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MO SB1146
Bill
Status
3/1/2016
Primary Sponsor
Jamilah Nasheed
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AI Summary
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Requires the St. Louis Public School Retirement System board of trustees to provide a 2% cost-of-living adjustment (COLA) to retirees and beneficiaries when inflation reaches 2% or more in the preceding fiscal year
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Mandates a 5% COLA when the cost-of-living increases 5% or more in the preceding fiscal year
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Caps total cumulative COLAs at 80% of the original retirement allowance established at retirement
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Allows the board discretion to set COLA percentages between 2% and 5% when inflation falls between those thresholds, but prohibits any increase exceeding 5% annually
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Eliminates COLAs for any year following a decrease in the cost-of-living, with changes effective August 28, 2016
Legislative Description
Allows the board of trustees of the Public School Retirement System of the City of St. Louis to provide cost-of-living increases
Last Action
Hearing Conducted S General Laws and Pensions Committee
3/15/2016