Newspaper article St Louis Post-Dispatch (MO)

University of Missouri Scales Back Retirement Benefits for Future Employees

Newspaper article St Louis Post-Dispatch (MO)

University of Missouri Scales Back Retirement Benefits for Future Employees

Article excerpt

When future employees of the University of Missouri retire they should not expect to receive health benefits.

The University of Missouri Board of Curators voted unanimously on Thursday to end subsidies for both health insurance and life insurance for employees hired after January 1, 2018.

The new rule also applies to current employees who will have less than five years on the job on that date.

The move is several years in the making as university leadership has grappled with how to pay for ever-increasing retiree health benefits.

A task force studying the issue for more than three years offered the plan as an option.

Without the change, the UM System would be looking at a more than $1 billion price tag for retiree benefits by 2020 and roughly $4.5 billion in 30 years.

"This was not an easy decision obviously because we value our employees, but this is unsustainable," university spokesman John Fougere said. …

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