MO HB737

Reduces the normal pension eligibility requirement from age 65 plus 20 years of service (totaling 85) to a combination totaling 80, allowing earlier retirement for qualified members.

Increases member contribution rates incrementally from 5% to 7.5% of compensation between January 1, 2014 and January 1, 2018, with additional 0.5% increases each year.

Requires board of education approval (or special administrative board approval during transitional school district governance) for any increase in retirement benefits for current retirees proposed by the board of trustees.

Maintains existing provisions for early retirement at age 60, disability pensions, survivor benefits, and various pension payment options for retiring members.

Clarifies that all retirement system assets are held as one fund and establishes procedures for employer contribution calculations based on annual actuarial valuations with unfunded liabilities amortized over not more than 30 years.