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City posts actuarial evaluation on pension multiplier change; staff recommends 2% option for general employees
Summary
Webster Groves opened a 45‑day posting of an actuarial evaluation for the Loggers pension plan to permit consideration of increasing the general‑employees multiplier from 1.75% to 2.0%; staff estimated the first‑year cost at about $182,000 and outlined funding options.
Finance staff announced the start of a required 45‑day public posting of an actuarial evaluation for the city’s Loggers pension plan. The materials present multiple options; council is proposing one: increasing the general employees’ multiplier from 1.75% to 2.0%.
Why it matters: The city’s pension multiplier determines retirement benefits for general employees; public safety employees already receive a 2.5% multiplier. Staff said the recommended change would cost about $182,000 in the current fiscal year. The pension fund balance is roughly $1.9 million and a $1.25 million pension CD matures in October, offering options for funding or prepayment.
Process and transparency: Staff will post the full actuarial report (required by state statute) and mark the pages council wants the public to review (pages 4–5 highlight the recommended option). After the 45‑day window closes council can adopt any changes by resolution.
Next steps: The public may review and comment during the posting period; council will consider adopting the recommended multiplier change after the comment window closes.
