MO HB229

Repeals and replaces five sections of Missouri law governing school district retirement systems (sections 169.270, 169.280, 169.301, 169.324, and 169.328)

Clarifies that actuarial equivalent formulas and tables must be maintained as written documents by the retirement system and may be changed with actuary recommendation and board approval

Establishes that retirement plan assets are held in trust exclusively for members, beneficiaries, and administrative expenses, consistent with federal qualified plan requirements

Allows retirees to work as substitute, part-time, or temporary employees up to 600 hours per school year and earning no more than 50% of their pre-retirement salary without losing retirement benefits, with suspension of payments if limits are exceeded

Permits members to elect direct transfers of eligible rollover distributions to other retirement plans in compliance with Internal Revenue Code requirements, including nonspouse beneficiary distributions