MO HB183

Repeals and re-enacts 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.

Modifies pension commencement dates so base pensions for members retiring after August 28, 2011 begin on the first day of the month following retirement with no proration for the retirement month.

Changes the method for calculating actuarial costs for military service credit purchases and leave of absence service credit purchases from "accumulated contributions plus interest" to "actuarial cost" based on member contribution ratios.

Clarifies pension payment timing and proration rules for deaths of members and surviving spouses, including treatment of base pensions, supplemental benefits, and spousal pensions under various circumstances.

Establishes new definitions and provisions regarding "actuarial cost" and modifies eligibility criteria for civilian employees' retirement system membership for employees appointed on or after August 28, 2011.