SB 276 - This act renders several alterations to the state employees retirement system, summarized below by section.
SECTION 104.010.1 (7) - This subdivision adds language that would allow the board to promulgate rules necessary to accommodate any change in the state payroll system as it relates to how final average compensation is calculated for purposes of determining a retirement benefit.
SECTION 104.010.1 (20)(a) - This paragraph alters the required hours for benefit eligibility under the definition of "employee" from 1,000 hours to 1,040 hours.
SECTION 104.010.1 (20)(b) - This paragraph clarifies that a retiree is not a legislative employee. Also changes the required hours for benefit eligibility from 1,000 hours to 1,040 hours.
SECTION 104.010.1 (27) - This subdivision clarifies that a member means an employee, retiree, or terminated-vested member.
SECTION 104.335.6 - This section removes cash-out provisions that are no longer in effect for active employees.
SECTION 104.342.8 - This subsection alters the word "compensation" to "contribution" as it relates to the process of certifying contribution rates.
SECTION 104.344 - This section removes language that allows members to purchase contract service.
SECTION 104.352 & 104.354 - These sections only correct numerical statutory references.
SECTION 104.378 - The changes to this section would allow a survivor of a member to receive or transfer service so long as the service had not been transferred prior to member's death under the statutory references contained in the section.
SECTION 104.395 - This section clarifies that a member must request a pop-up in the event of a spouse's death and states when such an election may occur.
SECTION 104.450 - This section deals with the makeup of the board of trustees by adding definitions for the terms "retiree" and "employees" as they pertain to membership on the board. Language also in included that directs the board to determine the procedures for nomination and election of elective board members by board rule.
SECTION 104.410.6 - This subsection makes clear that members on long-term disability are to be treated like active employees as it relates to insurance and retirement benefits.
SECTION 104.490.1 - This subsection changes the correction of error language by requiring errors be corrected within a ten-year period.
SECTION 104.601 - This section adds language clarifying that an employee working in multiple benefit eligible provisions cannot accrue more than a total of ten hours of sick leave per month for purposes of computing years of service in the calculation of a retirement benefit.
SECTION 104.603 - This section incorporates and includes administrative law judges, legal advisors, and judges into the current provisions that affect re-employment of retirees under Chapter 104, RSMo, so that all retirees of plans administered by MOSERS would be treated in the same manner - the retirement benefits of any retiree who is reemployed into a benefit eligible position after retirement would be terminated while so employed. Upon re-retirement, an additional annuity would be calculated for the retiree based on the position held while reemployed. The section also clarifies that the system (MOSERS or MoDot and Patrol Employees' Retirement System) that paid the original annuity will be responsible for paying the additional annuity.
SECTION 104.606 - This section states that members must apply and complete service purchase services under Chapters 104 and 105, RSMo, prior to retirement.
SECTION 104.607 - This section creates an excess benefit plan that would allow the board of trustees of either system to pay benefits presently subject to Internal Revenue Code 415 limitations.
SECTION 104.620 - This section extends the final beneficiary payment provisions contained in Chapter 104, RSMo, to judges and members of the ALJ plan.
SECTION 104.800.1 - The provisions of this subsection affect transferred service between MOSERS and MPERS. The existing statutory language is clarified by breaking out the specific categories of service that are eligible for transfer.
SECTION 104.1003 (13) - This subdivision changes the required hours for benefit eligibility under the definition of "employee" from 1000 hours to 1040 hours.
SECTION 104.1003 (13)(e) - This paragraph amends the definition of “employee” to include part-time legislative employees.
SECTION 104.1003 (16) - This subdivision adds language that would allow the board to promulgate rules necessary to accommodate any change in the state payroll system as it relates to how final average compensation is calculated for purposes of determining a retirement benefit.
SECTION 104.1012 - This section adds indemnification language for the board as it relates to education and advice given to members for retirement planning.
SECTION 104.1015 - This sections adds language that requires any change in plan election to be completed prior to mailing or electronically transferring the first annuity payment to such member.
SECTION 104.1021.2 - This subsection adds language that clarifies that an employee working in multiple benefit eligible provisions cannot accrue more than a total of ten hours of sick leave per month for purposes of computing years of service in the calculation of a retirement benefit.
SECTION 104.1021.11 - This subsection changes the vesting requirement for service purchase transfers for legislators from two full biennial assemblies to three full biennial assemblies. The current law vesting requirement for legislators is three full biennial assemblies.
SECTION 104.1021.13 - This subsection would allow a survivor of a member to receive or transfer service (if the service had not been transferred prior to a member's death) under the statutory references contained in this section.
SECTION 104.1024.1 - This subsection adds clarifying language stating that annuity payments shall be issued by the last day of each month provided that all documentation required for the calculation and payment of benefits is received.
SECTION 104.1024.4 - This subsection clarifies that the temporary benefit ceases at age 62.
SECTION 104.1027 - This section clarifies the latest time that a member can change a benefit election.
SECTION 104.1030.3 - This subsection clarifies that MOSERS can pay beneficiary payments to the natural parent or the legal guardian of minor child until age 18; thereafter the benefit may be paid to the child until age 21.
SECTION 104.1042.1 - This subsection clarifies that members on long-term disability are to be treated like active employees as it relates to insurance and retirement benefits.
SECTION 104.1025.1 (5) - This subdivision removes unnecessary wording from the contribution rate language for the College and University Retirement Plan (CURP).
SECTION 104.1072.4 - This subdivision concerns life insurance benefits for retirees. A retiree may retain his or her optional life insurance at the level it was the month prior to retirement. The optional life insurance can be retained until the member's earliest age for eligibility for reduced Social Security benefits. Language has been added that stipulates the optional insurance cannot be retained beyond age 62, except what is permitted in subsection (2).
SECTION 104.1205.2 - This subsection adds indemnification language for the board as it relates to education and advice given to members for retirement planning.
SECTION 104.1215 - This section clarifies that an employee must participate and receive contributions in the CURP for six years before electing to become a member of MOSERS.
SECTION 476.682.4 - This subsection clarifies the currently ambiguous language regarding how senior judges are covered under the judicial plan and adds language to "increase prospectively" retirement benefits of senior judges and commissioners after receiving credit for each additional year or part of a year if it causes their total service to equal 12 years.