I keep warning the Lakewood Village Board that once our population gets above 5,000, the Village will be forced to create a local police pension fund.
Reading the Marengo newsletter I found this information from Finance Director Megan Lopez:
Police Pension Liability
The Police Pension Fund contribution totals $858,382 in FY 25/26. This is an increase of $38,898 over FY 24/25 contribution of $819,484.
The City also made a verbal commitment to the pension board to contribute an additional $150,000 each year, as funds allow, to draw down the unfunded liability amount.
FY 25/26 total contributions equal $1,008,382.
Remember state law requires us to be 90% funded by 2040.
Currently, we are only 42% funded.
