Collingswood, New Jersey

Correcting Some Pension Numbers

    As we are working through the 2010 budget, I have learned I have been quoting some wrong pension numbers.

    I was correct that our pension bill has gone up $600,000 from 2009 to 2010 but I was wrong on the total pension bill. The 2009 pension payment was $570,328 and the 2010 payment is $1,195,117. Last year we took advantage of the State's deferral of $500,276 of the pension bill that we will begin paying back in 2012 over a 15 year period.

    So, to set the record straight, we've increased from a 2005 State pension bill of $175,000 to a 2010 bill of $1,195,117. Only a 675% increase in 5 years.

site by spark:.