WARWICK – City actuaries have labeled Warwick’s Police and Fire I pension plan as “critical,” according to a letter circulated by Warwick Ward 4 City Councilman Joseph Solomon.
The actuaries – Gabriel Roeder Smith and Co. – said Warwick’s largest pension plan is 22.3 percent funded and, as of June 30, 2011, had a liability of $242 million.
The city’s other three pension plans are relatively well-funded, according to Solomon, but when liabilities and assets are combined with Police and Fire I, the city’s four pension plans are funded at 51.2 percent.
“Like many of our neighbors, we in the city of Warwick face some serious liabilities,” said Solomon in a prepared statement accompanying the actuary letter.
“Time is running out. Warwick city leaders need to stop downplaying our significant financial challenges and start getting behind solutions,” said Solomon.