(KMOV) – Stock market fluctuations prompted Mayor Francis Slay’s Chief of Staff, Jeff Rainford, to tweet about the city diverting money away from crime fighting.
“Stock market crashes force the city to divert needed money away from crime fighting. The never ending increases in pension must stop,” said Jeff Rainford via Twitter Wednesday.
However, Rainford said he did not intend imply police automatically pull police off the streets when the market drops. Instead, he said he meant to make a point about the long term effects the market has on pension plans.
Since pension plans are invested, when the market loses so do the plans. As a result, since 2001 the cost of pension plans to the city has risen $70 million. According to Rainford, that’s equivalent to 14 police officers.
Rainford also says since the pension plans are regulated by the state, you can let your state lawmakers know it’s time to do something because only the state can make a change.