A St. Louis pension task force benefits subcommittee will meet for the first time in mid-June to begin its evaluation of the city's three pension plans, said Richard Frank, city personnel director and secretary of the city's $528 million Employee Retirement System.
Mayor Francis G. Slay formed the City Pension Task Force, composed of benefits and actuarial subcommittees, earlier this year to address the combined $300 million unfunded liability of the three pension plans — the Employee Retirement System, the $690 million Police Retirement System and the $415 million Firemen's Retirement System. City officials hope to implement any recommended changes within the next 12 to 18 months. The plans are not likely to be frozen, but a "hybrid" defined benefit/defined contribution system is a possibility, Mr. Frank said.
The task force includes representatives from the three pension systems.