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The city of Lincoln, Nebraska would be required to fund shortfalls of fire and police pension plans if an ordinance is approved by city council, writes Nancy Hicks for the Lincoln Journal Star.
The current approach is for the city to maintain its annual funding obligations, but it’s not required to provide additional funding to cover a plan deficit.
“Under the proposed ordinance, the city would be required to fund the pension plan each year at the level recommended by its actuarial firm, which would include slowly making up losses,” she writes.
The city’s police and firefighters are enrolled in a DB plan, while other municipal workers have a DC plan.
“A pension review committee last year recommended the city automatically fund the actuarial firm recommendation for the police/fire pension plan each year in order to assure the pension stability,” writes Hicks.
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