I know every little bit is supposed to add up … but the gap is simply too big for a bandaid to fix.
Contracts with the city’s nonsafety unions are expected to produce $873,000 in pension and benefit savings over the lives of those contracts, while increased pension contributions from police and firefighters are expected to save the city $578,400 over three years.
Annual financial reports released by the city show that Alameda’s unfunded pension liabilities more than doubled between 2002 and 2008, from $36.3 million to a little over $74 million. The city’s most recent consolidated annual financial report shows the city with nearly $95 million in unfunded pension liabilities in 2010.
And there’s this kicker:
Alameda has 558 current employees enrolled in its two retirement plans and 763 receiving retirement benefits, Assistant City Manager Lisa Goldman said, or 0.73 active employees paying into the system for every retiree taking benefits.