MO HB2221

Repeals and reenacts sections 169.270, 169.280, 169.301, 169.324, and 169.328 of Missouri's school retirement system statutes.

Clarifies that actuarial equivalent formulas and tables used by the retirement system must be documented in writing, maintained at the system's offices, and can be modified if recommended by the actuary and approved by the board of trustees.

Adds requirement that retirement system assets be held exclusively for members' and beneficiaries' benefit and for reasonable administrative expenses, consistent with federal qualified plan requirements.

Establishes that if a retiree works as a substitute, part-time, or temporary employee after retirement, they may work up to 600 hours per school year and earn no more than 50 percent of their pre-retirement salary without suspension of benefits.

Permits members and beneficiaries to elect direct transfers of eligible rollover distributions to other qualified retirement plans in compliance with Internal Revenue Code section 402(c).