Serving Gogebic, Iron and Ontonagon Counties

Wakefield faces more than $3 million in retiree liabilities

By P.J. GLISSON

[email protected]

WAKEFIELD - At its first meeting of the year Monday, the Wakefield City Council received good and bad financial news, based on an audit of the 2016-17 fiscal year.

Certified Public Accountant Karl "Gus" Ahonen said that the city has a total net pension liability of $2,379,511, a situation that many other cities and counties also face in varying degrees.

In addition, he said the council should hire an actuary to update the city's "other post-employment benefits" (beyond pensions), which for Wakefield means retiree health insurance.

In a written statement,...