Employee Retirement Plans
NOTICE OF PROPOSED PENSION CHANGES PER SECTION 105.675 RSMO
The City Council approved the proposed pension changes at the July 24, 2023 meeting. These changes included:
- Modifying the City’s Employee Retirement Plan (Legacy) Plan to include cost of living adjustments (COLA) for current retirees and terminated vested Plan participants. Retirees will receive an increase of 0.75% for each year of retirement since 2002, and an increase of 0.5% annually moving forward; the City has not provided a COLA to retirees since 2002.
- Freezing and transferring administration of the Legacy Plan to the Missouri Local Government Employees Retirement System (LAGERS). This will reduce the city’s fiduciary liability associated with managing a city retirement plan, which was closed to new members in 2006.
- Moving the remaining 23 active employees from the Legacy Plan to LAGERS.
- Upgrading the current LAGERS LT-8(65) Plan to the LAGERS L6 Plan. This upgrade will provide a more competitive benefit level to facilitate employee retention and recruitment.
All of these changes and cost statements are included in the Notice of Proposed Pension Changes per Section 105.675 RSMO, available on the City's website.
- Notice of Proposed Pension Changes
- LAGERS Eligibility and Benefits Proposal
- LAGERS Legacy Actuarial with COLA
- LAGERS Memo on Total Pension Cost Estimates
- Milliman Section 105.665 Cost Statement
Updated July 25, 2023
Defined Benefit Retirement Plan
Participants are employees hired before June 1, 2006.
LAGERS Defined Benefit Plan
Participants are current employees as of August 1, 2017 that are not participants of the City’s Defined Benefit Retirement Plan.
On June 12, 2017, Creve Coeur Council approved an ordinance to close the city’s defined contribution retirement plan and elected to cause the participants thereof to become members in the Missouri Local Government Employees’ Retirement System (LAGERS).
- Memo - Summary of Proposed Retirement Plan Changes
- LAGERS Actuarial Valuation Report (6/30/16)
- LAGERS supplement to Actuarial Valuation Report (6/30/16)
- LAGERS Cost - Police General Total
- LAGERS vs DC Cost Estimate
- DC vs LAGERS Cost Estimate Summary (4/13/17)
- DC vs LAGERS with Contribution Rate Increase Cost Estimate (4/13/17)
- Estimated Costs Current DC vs LAGERS LT-8 vs L-1 (5/18/17)
- LAGERS Valuation Report for Current DC Employees (6/30/16)
- Memo - Feasibility of Moving to DB Plan for Current Employees and New Hires (11/23/16)
- Finance Committee Recommendation to Council (12/8/16)
- Police Staff Memo: Response to the Finance Committee (1/20/17)
- Resident Newsletter Article (February 2017)
- Various Plan Options and Benefit Illustrations (2/23/17)
- Finance Committee Recommendation to Council (3/10/17)
- Letter from the Police and Safety Committe to the City Council (4/12/17)
- Defined Benefit Memo - Officer Mueller 960 (4/26/2017)