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 Tuesday, Sept 2, the 245th day of 2014. There are 120 days left in the year.

1864 — 150 years ago: It is estimated that 300,000 people attended the recent Democratic convention in Chicago when Gen. George B. McClellan of New Jersey was nominated as a candidate for president of the United States.
1889 — 125 years ago: Alderman Frank Ill, Winslow Howard and Captain J.M. Montgomery returned from Milwaukee, where they attended the national Grand Army of the Republic encampment.
1914 — 100 years ago: Three members of the Rock Island YMCA accepted positions as physical directors of other associations. Albert Cook went to Kewanee, C.D. Curtis to Canton and Willis Woods to Leavenworth, Kan.
1939 — 75 years ago: Former President Herbert Hoover appealed for national support of President F.D. Roosevelt and Congress in every effort to keep the United States out of war.
1964 — 50 years ago: The Rock Island Junior chamber pf Commerce has received answers to about 65 % of the 600 questionnaires mailed out recently in a "Community Attitude Survey" to analyze sentiments of citizens towards their city's various recreational, educational, and civic service programs.
1989 — 25 years ago: The two thunderstorms passing through the Quad Cities last night and early today left some area residents reaching for their flashlights.






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