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City to address vacation quandary
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Newspaper Article
City to address vacation quandary
2005
Overview
The city will fully address an unfunded employee liability that built up due to unused vacation, overtime and other deferred benefits by the end of the year, city treasurer Eric Sawyer said Thursday. The issue of unfunded liabilities emerged in 2003 when a confusing report raised concerns about pensions afforded aldermen and top civic officials. It eventually came to light it wasn't the pension program that was underfunded, but vacation benefits and other money that was owed to employees. The liabilities of $71.5 million are related to vacation overtime and other retirement benefits -- an amount officials have said would only be a problem if every city employee retired or went on vacation on the same day.
Publisher
Postmedia Network Inc
Subject
