BOARD BILL NO. 271INTRODUCED BY ALDERMAN CRAIG SCHMID
An Ordinance establishing the Firefighters’ Retirement Plan of the City of St. Louis; providingretirement, disability and death benefits for the firefighters of the City and their covereddependents, including severability and effective date clauses, and provisions pertaining to therepeal of Chapter 4.18 of the Revised Code of the City of St. Louis and the ordinancesreferenced therein, relating to The Firemen’s Retirement System of St. Louis.
the City adopted Ordinance 49623, establishing The Firemen’sRetirement System of St. Louis, effective January 1, 1960, under the general authority of SenateBill 314, approved by the Missouri General Assembly.
pursuant to Section Fifty-five (55) of Ordinance 49623, codified in Section4.18.345 of the Revised Code, the City reserved the right to repeal the provisions of Ordinance49623 and the Firemen’s Retirement System at any time.
as a result of a series of amendments enacted by the state legislature andactions by the trustees of The Firemen’s Retirement System of St. Louis (“FRS”), the retirement plan originally adopted by the City has been transformed into an unsustainable system with manyunaffordable secondary benefits, which must be funded by City taxpayers but over which theCity has no influence or control.
the City is required to fund FRS to the extent investment returns and other revenues are insufficient to fund benefit obligations.
FRS incurred actuarial investment losses totaling more than $229 millionduring the ten-year period from 2001 through 2010.
, during the same period of time, the City’s required annual payment to FRSincreased by 586 percent, from $3,365,007 to $23,072,000 (not including service of debtDate: February 10, 2012Page: 1 of 51Board Bill No. 271 Sponsored by: Alderman Craig Schmid123456789101112131415161718192021222324123