Notice of motion: City of Calgary Pension Plan funding shortfalls
First brought to Council: March 12, 2012
Outcome: Referred to Pension Governance Committee
Many North American cities are finding themselves unprepared when it comes to funding their pension plan liabilities. The Alberta Local Authorities Pension Plan's (LAPP) unfunded liability has grown significantly in the past decade, and is now reaching about $4.6 billion. That means it is approximately 20% underfunded. Fifty other American cities are dealing with almost $600 billion in unfunded pension liabilities.
We desperately need a plan! Alderman Peter Demong brought a motion to Council. It requested that administration prepare and present a report outlining any and all of The City of Calgary's unfunded LAPP liabilities and any contingency plans that are in place.
Categories: Motions and Initiatives