Lower Providence Board of Supervisors Informed of 2014 Pension Obligations

Lower Providence township’s upcoming pension obligations will total $1,068,715 for 2014, with a net payment from the township for pensions that year of $754,082, after a state contribution, according to The Times Herald.

Municipal Finance Partners’ director of actuarial services, Charles Friedlander, presented the numbers for the township’s pension payments for 2014 to the township’s Board of Supervisors Thursday night.

According to Friedlander, the state contribution to the pensions is $314,633.

The full 2014 pension obligation breakdown is as follows: $281,382 for the non-uniformed fund; $717,943 for the police fund; $69,390 for the defined contribution pension fund.

The non-uniformed fund applies to Township Manager Richard Gestrich and nine township employees.

According to Friedlander, the increase of the pension costs is greater than that of the increase of the township’s assets.

Michael Sheridan, the township solicitor, inquired about how many people were under the non-uniformed plan. According to Friedlander, from Jan. 1 of this year there were 10 members who were accepting retirement benefits, nine active members, and 21 vested members.