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Council approves contract to analyze police and fire uniform pension fund
Summary
University City Council authorized contracting Baker Tilly to perform a funding analysis of the police and fire uniform pension fund after the pension board recommended the engagement.
The University City City Council authorized the city to contract with accounting and consulting firm Baker Tilly to perform a fund analysis of the police and fire uniform pension plan during its May 12, 2025 meeting.
Finance Director Keith Cole told council the pension board voted at its April 22, 2025 meeting to recommend engaging Baker Tilly and that staff lacks the in‑house expertise to perform the analysis. Cole said the uniform pension plan "the trajectory of that is continuing to, go downward," and that the analysis is intended to identify funding and structural options.
Council member Brenner asked whether a change to benefits could be implemented immediately. Cole and staff cited a state requirement that changes to benefits or to the plan are restricted unless the plan is at least 80% funded; Cole clarified, "When there's a change ... there is a state requirement that if there's any change to, like, any additional funding to a plan or if that we would want to have any COLA increase for the retirees, then, the fund would have to be at 80% funded." When asked to confirm, staff responded "Correct."
Council moved and approved the contract authorization by voice vote after a motion from Mister Timon and a second from Council member Fuller.
No specific dollar amount for the Baker Tilly contract was stated in the meeting record excerpt. City staff characterized the engagement as necessary to develop options to alter funding or benefit structures if fiscal conditions change.
