Payments on Unfunded Pension Liability

This is how I came up with the $26,907,181 I said was the City's latest annual payment on its underfunded pension systems. The information comes from annual actuarial valuation reports for its two retirement systems, the Police & Fire Retirement System and the Employees Retirement System. The total unfunded liability is $344,562,594, $198,814,903 for P&F and $145,747,691 for ERS. These totals can be found on page 27 of the P&F report and page 27 of the ERS report.

The payment amounts are calculated on page 15 of the ERS report and page 16 of the P&F report. We are interested only in the "Amortization of the Unfunded Liability" amount. For ERS, it is $11,381,559:

For P&F, it is $15,255,622:

$11,381,559 plus $15,525,622 equals $26,907,181.