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Norwalk City Pensions Fully Funded


by turfgrrl


October 6th, 2008 · 2 Comments

In an Advocate article about Stamford’s pensions losing value, I clipped this about Norwalk:

Norwalk Director of Finance Tom Hamilton said pension funds should be relatively secure. Norwalk uses “smoothing techniques” to keep city contributions from zigzagging with the market year to year. When the economy was soaring, Norwalk kept the pensions well-funded for leaner years, Hamilton said.

“That helps moderate swings from going up and down wildly from year to year,” Hamilton said.

The pensions were fully funded as of its most recent report in July 2007, Hamilton said. Officials are waiting to see the latest numbers through July 2008, but Hamilton said he expects the report to show the pensions continued to be fully funded through the end of the fiscal year.

source: Advocate, Stamford employee pensions take $56.7 million hit, By Magdalene Perez, 10/06/2008

Tags: Norwalk

2 Responses so far ↓ “Norwalk City Pensions Fully Funded”



  • 1 Old Timer // Oct 7, 2008 at 7:31 am

    Fully funded ? That is good to hear, but highly unlikely. Fully funded, anywhere else, means there is enough money in the fund to meet all the obligations it is expected to incur right up to the day the last beneficiary dies.
    The City pension plans require continuouous regular contributions by both the City and the employees. While there may be a pension fund that is conservatively managed, benefits are paid, to a great extent, on a pay as you go process.
    I would expect that Mr Hamilton has a very clear idea how much City investments, including pension funds, lost over the last few weeks and is not sharing that information with the public. He is probably talking about the pension funds were holding their own, maybe even growing a bit, up to July 2007. He must know exactly what they are doing as of close of nusiness yesterday.

  • 2 Anonymous // Oct 8, 2008 at 10:45 am

    with all the talk that some pensions have been effected how did Norwalk survive the hit?

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