Moline urged to increase pension fund contributions


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Posted Online: July 14, 2014, 9:09 pm
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By Dawn Neuses, dneuses@qconline.com
MOLINE -- The city is planning its 2015 budget and aldermen, sitting as the committee of the whole tonight, will review reports that recommend contributing $7 million to the police and fire pension funds.

According to actuarial valuation reports, the city's contribution to the pension funds needs to increase $436,746 next year.

The reports recommend that the city levy $3,542,595 for the police pension and $3,488,751 for the fire pension.

Moline's contributions to the police and fire pension, and the Illinois Municipal Retirement Fund, are paid with property tax revenue. Illinois state statute also requires employees to contribute a specific percentage of their salary to the pension funds.

In other business, Christopher Woods, president of Three Corners Development, is scheduled to give an update on The Mills at Riverbend Commons, a student housing building now under construction adjacent to the Western Illinois University QC Riverfront Campus.

The committee of the whole meets at 6:30 p.m. on the second floor of city hall, 619 16th St. The city council meeting immediately follows.

Agendas are available at city hall or online with attachments at moline.il.us.

















 



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  Today is Friday, Aug. 22, the 234th day of 2014. There are 131 days left in the year.
1864 -- 150 years ago: The ferry boat, Rock Island, having been put in good order at the boat yard is now making her regular trips, much to the gratification of those who have to cross the river.
1889 -- 125 years ago: W.J. Gamble, for many years superintendent of the Moline & Rock Island railway, leased the Fourth Avenue Hotel and renovated and refurnished it throughout.
1914 -- 100 years ago: Pending the building of new public schools or additions to the present ones to provide adequate room for all the children, the board of education decided that pupils younger than 6 years old would not be accepted in Rock Island schools.
1939 -- 75 years ago: The fifth annual New Windsor Fair and Horse show, which has been delayed for two days because of unfavorable weather, got off to a new start last night. The parade was held this morning.
1964 -- 50 years ago: The Rock Island County Fair and Rodeo will celebrate its silver anniversary this year. The fair opens Tuesday and will run through Saturday and offers entertainment and activity for young and old.
1989 -- 25 years ago: Earl Hanson School, Rock Island, joins the Program to Assist Latch Key Student, which aids working parents. PALS is a before and after school program for grades 1-6 in certain Rock Island public and private schools.




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