Tuesday, June 26, 2012

Jacksonville will need to contribute an additional $47 million for police and fire pensions

Jacksonville Local News – Jacksonville.com and The Florida Times-Union

Jacksonville is facing an 61.3 percent increase in how much it will have to contribute to the Police and Fire Pension Fund, with the amount projected to top $122 million for each of the next three yeas.

That means the city's contribution will be equal to just over 80 percent of its unionized public safety payroll.

Last fiscal year, the police and fire fund received $75.6 million from the city.

The increase stems from a new actuarial valuation report that requires the fund to change several of the assumptions that help determine how much money it needs.

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