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MO SB219
Bill
Status
Introduced
1/12/2015
Primary Sponsor
Wayne Wallingford
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AI Summary
- Removes the July 1, 2014 expiration date on the 2.55% retirement multiplier for Missouri public school employees with 31 or more years of creditable service, making this enhanced benefit permanent
- The 2.55% multiplier applies to each year of membership service when calculating retirement allowance, compared to the standard 2.5% rate for members with 30+ years
- Members with 25-30 years of service who haven't reached age 55 can elect reduced multipliers ranging from 2.2% to 2.4% depending on years of service
- Retirement allowances remain capped at 100% of the member's final average salary regardless of multiplier used
- Includes an emergency clause for immediate effect upon passage due to importance of providing this retirement option to Missouri teachers
Legislative Description
Repeals a July 1, 2014, termination date so that retiring teachers with thirty-one or more years of creditable service will receive a retirement allowance with a 2.55 multiplier
Last Action
Hearing Conducted S General Laws and Pensions Committee
2/24/2015
Committee Referrals
General Laws and Pensions2/2/2015
Full Bill Text
No bill text available