MO HB1882

Repeals and replaces twelve sections of Missouri law relating to public employee retirement plan administration and reporting requirements.

Requires retirement plans to prepare biennial actuarial valuations and forward them to the Joint Committee on Public Employee Retirement within 60 days of completion.

Mandates cost statements for substantial proposed benefit changes include 10-year projections of contribution rates, assets, liabilities, and funded ratios, with specific exceptions for certain employer retirement systems.

Requires board members to complete orientation education within 90 days of appointment and attend a total of six hours of continuing education annually covering duties, ethics, governance, investments, and actuarial principles.

Establishes funded ratio thresholds of 80 percent prior and 75 percent after benefit increases, requires plans with funded ratios below 60 percent to prepare accelerated contribution schedules, and requires retirement plans to develop procurement action plans for minority and women money managers and brokers.