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MO HB478

Bill

Official Source

Status

Engrossed

4/6/2015

Primary Sponsor

Paul Fitzwater

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Removes the July 1, 2014 sunset date on the enhanced 2.55% retirement benefit multiplier for Missouri public school employees with 31 or more years of creditable service, making this higher rate permanent regardless of age
  • Retirement allowance calculated as 2.55% of final average salary per year of membership service for those with 31+ years, compared to 2.5% for standard retirement eligibility
  • Total retirement allowance capped at 100% of member's final average salary
  • Includes emergency clause for immediate effect upon passage and approval, citing importance of providing additional retirement allowance option to Missouri teachers

Legislative Description

Specifies that school teacher and employee retirement allowances must not exceed 2.55% of the member's final average salary for each year of service if the member's service is 31 years or more

Last Action

Placed on Informal Calendar

5/5/2015

Committee Referrals

Select Committee on Financial Institutions and Taxation2/24/2015
Pensions1/29/2015

Full Bill Text

No bill text available