MO SB475

Requires 15 specified state retirement plans to achieve and maintain a 100 percent funded ratio of assets by the first plan year ending after January 1, 2018

Affected plans include County Employees' Retirement Fund, Judicial Retirement System, Kansas City police and civilian employee systems, Missouri State Employees' Retirement System, Public School Retirement System of Missouri, Sheriffs' Retirement System, and St. Louis fire and police retirement systems

Prohibits plan adjustments that increase liabilities through benefit increases, new benefits, or higher accrual rates unless the plan is already 100 percent funded or would remain 100 percent funded after the adjustment

Requires benefit accruals to cease when a plan's funded ratio falls below 80 percent as of the plan year valuation date

Provides liability protection for the plans, governing bodies, and employees if annual plan investment returns fall below zero percent