- Photo courtesy of St. Louis Post-Dispatch
JEFFERSON CITY • Missouri will pay an estimated $330 million next year — about 20 percent more than this year — to cover state employees’ pensions.
Lower investment returns and longer life expectancies account for the bulk of the increased cost for taxpayers.
The board of the Missouri State Employees Retirement System approved the increase Thursday on a vote of 10-1. By law, the decision is binding on the Legislature and the money must be included in the state budget for the year beginning July 1, 2013.
The lone opponent, state Treasurer Clint Zweifel, said the zooming cost underscored the need for policymakers to review whether state pensions are affordable and whether the state is accomplishing its goal of recruiting and retaining a high-quality work force.