During a recent government meeting, officials discussed the financial status of the Allentown Fire Department's pension plan, which has been integrated into the city's overall pension system. As of fiscal year 2023, the pension liability for the Allentown Fire Department stands at approximately $21 million.

City representatives noted that in recent years, any excess revenues or savings from expenditures have typically been allocated to the fund balance. However, they emphasized the importance of proactively paying down pension liabilities, likening it to making extra payments on a mortgage to reduce the overall debt more quickly.

Councilman Fargo inquired about the impact of recent payments on the length of the city's pension obligations. Officials indicated that they are currently working with Milliman, a consulting firm, to assess the actual Other Post-Employment Benefits (OPEB) liability and determine how additional payments will affect the city's financial obligations moving forward.

The discussion highlighted the necessity of maintaining a clear financial record for auditors and the public, reinforcing that the recent actions taken are part of a formal process to ensure transparency in the management of the city's pension funds.