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Police Pension Funding Policy
Purpose
The Village has historically funded the Kenilworth Police Pension Fund in response to an actuarially recommended contribution (ARC) that is performed annually. However, the fund assets have not grown significantly over recent years while liabilities have increased over the same period. The Village recognizes both the significance of the unfunded liability generated by the defined benefit plan and the benefit of a structured plan for addressing the long-term liability. Therefore, the Village Board of Trustees have adopted this policy to serve as a guideline for future decision-makers for determining the Police Pension Fund liability, calculating a responsible contribution to mitigate the un-funded liability in a defined period, and ensuring that the financial data is easily accessible to interested parties.
Police Pension Fund Board
The Police Pension Fund Board is responsible for investing, controlling and managing the affairs of the Police Pension Fund, which provides retirement benefits for all current and former sworn members of the Kenilworth Police Department. Additionally, the Board also determines the eligibility criteria of applicants and authorizes the distribution of funds as provided by Illinois State statute. To find additional information view the Police Pension Fund Board page.