Auditor targets weaknesses in Missouri pension plans

Tom Schweich, state auditor | Photo from tomschweich.com
Tom Schweich | Courtesy of tomschweich.com

A report issued by Missouri Auditor Tom Schweich found that the state and local public pension plans have 78 percent of the money needed to pay for their future liabilities, down from 83 percent in 2003. The national average, according to two publications cited in the audit, is 73 percent to 74 percent funded.

To keep an eye on the most underfunded plans in Missouri, Schweich said he was putting 15 plans on a “watch list,” where they will be “prime candidates for detailed audits.” Public pensions are financed from investment income, tax money from the employing governmental entity and, in some cases, contributions from the participating employees.

Read more from the St. Louis Post-Dispatch


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