Editorial: Vote-conscious aldermen embrace a fiscally unsustainable pension idea

Link: https://www.stltoday.com/opinion/editorial/editorial-vote-conscious-aldermen-embrace-a-fiscally-unsustainable-pension-idea/article_f4050760-f8bc-575d-9995-cb0fa5112f1c.html

Description: Editorial saying that St. Louis, Missouri aldermen are considering merging locally-controlled pension plan for firefighters with state-controlled plan, which will make pension costs skyrocket again.


A major problem in controlling costs was that the pension was under state control. Firefighters were historically very successful at lobbying state lawmakers for generous benefits, regardless of how much it cost city taxpayers. The city passed pension reform legislation in 2012 creating a new, locally controlled pension system for newly hired firefighters. Existing and retired firefighters stayed in the old system. By 2020, costs dropped back down to $12.4 million, less than half of their 2013 peak.

Publication Date: 23 January 2021

Publication Site: St. Louis Post-Dispatch