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Posted on: April 19, 2017

Pension Plan Under Review

Lagers

The city's pension plan is currently under review. Please see the attached notice and additional documents.


Creve Coeur City Council is considering changing the city employee retirement plan from a Defined Contribution (DC) to a Defined Benefit (DB) plan with the Missouri Local Government Employees Retirement System (LAGERS).

The City Council began considering a move to a DB plan in response to concerns regarding employee retention and recruitment issues in the Police Department. Dissatisfaction with the city’s current retirement plan has been cited as a major factor by police officers who have resigned to accept positions with other agencies or cities offering defined benefit plans. This change would only affect employees hired after June 1, 2006, or slightly more than one-half of the city’s 109 employees. Those employees hired prior to June 1, 2006 are enrolled in the city’s DB plan.

The City Council is tentatively expected to consider an ordinance to join LAGERS at its June 12 meeting. More information is available at www.creve-coeur.org/LAGERS.

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