MO HB1205

Lowers the normal retirement age from 65 to 62 and reduces the "Rule of 85" (age plus years of service) to "Rule of 80" for St. Louis city teachers

Reduces the pension multiplier for members hired on or after January 1, 2016, from 2% to 1.75% of average final compensation per year of service, with a maximum pension of 60%

Increases member contribution rates from 5% to 8% of compensation, with existing members phasing in at 0.5% annual increases starting January 1, 2016, while new hires immediately contribute 8%

Establishes a new contribution rate structure once total contributions reach 15-18%, requiring employer and member rates to be split equally, capped between 7.5% and 9% each, with annual adjustments limited to 0.5% increments

Creates a blended pension calculation for members with service both before and after January 1, 2016, applying the 2% multiplier to pre-2016 service and 1.75% to post-2016 service