Retirement Funds Will Get $9.3 Million Contribution For FY ‘14

The Ocean City government’s contribution towards its trust funds for pensions and other retirement benefits will total roughly $9.3 million for the current fiscal year, the City Council heard this week.

This includes $3.3 million for the public safety employees’ pension fund, $2.4 million for the general employees’ pension fund, and $3.6 million for the fund supporting other post-employment benefits (OPEB) like retiree health care.

“It comes very close to what we budgeted, actually $14,256 less,” Finance Administrator Martha Bennett said.
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