KANSAS CITY, MO – Jackson County Executive Mike Sanders welcomed members of the Pension and Retirement Review Task Force to share their comments before the County Legislature today. In January, Sanders appointed the seven-member Task Force to examine the current pension plan structure.
W. Patrick Sterner spoke on behalf of the entire Task Force. Sterner said, “We would like to thank the Jackson County Executive and members of the County Legislature for entrusting us with this responsibility, and we hope that our recommendations will be helpful.” Sterner went on to point out that the Task Force recommendations call for a complete overhaul of the Pension and Retirement Plan as soon as possible citing a current system structure that is broken.
Sanders thanked the members for their work saying, “These individuals served on this Task Force as citizens simply answering the call to their civic duty and we extend our greatest appreciation.”
The Jackson County employee’s Pension & Retirement Fund, as of July 1, 2007, had a total asset market value of approximately $158.96 million and an unfunded accrued liability of approximately $54.19 million.
The Pension and Retirement Review Task Force has been chaired by Sandra L. Schermerhorn, principal attorney for The Schermerhorn Law Firm. Schermerhorn specializes in employment law and mediation of employment disputes. She served as the Jackson County Counselor from 1995 to 1998 and was also a partner at the Spencer, Fane, Britt & Browne law firm for 22 years.
Additional members of the Task Force include; J. Robert Ashcroft, Financial Planner and expert on government retirement systems; Forrest Bertsch, Director of Civil Process for Jackson County Circuit Court; Michael Martin, Registered Representative with ING Financial Partners Inc.; Joseph Moreland, Attorney with Blake & Uhlig, P.A.; Rochelle Neal, Deputy Director of Human Resources for Jackson County; and W. Patrick Sterner, recently retired as a Senior Vice President with Waddell & Reed Investment Management Company. Anita Maltbia served as facilitator for the Task Force.