Pension Legislation- Pension Trustee Captain Mike Sack presented information about proposed Legislative changes to the PRS.  With the exception of the Drop return, the changes would not affect current members.  Captain Sack advised that the pension system’s current value is approximately 600 million.  Member contributions total about 4.3 million with 2010-2011 payouts estimated to be 68 million.  The pension system relies on interest earned on investment, member contributions and City contributions to offset the difference.    If the legislation is passed, the PRS could realize 100 million in reduced liability.  Based on all available information, the SLPLO Executive Board agreed to endorse/support the PRS Legislative effort. 

·        New Hires Only:  Increase member contributions to 9% with 2% refunded at retirement. Members who resign may withdraw all of their contributions with interest. Vesting at 25 years of service with benefits deferred to age 55 for those members who retire prior to that age. 3 year average final compensation

·        All Current and Future Members:  Change DROP interest to the 10-year T-Bill as of 09/30, + 1%, not to exceed 6%. Decrease vesting for Non-Duty Disability from 10 years of service to 5 years of service.

If you haven’t already done so, log onto the Police Retirement System for up to date information on your police retirement.  If you haven’t set up a password, call the pension office 314.241.0800 and they can assist you.