The Daily Globe - Serving Gogebic, Iron and Ontonagon Counties

Wakefield faces more than $3 million in retiree liabilities

 

January 10, 2018

P.J. Glisson/Daily Globe

KARL "GUS" Ahonen presents results of a 2016-17 audit to the Wakefield City Council on Monday evening. Richard Brackney, city manager, sits in front of Ahonen. Around the rest of the table, counter clockwise from left, are: city attorney Ray O'Dea, city clerk Sue Ahonen and council members James Anderson, Pat Mann and Amy Tarro. Mayor John Granato and council member Kay Wiita are not shown.

By P.J. GLISSON

news@yourdailyglobe.com

WAKEFIELD - At its first meeting of the year Monday, the Wakefield City Council received good and bad financial news, based on an audit of the 2016-17 fiscal year.

Certified Public Accountant Karl "Gus" Ahonen said that the city has a total net pension liability of $2,379,511, a situation that many other cities and counties also face in varying degrees.

In addition, he said the council should hire an actuary to update the city's "other post-employment benefits" (beyond pensions), which for Wakefield means retiree health insurance.

In a written stat...



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