* Hannah Meisel at the Daily Line…
East St. Louis this week became the fourth Illinois city to have its public safety pension fund ask Comptroller Susana Mendoza to withhold state money from the city and instead send it to East St. Louis’ chronically underfunded firefighter pension fund.
Officials from East St. Louis’ firefighter pension fund pointed to the city’s failure to pay an actuarily required $2.2 million into the fund in 2017 and 2018, and noted the fund is only 11 percent funded as of January 2018, according to documents obtained by The Daily Line.
Fund officials are attempting to trigger Illinois’ pension intercept law, which allows Mendoza’s office to seize money a municipality receives under the state’s Local Government Distributive Fund, and direct it to the underfunded pension fund. […]
The East St. Louis firefighter pension fund has approximately 90 beneficiaries, according to a recent report on the funding condition of Illinois’ 641 police and fire pension funds. As of 2016, the most recent year included in the COGFA report, The market value of assets within the fund was $7.5 million, versus its $59.8 million in total actuarial liabilities.
The unfunded liability for that one pension fund works out to be $1,962 per city resident.