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.


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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