MO SB223

Raises minimum normal retirement age for members joining on or after January 1, 2014, from age 60 or 75 credits to age 62 or 80 credits (with service and age each counting as one credit)

Modifies retirement benefit formulas for members joining after January 1, 2014, reducing the accrual rate to 1.75% of average final compensation (previously 2% for certain cohorts), with a 60% maximum

Establishes new employer and member contribution rate calculation methodology beginning 2014, determined annually by actuary based on actuarial valuation with rates constrained between 7.5% and 9% and limited to 0.5% annual changes

Changes member contribution rates from fixed 5.9% base plus 1.6% additional (through 2013) to rates determined annually by actuary starting 2014 under the new calculation methodology

Clarifies definitions and terminology throughout the retirement system statutes, including updates to "member" status provisions and references to military service provisions under Internal Revenue Code sections 401(a)(37) and 414(u)