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Municipal-specific comments: City of Ypsilanti has two pension plans. One for its general retirees which is administered by Michigan Employees Retirement System(MERS) and another for fire and police retirees which is administered by the Fire and Police Pension Board.
Why it Matters: Pension and retiree health care plans that are severely underfunded can place a financial burden on local governments because they may be forced to redirect money that would normally be used for general services to pay for the liability. Conversely, well or fully funded plans are a sign of fiscal strength (n031) (o23)
Data Source: This information is generally found in the footnote disclosures of your municipality's annual financial statements; it is also available in your community's actuarial valuations. (n033)
| Data Table for City of Ypsilanti Pension Fund Status Actual Dollar Amounts | |||||||||||||||||||
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pension Assets | 47,211,644 | 47,659,281 | 49,511,618 | 50,467,618 | 50,048,866 | 49,444,807 | 49,444,807 | 41,191,914 | 46,111,093 | 47,973,499 | 0 | 0 | 46,162,817 | 43,344,277 | 43,880,565 | 51,900,691 | 47,331,379 | 45,211,205 | |
| Pension Obligations | 43,076,725 | 46,251,226 | 48,117,011 | 49,845,177 | 51,139,505 | 53,923,355 | 53,923,355 | 49,165,765 | 57,418,509 | 58,010,530 | 0 | 0 | 61,598,605 | 64,975,503 | 66,272,446 | 66,534,441 | 67,617,042 | 68,589,076 | |
| Percent Funded | 109.6% | 103.0% | 102.9% | 101.2% | 97.9% | 91.7% | 91.7% | 83.8% | 80.3% | 82.7% | 0.0% | 0.0% | 74.9% | 66.7% | 66.2% | 78.0% | 70.0% | 65.9% | |