Wednesday, December 02, 2009

MODOT Lays Off 100 People

USA Today is reporting that MODOT will lay off 100 people. MoDOT lays off 100 people statewide
Posted 12/2/2009 7:45 AM ET

JEFFERSON CITY, Mo. (AP) — The Missouri Department of Transportation will lay off 100 people statewide to help fund the retirement system for its employees.
Transporation Director Pete Rahn says that cuts at the agency's 10 district offices will increase contributions to the Missouri Department of Transportation and Highway Patrol Employees' Retirement System.

Rahn tells The Kansas City Star that the retirement system has an unfunded liability of about $1.6 billion because of struggling financial markets.

That means the department will have to increase its contribution to the retirement system by about $5.3 million a year for 15 years.

The department employs 6,600 people statewide.

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