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MTZ village board approves tax levy funding for Mt. Zion Police Pension Fund

Staff Writer

The Mt. Zion Village Board met on August 21 and approved a tax levy funding for the Mt. Zion Police Pension Fund.

The Mt. Zion Police Pension Fund Actuarial Report and the Pension Boards are an annual request for funds. The Police Pension Board is required to report the attached information to the Village Board on an annual basis. The Police Pension Board is also required by statute to request funding from the Village Board. The Village Board then incorporates the funding request into the Village’s annual tax levy. The Police Pension Board utilizes the services of an actuary to determine the funding level necessary to fulfill the Village’s statutory obligation to the Police Pension Fund.

This year the amount requested is $119,028. This represents a 44.53% decrease over the previous year’s request of $214,591. Each year the request will fluctuate because it is based on the census of the current police department staff, any disability claims, retiree pension costs and investment return income. This year’s request decreased due to changes regarding the assumed rate of return and the pension investment consolidation that took place in May of 2022.

A presentation of the report was done by a representative from Lauterbach and Amen, L.LP.

The board also approved a Resolution Authorizing the Destruction of Audio or Video Recordings of Closed Session Meetings. The board will meet again on September 18 at 5:15 p.m.

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