less then being reported.

Total Actuarial accrued liability for both pension and OPEB =

$869,273,925

Read that number again. That's almost $1 billion in liabilities associated with city only, employee retirement benefit costs.

From: Avedisian looks to address weak sister of city’s 4 pension plans

Please explain the inappropriate content below.