Joplin city leaders say there isn’t enough money to fund the pension plan for city employees, including the police and fire departments.
So, the city created a work group made up of several city leaders, including the fire and police chiefs. They’re working to figure out how to pay the $24 million that’s needed for the pension plan.
They recommend closing the current Joplin pension plan and to move to lagers, the Missouri Local Government Employees Retirement System.
The workforce also recommends implementing a 1/2 cent general sales tax for voters on the November ballot to pay for temporary funding when the Joplin pension closes.
“It’s a plan we put together that not only helps the financial stability of the city, but also doesn’t really decrease the pension benefits of the membership,” says Joplin Fire Chief Jim Furgerson.
“This has been a great group effort that we’ve all been working on and this is one way we can try to move forward,” says Joplin Police Chief Matt Stewart.
Current city employees and retirees will stay on the Joplin pension plan. New employees will be on the lagers pension plan. The city council made a motion and is moving forward with this plan.