MO HB2162

Repeals and reenacts 21 sections of Missouri law (sections 86.900-86.1620) governing police and civilian employee retirement systems in cities with populations between 300,000 and 700,000 inhabitants.

Adds definition of "actuarial cost" as the present value of future payments calculated using retirement board actuarial assumptions, replacing prior terminology of "actuarial value."

Modifies pension commencement rules so base pensions and supplemental benefits for members retiring after August 28, 2010, begin on the first day of the month following retirement with no proration for partial months.

Changes creditable service purchase provisions to use "actuarial cost" methodology based on the ratio of member to total contribution rates at time of purchase, replacing prior accumulated contributions plus interest approach.

Updates benefit payment timing from last business day to first business day of each month and clarifies final payment and survivor benefit provisions for both police officers and civilian employees' retirement systems.