The St. Louis Art Museum is facing a possible deficit of $9 million as a result of an unfunded liability in the city’s Employees Retirement System (ERS). That amount is nearly one-third of the museum’s $29 million 2014 budget.
The Missouri Court of Appeals heard arguments today over whether or not the city of St. Louis' new pension plan for firefighters will hold. Officials say the plan will save St. Louis almost $4 million a year. The union representing the firefighters doesn't dispute the cost savings, but says the city had no right to pass the plan in the first place.
The Missouri Court of Appeals will hear arguments tomorrow on whether the city of St. Louis had the right to make changes to the pension benefits it offers its firefighters.
In lobbying for the changes in 2012, Mayor Francis Slay cited the financial burden pensions were beginning to place on the city. Its budget for fiscal year 2013 included a $31 million contribution to the system, up from $23 million the year before.
State Representative Cole McNary criticized the State Treasurer's handling of Missouri's pensions Tuesday. McNary is the Republican candidate for the office that is currently held by Democrat Clint Zweifel.
McNary outlined problems he sees with the Missouri State Employees Retirement System: He says there are underfunded pensions, naively optimistic forecasts for returns and a debt that will be a burden on taxpayers.
Former Speaker of the House Newt Gingrich will be in suburban St. Louis on Monday at a fundraiser and news conference in support of Todd Akin's Senate campaign. The men are scheduled to appear at a $500-per-person, or $750-per-couple, fundraiser. They'll also speak at a late-morning news conference in Kirkwood.
Lawmakers in Illinois went past their midnight deadline in Springfield on Thursday in an effort to finish their business before the campaign season. In a frenzied end, the General Assembly approved a new state budget and authorized a massive expansion of gambling.
But they're not finished.
The collapse of pension reform means lawmakers will probably return to Springfield this summer. This recap is from Amanda Vinicky in Springfield.