MO SB1059

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 eligibility

Reduces the pension multiplier from 2% to 1.75% of average final compensation for members hired on or after January 1, 2017; members with service spanning that date receive a blended calculation

Increases employee contribution rates from 5% to 8% of compensation, with existing members phased in at 0.5% annually and new hires starting at 8%

Caps employer contribution rates at 9% once the required rate exceeds 15%, with annual changes limited to 0.5% increments

Maintains the maximum pension at 60% of average final compensation for all members regardless of hire date