Ridgefield Press
GOVERNMENT: Are town pensions adequately funded?
Dec 24, 2005

Board of Finance Chair Marty Heiser has agreed that his board should investigate whether the town�s pension fund is adequately funded.
On Tuesday, Dec. 20, representatives from the town�s auditing firm, Blum & Shapiro, presented the Board of Finance with an annual financial report for the fiscal year ending June 30, 2005.
Mr. Heiser asked whether the pension fund was funded at an appropriate level.
�It looks like you�re not funding the entire...amount,� Blum & Shapiro partner Vanessa Rossitto said.
Mr. Heiser asked if that was a �red flag.�
�It does look like the pension obligation is increasing,� she said.
That was enough to prompt financier Glenn Cordelli to suggest the board invite Pension Committee head David Campbell to its next meeting on Jan. 17.
The board voted unanimously to ask Mr. Campbell to come discuss the pension fund situation.
�This pension stuff creeps up on you,� Mr. Heiser said. �If you look at Waterbury, they were forced into bankruptcy. The transit strike going on right now in New York City has to do with pensions....�

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