The City's retirement system is currently funded at 55.9%, among the lowest rates in the state, down from its recent high funded rate of 71.2% in 2008, which dropped to 54.4% in 2009, due to the "correction" in stock prices.
RSS Executive Director Leo Griffin and Bill Dowd from SageView Consulting presented the condition of the retirement system's funded status. It is projected the City will have to fund the retirement system until 2027 to the tune of $45-50 million dollars a year.
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