Elmwood Park Pension Report

Dear Neighbor,

Over the past few weeks, I’ve received a number of phone calls and emails from neighbors asking me for a copy of the pension report I submitted to the Board of Trustees at the second village board meeting in June. I am publishing the report here for your convenience. Feel free to download it and pass it on.

At times, the report can get a little confusing as we dive into accounting topics — and specifically, pension accounting (which is even more difficult). I have removed my number and email address from this report for privacy reasons (I’m happy to provide it to you, my neighbor, but you should never blast your personal information publicly!); so, if you have questions, you may contact me through Facebook, email me through the EPNCO website, or by call the EPNCO at 800-380-MyEP (6937).

» Click here to download the report.

Joe Ponzio, EPNCO Director

Pension Report Highlights

All of the figures in this report are taken directly from the annual audits of the Village of Elmwood Park.

• Elmwood Park Police and Fire pensions are 37.8% funded, which is less than those of the State of Illinois (which, by the way, is the worst state in the nation).
• The taxpayers of Elmwood Park owe $31.9 million to these pensions by 2040.
• Our pension payments now consume 36% of Elmwood Park’s property tax revenue, up from 27% just ten years ago.
• Our pensions are insolvent. (Not bankrupt, but insolvent.)
• Our Police and Fire pensions have been grossly underfunded since at least 1997 (the earliest data was available to me).
• If we don’t address this issue, our taxes are guaranteed to go higher and/or other services are guaranteed to be cut.