MO SB221

Establishes minimum contribution rate floors for both retirement systems starting in 2013-2014 school year, preventing rates from falling below 2011-2012 levels until each system achieves 100% funded ratio as defined in section 105.660

Modifies contribution rate increase caps from one-half percent (PSRS) and one-quarter percent (PEERS) annually, with amortization period for unfunded actuarial liability beginning July 1, 2011 and decreasing until funded ratio reaches 100%

Mandates minimum 2% annual cost-of-living adjustments for retirees until systems reach 100% funded ratio, replacing prior discretionary adjustment provisions

Changes amortization language from "from the date of valuation" to "beginning with the school year that started on July 1, 2011, and decreasing" for both retirement systems

Declares the act an emergency measure effective July 1, 2013, or upon approval, whichever occurs first, citing importance of long-term viability of both systems