OCEAN CITY — The good news is Ocean City employee pension fund remains strong, while the bad news is the town continues to take losses on the market investments that help fuel it.
The Mayor and Council last week got a lengthy review of the status of the town’s two employee pension funds, including one for general employees and another for its public safety employees. The presentation was long and detailed, but boiled down to its simplest terms, the review showed Ocean City’s two pension funds are in solid shape with the general employee’s pension funded a little over 86% and the public safety plan funded at around 82%.
Of course, 100% is the ideal, but that lofty number is largely a pipe dream for most jurisdictions including counties and cities. Nationally, the average is around 73%, so Ocean City is doing much better than many of its colleagues in terms of funding levels for its pension plans.
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5 comments:
So ...who is the financial wizard in charge of this ?
Merrill Lynch ??!! West OC?
It couldn't happen to a better township - sounds to me it's another San Bernadino, CA - (municipal bankruptcy) - in the making.
CalPER - created by the California legislature - that authorizes the agency to cut municipal pensions and benefits. Maryland will be the next State, just wait and see.
Contributing, so to speak, to the overall problem is the stratospheric pay rates in OC. Retirement payouts are closely linked to the pay rates during the working years.
There are only so many golden eggs inside the goose.
So the best thing for Ocean City is to vote out all of these clowns that were elected to lead the city. Nothing but problems. They are the same ones that are allowing our town to be overbuilt when the town doesn't have the resources to handle the growth. Look at the problems with the trash disposal. They have to pay to have it exported out of town.
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