Senate Bill No. 121 Summary

• Repeals and replaces sections 70.710, 70.720, and 70.730 of Missouri law governing the Missouri Local Government Employees' Retirement System

• Creates the Employer Accumulation Fund to hold employer contributions for regular retirement benefits, with separate accounts maintained for each employer with no cross-employer liability

• Creates the Casualty Reserve Fund to hold employer contributions for disability pensions and pensions resulting from duty-related deaths

• Specifies that disability allowances and duty-related death benefits are funded first from casualty reserves, then from the member's accumulated contributions, then from accrued service pension reserves

• Limits annual increases in employer contribution rates to no more than one percent of active member compensations compared to the prior fiscal year