by Fred Munzenmaier, CERF’s Actuary The County Employees’ Retirement Fund (CERF) called to my attention the Missouri Budget Watch article “County Retirees Only Entitled to 62% of Pension Benefits.” A CERF plan member from Cape Girardeau saw the article and called it to CERF’s attention. CERF had no “heads up” from the author prior to [...]
On Thursday, October 27 the board members of the Missouri County Employees Retirement Fund testified before the Governmental Accounting Standards Board. Sheila Weinberg was shocked when the plan’s actuary, Fred Munzenmaier stated that the counties’ liability for the plan was “nil”. He went on to say that the plan and counties’ liability was limited to [...]
Counties’ Liability for Pension Benefits is Nil On Thursday, October 27 the board members of the Missouri County Employees Retirement Fund testified before the Governmental Accounting Standards Board. I was shocked when the plan’s actuary, Fred Munzenmaier, stated that the counties’ liability for the plan was “nil”. He went on to say that the plan [...]
(The Monitor) Each taxpayer across Missouri would need to pay $4,600 — totaling $8.4 billion — to help the state pay all of its bills, including state employee’s retirement benefits and health care obligations, according to new research. Missouri had obligations of $11.8 billion, as of June 30, 2009, but only had $3.4 billion in assets [...]
(Missouri Watchdog) Each taxpayer across Missouri would need to pay $4,600 — totaling $8.4 billion — to help the state pay all of its bills, including state employee’s retirement benefits and health care obligations, according to new research. Missouri had obligations of $11.8 billion, as of June 30, 2009, but only had $3.4 billion in assets [...]
Each Missouri taxpayer’s financial burden equals $4,600. Read report here: 2009 Missouri Financial State of the State Share and Enjoy:
(The Associated Press) Missouri employees and retirees soon may have to pay more out of their pockets for health care — a result of state budget troubles that also have led to frozen wages and pension changes. The board of the Missouri Consolidated Health Care Plan approved changes this week that will switch people from a [...]
(Kansas City Star) Missouri’s budget is done. Eight days ahead of its constitutional deadline, the Missouri General Assembly this week passed a $23.3 billion state budget for next year. Leaders say the plan balances spending against recession-wracked tax revenues and banks millions for difficult years to come. House and Senate lawmakers approved the [...]
As of June 30, 2009 forty four percent of the state’s $14.1 billion debt was unfunded liabilities related to its retirement systems. Overall these systems were critically underfunded by $6.1 billion. According to federal law, a plan’s funding ratio becomes “critical” when their asset-to-liability level falls below 65 percent. The asset-to-liability level of Missouri’s retirement [...]
The good news is that the state of Missouri contributed 100% of its annual required pension contribution for fiscal year June 30, 2008 and 2009. The bad news is that despite these contributions the state still has an unfunded pension liability of more than $3.5 billion. This is due to prior under-funding. The state employees [...]
