Wednesday, June 24, 2009

LITH Police Pension Clobbered

Lake in the Hills Auditor Brian D. LeFrevre told the Lake in the Hills Board of Trustees Tuesday the village's Police Pension fund lost over half a million dollars in Wall Street's meltdown late last year.

At the end of the year the fund totaled better than $11 million, 61 percent of liabilities, down from a 75 percent level at the start, he said. LeFevre reported the fund was about 45 percent invested in stocks.

Lake in the Hills Finance Director Peter Stefan said the village's experience was not unusual and most other municipalities had suffered similar fates. "We fund at 100 percent actuarial levels," Stefan said, explaining that means the loss will be made up but over an extended period. "We've got 24 years to make the loss up."

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