Thu, Nov 26 2009
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Pension board frustrated by lack of specifics to address underfunding Tobben asked whether the options included budgeting any proceeds of a sales-tax settlement from cellular telephone companies toward the underfunding. Jones said this fiscal year’s city budget was approved before the pension board was advised that the underfunding could result in a lawsuit. Tobben told the listeners that the city of St. Louis is now told what to budget for its pension plan by a judge after firefighters there won a court judgment compelling payments to correct the underfunding. “St. Louis has lost all discretion” on how much to pay in a year, Tobben told the panel. “But now you have the discretion.” A representative of the International Association of Fire Fighters, Louie A. Wright, of Kansas City, attended the meeting. “We are monitoring this and other pension situations around the nation,” Wright said after the meeting. “It’s my role to provide representation for our affected local members.” He said about a half-dozen cities in Missouri may be facing lawsuits to prop up their pension funds. “It’s becoming more prevalent, and it’s an issue our organization is monitoring,” he said. Firefighters and police officers covered by the pension plan have a 20-year retirement option that allows them to collect everything they paid into the system plus their monthly benefits. They are not covered by Social Security, though. Report deadline The pension board set its next meeting for 8:30 a.m. Tuesday, Feb. 19. Board members expect a subcommittee report to be delivered that details how the city will resolve underfunding without cutting benefits. 
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