Wake up Wallingford
The most recent state audit report shows that despite a return of 7.6 percent for 2018 and a large contribution of $12.2 million from the town that the Pension Plan still lost ground and currently has a liability of $61 million.
In the last 10 years the town has paid a "penalty" contribution which is over and above what the norm would be of about $39 million. This means that the plan itself has under-performed by about $100 million to date that has been lost to the markets...That equates to about $4,375 in "penalty" taxes for the average homeowner.
Something is seriously wrong. Although this has been brought to the attention of the town council and mayor, thus far no action has been taken to either acknowledge that it is indeed a growing fiscal problem or that any action is being taken to attempt to understand and remedy the situation.
This is not good news for taxpayers and for the ultimate fate of the plan to deliver on its commitments. Wake up Wallingford!
Paul Ciardullo Sr., Wallingford