County pays underfunding fees for retirement pensions

County pays underfunding fees for retirement pensions

LaSalle County is more than 90% funded for its employee pensions. But that’s not good enough to avoid penalties. The county paid $1.1 million in penalties to the Illinois Municipal Retirement Fund this year. Finance Committee Chairman Brian Dose says the extra money the county must pay isn’t helping its finances.

Dose would rather the county pay more now than later to adequately fund the pensions. But that’s not where penalty money goes. Finance Director Joyce Tucker says she’s looking into where the penalty money goes and just how much more the county needs in the system to avoid penalties.