SB 115 Summary

• Repeals and re-enacts sections 169.270, 169.280, 169.301, 169.324, and 169.328 of Missouri law relating to school retirement systems.

• Establishes retirement systems for school districts with populations not exceeding 700,000 where at least 70% of population resides in a city with a population of 400,000 or more, to be known as "The Public School Retirement System of (name of school district)."

• Defines key retirement system terms including "accumulated contributions," "creditable service," "regular employee," "break in service," and "minimum normal retirement age" (age 60 or 75 combined age/service credits, whichever is earlier).

• Sets retirement allowance formula at 1.75% of average final compensation per year of creditable service (capped at 60%) for members retiring before June 30, 1999, and 2% for those retiring on or after June 30, 1999, with minimum monthly benefits of $150-$300 based on service years.

• Allows eligible rollover distributions and direct transfers of retirement benefits to other qualified retirement plans in compliance with Internal Revenue Code sections 401(a)(31) and 402(c).