Retired employees of St. Louis Public Schools have made a third request for the $20 million owed to their pension fund for 2008.
In a letter dated August 6, Andrew Clark, executive director of the Public School Retirement System, also asks the governor-appointed CEO of the district Rick Sullivan for a cost-of-living-adjustment (COLA) for retirees.
If a 2.8% COLA is awarded, the SLPS annual regular contribution for 2008 is $20,538,258 (10.17% of covered compensation). If a COLA is not awarded, the minimum SLPS contribution for 2008 is $19,091,518 (9.45% of covered compensation). Neither amount includes reimbursements due for payments under the SLPS Sick Leave Conversion Program.
In his letter, Clark says this is the third request since January that he’s requested for SLPS to address this matter. To no avail.
January 9th, 2010 at 10:36 AM
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