Springfield’s Police and Fire Pension Fund grew by $33.7 million in 2010, aided by a settlement deposit and a market upswing, according to an annual report presented by councilwoman Cindy Rushefsky during City Council’s Feb. 7 meeting.
Rushefsky said the sales tax passed by voters in November 2009 that went into effect last year, along with changes to the pension board and funds from the city’s $7.45 million settlement with AT&T, all positively impacted the fund that supports the city’s police and fire personnel.
“We’re still not where we need to be at, … but we’re seeing a positive move upward,” Rushefsky said.
According to the report, which is available on the city’s Web site, www.springfieldmo.gov, the funding ratio increased for the first time in several years from 47 percent in 2009 to 49 percent at year’s end.
Rushefsky said the fund grew by $8 million in December alone, bringing its net assets to $166 million as of Jan. 1. The fund began 2010 at $132.32 million.
The fund reached a low of $89.4 million in February, but with the infusion of the settlement money, it grew by $33 million later that month.
“That influx of money helped us take full advantage of the upswing in the market,” Rushefsky said.
For more on the Feb. 7 City Council meeting, look to the Feb. 14 Springfield Business Journal print edition.[[In-content Ad]]
Adrianna Norris became a first-time business owner with the opening of Finley River Chiropractic; PaPPo’s Pizzeria & Pub launched its newest location; and Huey Magoo’s opened its second store in the Ozarks.