HB 233 Summary

• Repeals and re-enacts 26 sections of Missouri law governing state employee retirement benefits for the Missouri State Employees' Retirement System and Missouri Department of Transportation and Highway Patrol Employees' Retirement System.

• Clarifies retirement system terminology and beneficiary definitions, including allowing "persons or entities" rather than just "person" to serve as beneficiaries.

• Limits error corrections in retirement accounts to those discovered or reported within ten years of the initial error date, preventing correction of older accounting mistakes.

• Adds provisions requiring cost-of-living adjustments to cease while retired members work as employees and resume after reemployment ends, with future adjustments paid in the same month as original increases.

• Requires retirement plans to maintain an 80% funded ratio before implementing benefit increases and includes provisions protecting plan status under federal tax law requirements.