Mayor Domenic J. Sarno, Chief Administrative and Financial Officer Timothy J. Plante today placed on the City Council agenda that the City is committing continue to aggressive funding of our retirement system, by adding over $2 million from the Pension Stabilization Reserve Fund towards the retirement system above the agreed upon funding schedule. These efforts further demonstrate the City’s financial strength and commitment to an aggressive pension funding schedule.
Additionally, Standard & Poors’ ratings services has taken notice of the City’s strong financial strength and management and reaffirmed our highest rating in the City’s history at AA- with a stable outlook. They point to the City’s very strong financial management, strict adherence to financial policies and procedures, and strong budgetary performance.
Mayor Domenic J. Sarno stated, “My administration has taken this issue very seriously. I have complete confidence in CAFO TJ Plante and our financial team. This additional funding in working with the City Council and Finance Chair Councilor Tim Ryan, Councilors Tim Allen and Michael Fenton, who have been steadfast on this issue, will continue to send a strong message to our ratings agencies and our retirees. This also strikes a proper balance that helps us continue to provide essential City services to our residents.”
CAFO TJ Plante said, “I would like to thank Councilors Allen, Fenton and Ryan for their continued work with the administration to achieve the common goal of continued progress in addressing our pension liability. These efforts are a key next step in our aggressive approach to fund the retirement system and will signal to both the rating agencies and Public Employee Retirement Administration Commission (PERAC) that we take financial obligations seriously.”
“I am pleased that the $2 million set aside in the Pension Stabilization Reserve Fund is now being applied to the pension. The Mayor, the financial team and the City Council have worked well together on this issue and we will continue to put forth our best efforts to meet our obligations. Thanks to the Mayor for following through on this,” said City Councilor Tim Allen.
"I would like to thank the Mayor and his administration for their cooperation. This is a step in the right direction,” added City Councilor Michael Fenton.