Huntley: Police pensions no cause for alarm
Unfunded liability part of growing process, officials say
HUNTLEY – On paper, it seems as though Huntley has joined the ranks of the many local governments struggling to cover escalating retirement costs, with 45 percent funding of its police pensions and a $4.23 million hole owed to those future retirees,
But village officials point to other factors, primarily age, as proof that Huntley will not have a pension funding crisis anytime soon.
The village's available cash to cover all current and future police retirees is $3.51 million, while the village's total liability for those pensions is $7.75 million. But the unfunded liability is manageable, said Jennifer Chernak, the village's finance director, because the village's police pension fund is only 10 years old – relatively young for a trust fund.
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