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MO SB232
Bill
Status
1/29/2013
Primary Sponsor
Wayne Wallingford
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AI Summary
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Removes temporary sunset dates from alternative retirement formulas in sections 169.070 and 169.670, making permanent several retirement benefit calculation options that were previously scheduled to expire July 1, 2013
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Eliminates time-limited provisions allowing members with 25-29 years of creditable service and age under 55 to elect reduced retirement allowances of 2.4% to 2.55% per year of service
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Makes permanent a temporary retirement allowance option for members retiring on or after July 1, 2001, with 30+ years of service or age plus service equaling 80+ years, providing 0.8% of final average salary until reaching Social Security retirement age
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Applies changes to both the Public School Retirement System (section 169.070) and the Public Education Employee Retirement System (section 169.670)
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Maintains all existing survivor benefit options and cost-of-living adjustment provisions for retired members
Legislative Description
Makes permanent several alternative retirement provisions for members of the Public School Retirement System and Public Education Employee Retirement System
Last Action
Hearing Conducted S Seniors, Families and Pensions Committee
4/16/2013