MO SB707

Repeals and re-enacts sections 169.070 and 169.670, RSMo, modifying retirement allowance calculations for public school employees and teachers in Missouri.

Establishes multiple retirement allowance options (Options 1-7) for eligible members, including standard allowances, reduced monthly payments with survivor benefits, and variable payment plans coordinated with Social Security.

Provides temporary retirement allowances for members with 30+ years of service or age plus service totaling 80+ years, payable until reaching Social Security retirement age (effective July 1, 2001 and later).

Includes cost-of-living adjustment provisions allowing board increases up to 5% annually when cost of living increases 5% or more, with total increases capped at 80% of established retirement allowance.

Adds special consultant compensation provisions for retired members and deceased beneficiaries, with monthly payments ranging from $3-$8.70 per month multiplied by years of service, effective at various dates between 1996-2016.