MO HB2538

Requires all members to contribute 2% of their gross salary to the retirement fund as a condition of participation, with nonvested members receiving a lump sum refund of contributions upon separation

Raises the normal retirement age from 62 to 65 for members who do not have at least 12 years of creditable service by the effective date of the bill

Establishes annual cost-of-living adjustments for retirees between 2% and 4% (previously capped at 4% with no minimum), with total increases not to exceed 50% of the initial benefit

Modifies creditable service calculations so part-time prosecutors receive 0.6 years of credit per year served, while full-time prosecutors and circuit attorneys receive 1 year per year served

Restricts former members from transferring creditable service into the system unless they previously vested, and requires members who leave for more than 6 months to start a new vesting period upon return