It appears to be some good news for Springfield, and especially for city workers and retirees.
New numbers from the Illinois Municipal Retirement Fund suggest the city’s unfunded liability for pensions is not as bad as a city alderman indicated last week. Alderman Joe McMenamin said the city owes about $97 million to the IMRF.
The group’s executive director says those numbers were accurate at the end of 2012… but since then, the IMRF generated a 20-percent return on its investments, potentially cutting the city’s unfunded liability in half. Lou Kosiba says the numbers are still being crunched… and a final accounting for the year is expected by April.