Members of the Vermilion County Board heard a proposal last night to boost funding for two the county’s retirement funds. County Board Chairman Mike Marron says currently the county has a pretty significant balance in its general fund. He suggested some of those funds could be used to bring the sheriff’s law enforcement retirement fund and county officials’ retirement fund out of the red.
Currently those two retirement funds are nearly $900-thousand dollars in the red. The County has been making payments to try to catch-up and just paid $66-thousand dollars in interest.
‘’We’ve got the luxury of being able to catch this up,’’ Marron told county board members last night (Tuesday). He says the county has been paying seven and a-half percent interest on the negative balance. It would require a budget amendment in order for the county board to catch-up the payment.
