HAZLETON, PA — The city council approved use of a 75 percent amortization option to calculate its 2015 Minimum Municipal Obligation for the city’s non-uniformed, fire and police pension plans on Tuesday.
Don Williamson, ASCO Financial Services Group president, said although the city status as a distressed city has progressed from Level 3 to Level 2, it is still eligible to contribute to its MMO at a discounted rate for the years 2015 and 2016.
The move will save the city over $1 million dollars per year.
Councilman David Sosar inquired as to whether this would result in an increased financial burden to the city in upcoming years, to which Williamson replied, “I really don’t think so.”
Read more: http://www.timesleader.com/news/local-news/50460903/Hazleton-moves-to-save-money-on-fire-police-pensions