Galesburg city pensions

Report Due This Summer
5:54 pm
Tue April 10, 2012

Galesburg Panel to Tackle Pensions

Galesburg City Hall

Galesburg Mayor Sal Garza is forming a 14-member task force to develop funding options for the city's pension funds.

“If it goes unchecked and unaddressed, we may find ourselves in the same kind of condition that the state of Illinois' overall pension system is in,” Garza said.

City leaders said the funding ratio has dropped over the past decade for the three pension funds in which the city participates. Garza said Galesburg will need to dip into its general revenues to pay pension obligations if something is not done.

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