Anyone here firefighters?

[slow99]

I am glad its okay. I got my information at the IAFF ALTS convention last year so my info was as accurate as could be had and very interesting. Not going to try and start a debate but at that time it was far more underfunded than most pensions. All of them are underfunded to an extent but honestly FWFD had a great pension previously and still may. I am curious how negotiations went and what the result was in pension reduction. We just finished negotiations up here.

It is underfunded and has been for years, it actually got worse last year:

2015:
Value of Assets: $2.094 Bln
Value of Liabilities: $3.365 Bln
Unfunded Liability: $1.271 Bln
Funded Ratio: 62%

2014:
Value of Assets: $1.995 Bln
Value of Liabilities:$3.124 Bln
Unfunded Liability: $1.129 Bln
Funded Ratio: 63%

[SlowLX]

It is underfunded and has been for years, it actually got worse last year:

2015:
Value of Assets: $2.094 Bln
Value of Liabilities: $3.365 Bln
Unfunded Liability: $1.271 Bln
Funded Ratio: 62%

2014:
Value of Assets: $1.995 Bln
Value of Liabilities:$3.124 Bln
Unfunded Liability: $1.129 Bln
Funded Ratio: 63%

They're only short of the minimum accepted funding ratio by 600M or so. Maybe they should buy a lotto ticket.

[akfodysvn]

Yea 60% range is very bad and always at risk. I have been putting away separate investments from my pension in case our state ever collapses. Seems silly to rely simply on my state who is doing it's best to bankrupt.

[slow99]

Few things going with it. They aren't hitting their investment assumption of 8% annually which makes the numbers worse. One thing I also notice is the declining number of active employees supporting retired employees. That's how you know you have a pension population that's old and not enough new coming in to support the payments to them. They were at 2.0 active employees per retiree in 2008 (3204 retired/receiving benefits vs. 6399 active). This number has declined every year and as of 2015 it's 1.59 active workers per retired/receiving benefits (3906 retired vs 6198 active). The fund needs a lot of work.

[D. Lil]

I thought Southlake was.

I wanted my police, fire and paramedic when I started out.

Nope. They start out a little over 50k which is about the same as McKinney. I want to say Plano is close to 60 but couldn't find their pay scale online.

http://www.cityofsouthlake.com/index.aspx?NID=380

[pr1042]

Plano starts at 61k and is up to 72 after 2 years