CHEYENNE -- A state-managed pension plan for Wyoming firefighters is facing up to a $30 million deficit for all those hired before July 2, 1981.
Jon Narva, the president of Cheyenne Professional Firefighters Local 279, says many longtime firefighters and widows rely on the pension to see them through retirement.
Stephen Sommers, who represents retirees on the Wyoming Retirement System Board, outlined problems with the fund for the Joint Appropriations Interim Committee. He says the big problem with the plan is that it's closed. That means all contributions stopped in 1997. At the time, investment advisers said the fund would be solvent by relying on investments. But those advisers didn't anticipate the recent economic downturn.
Posted in Updates on Monday, November 9, 2009 9:25 am | Tags: Cheyenne, Wyoming, Fire Fighters, Jon Narva, Stephen Sommers, Wyoming Retirement Board, Joint Appropriations Interim Committee, Pension
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