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Retirement board votes not to recommend midyear COLA, citing funded-ratio concerns
Summary
The St. Louis County Retirement Board voted 5-1 not to recommend a cost-of-living adjustment to the county executive, saying the plan—s market-value funded ratio remains below the board——s 80% threshold and recommending continued caution.
The St. Louis County Retirement Board voted not to recommend a midyear cost-of-living adjustment (COLA) to the county executive after a protracted discussion of funding criteria and updated actuarial figures. Board member (speaker 11) moved "I would move to not recommend a COLA at this time," a motion the board seconded and passed with five members in favor and one opposed.
Chair (speaker 1) framed the board—s long-standing test for a COLA, reminding members the criteria adopted in 2021 require an 80% market-value funded ratio as the minimum, a budgetary cap that the COLA not reduce the funded ratio by more than two percentage points, and a judgmental assessment about the plan—s path toward a 90% funded ratio. The actuary (Paul, speaker 12) reported a midyear projection of about a 77% market-value funded status as of June 30, which factored into members—decisions. The motion passed by roll call with five ayes and one nay.
