ST. LOUIS • Despite a rebounding investment market, the city will have to pay about $5 million more next fiscal year to firefighter pensions, according to a report presented this week to the Firemen's Retirement System of St. Louis.
The report, from actuaries Gabriel, Roeder, Smith & Company, puts next year's city contribution at $23.1 million, up from the $17.9 million paid this year.
Of that $5.2 million increase, the city owes $4.7 million, with the extra paid by the airport for its fire units.
Next year's payment, which is required by law, represents a 30 percent increase over last year's amount, and nearly double the $12.2 million required in the prior fiscal year.
Still, the increase is less than expected, said Chris Molitor, president of the International Association of Fire Fighters, Local 73. "It's good news," said Molitor. "Our pension costs are driven by the market."
The actuaries reported that the system's investments have rebounded, from a market value of $377 million in 2009 to $393 million in 2010, though still far less than the $417 million value in 2008.
The city, however, is still paying back the nearly $170 million in adjusted value lost in 2008 and 2009. This year, nearly $8 million of the $23.1 million payment is repaying those losses.
Vicky Grass, director of the system, did not return a call seeking comment.
Similar reports concerning the city's other two pension systems, for police and city employees, are either due out soon, or have just been released.
They will represent a key part of the city's $450 million general fund budget. City leaders have long said ballooning pension costs are driving cost overruns and forcing them to make cuts.
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