Missouri pension funds ahead of national norms

3 years 7 months 3 weeks ago Tuesday, September 30 2014 Sep 30, 2014 Tuesday, September 30, 2014 12:06:00 PM CDT September 30, 2014 in News
By: The Associated Press

JEFFERSON CITY (AP) - A new audit shows Missouri's public employee retirement plans are generally in better financial shape than those nationwide, though there is still some cause for concern.

The report by State Auditor Tom Schweich examined 89 public pension systems that are set up to pay defined benefits to 546,000 people.

One measure of a pension system's financial health is the ratio of future retirement payments that are funded by current assets. The aggregate funded ratio for public pension plans in Missouri declined from 83 percent in 2003 to 78 percent in 2012. But the audit says that's several percentage points better than the nationwide figures.

The audit said some of Missouri's public pension plans are in "very good financial condition" while others have a "very poor financial condition."

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