SB 244 - Currently, certain alternative retirement allowance provisions (commonly referred to as "25 and out" and the "31st year factor") of the Teacher and School Employee Retirement Systems terminate on July 1, 2008. This act extends the termination dates to July 1, 2013.
This act also replaces the term "pension" with the phrase "retirement benefit" throughout sections 169.466 and 169.471, RSMo. The act also provides that the board of trustees for the public school retirement system in districts of 700,000 or over is authorized to increase retirement benefits for the system and to adopt additional retirement benefits for persons who have retired, including cost-of-living adjustments, as long as the board of trustees finds that the additional benefit will not require an increase in the contribution rate required by members or the board of education and is actuarially sound. If the board authorizes such an increase in benefits, it shall certify in writing to the board of education the findings upon which the board determines no increase in contributions.