Missouri employee pension plan to receive increased state funding

Thursday, September 17, 2009 | 3:57 p.m. CDT; updated 4:18 p.m. CDT, Thursday, September 17, 2009

JEFFERSON CITY— A Missouri pension board is calling for the state to spend about $21 million more next year to fund state employee retirement benefits.

Trustees of the Missouri State Employees' Retirement System voted Thursday to increase the state's contribution to the pension plan by slightly more than 1 percentage point. That means starting in July 2010, the state would pay about $276 million.

State employees don't contribute to the pension fund, which is financed entirely from investments and state funding. The pension system's investment income has fallen sharply during the recession.

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