|If four Galesburg firefighters are laid off as proposed by the city in its pending budget, how the remaining force is able to retire might be affected.
That was a question the Galesburg Firefighters Pension Board had for their new investment advisor, Kelly Weller, at a meeting this morning. Weller is helping the firefighters pension fund transfer to being invested through U-S Bank versus its current firm, managing in a way Weller says it hasn't been before.
Weller says that may put some havoc into the retirement system in terms of investments and income.
"If the payroll number, and you can do the same math that I can do, if the actuarial work is assuming a three percent payroll increase and your payroll begins to go way down, it puts a lot of stress on the contribution side," says Weller.
Another concern is that officials estimate that several more firefighters will be retiring in upcoming years, causing more stress to the pension funds.
The pension funds will have to be monitored over the next five years, officials say, to see what really happens, layoffs or not.
The board did formally approve the retirement effective this past Friday of firefighter Mike Whitson, so that he can begin drawing his pension benefits.