MTZ village board approves yearly pension fund

By BLAKE FAITH
Staff Writer

The Mt. Zion Village Board met on August 15 and heard a presentation and accepted the annual report and funding amount for the Mt. Zion Police Pension Fund.

Every year, the Mt. Zion Police Pension Board is required to report the information on an annual basis. The Police Pension Board also requests funding from the Village Board. The Village Board then incorporates the funding request into the village’s annual tax levy.

This year the amount requested by the Police Pension Board is $215,951. The request is a 31.65 percent decrease from last year. Each year the request fluctuates, because it is based on the census of the current police department staff, any disability claims, retiree pension costs and investment return income. This year’s request decreased due to changes regarding the assumed rate of the return and pension investment consolidation that took place in May.

Other actions from the Village Board were:

-A presentation of the Motor Tax Fuel Compliance Report.

-A resolution on opening of closed session minutes.

-A resolution that authorized the execution of an agreement between the Mt. Zion Police Department and Mt. Zion School District.

The Mt. Zion Village Board will meet next on September 19 at 5:15 p.m.