Current information is necessary to make sound financial decisions for La Grange

Mark Langan and Dave McCarty fail to grasp the pension challenges facing La Grange. They believe that La Grange's pension expenses are measured by the size of the Village's annual contributions to the plans. Not so. The cost of the police and firefighter pensions is determined by the benefits to be paid the retirees over many years of retirement. These benefits are based on the final salary and the length of retirement for both the retiree and the surviving spouse. We differ on our expectations for life expectancy. I advocate using mortality assumptions used by the overwhelming majority of police and fire pension plans in cities and states around the country, and validated by the September 2012 of the state's actuarial consultant, Foster & Foster. Messrs. Langan and McCarty wish to use the out of the mainstream 40 year-old mortality assumptions used only by downstate Illinois police and fire plans which cause La Grange to put too little money in its pension plans. Simply put, ignoring the facts doesn't make the problem go away. Using dated actuarial assumptions doesn't change our obligations to retirees and their survivors , rather using stale assumptions merely pushes today's compensation expenses on to tomorrow's taxpayers. Three trustee candidates understand how pension obligations effect La Grange's finances and will make informed decisions for our Village's future. Mike Horvath, Joan Hoigard and Jeff Tucek will use innovation, accountability and transparency to lead La Grange in the coming years. They deserve your vote on April 9.