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Mayor Appoints Taskforce to Address Galesburg's Pension Concerns
It won't be replacing the current pension boards, but a new Taskforce has been appointed to aid in reviewing how those pensions are funded are in Galesburg.

Mayor Sal Garza revealed the identity of a Taskforce on pension funding during Monday night's special work session. The fourteen member panel will include himself, the city manager, city clerk, city treasurer and several others representing the three pension funds at issue.

Garza says the Taskforce will seek out recommendations that acknowledge the risks in any pension investment.

"We have to be good about understanding what that risk is, and we have to be good about effectively mitigating that level of risk (and) that it's acceptable to the city," Garza said. "And for us, the hope is that we are actually able to realize returns on those investments."

Garza says a long-term set of strategies must be developed for the city to meet it's pension obligations. He says two or three years down the road is meaningless, and new tools must be identified to fund the future.

City Treasurer Marv Dahlberg says the decreasing Police, Fire, and IMRF pension funds can be attributed to a number of variables, but mostly because of a failure to hit actuaries.
04 10 12 by Newsroom
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