MORGANTOWN, W.Va. – Pension funds for Morgantown police officers and firefighters took a hit during the past fiscal year as the national economy slowed and inflation soared.
“Last year was a great year. Investments recovered from COVID and had huge gains and they were all lost this year,” City Finance Director Kevin Tennant told members of city council Tuesday night.
The pension fund for police began FY 21 with a balance of $19.7 million and the FY 22 value is $16.2 million. For the firefighters’ pension, FY21 started with a balance of about $16.2 million. The FY22 balance is $13.7 million.
“The policemen’s pension the change in market value was a negative $3.5 million and the firemen’s pension was almost a negative $3 million,” Tennant said. ” It was hit hard this past year.”
The losses could lead to unfunded liability for the state in future years depending on market performance.