Pension fund

[Ted]

At this Tuesday's city council meeting, the city council will be voting on a debt schedule to fund the Berwyn fire fighter's pension fund. The memo of understanding would require the city of Berwyn to issue bonds in future years to meet a 90% funding level in the pension fund by the year 2040. The bond issuance schedule would be as follows:

$15M in 2016
$15M in 2018
$12M in 2021
$10-$12M in 2024

These bonds are in addition to the $35 million dollar bond issued by the city of Berwyn last October to address the pension issue. These bonds will cause Berwyn's debt to skyrocket, as will the corresponding tax increases required to pay off these bonds.