ST. LOUIS (KTVI) – The You Paid For It Team is working to change a sweetheart pension deal for St. Louis officials. It lets them triple their lifetime pension just by leaving a regular city job and getting hired by the Mayor for a high paying department heads job and just working for two years.
Aldermen and others have been able to take advantage of this deal. After years on the aldermanic salary of around $37,000 a year, their pension would be about $14,000. But if they're hired in a director job by the Mayor and stay there just 2 years, their pension payment can go up to $65,000.
But the Mayor's not responsible for this one. The board of aldermen set up this special deal years ago
We took this problem to the current head of the St Louis Board of Aldermen Lewis Reed; he agrees with You Paid For It that it's time for a change.