SB 623
Modifies provisions regarding certain teacher and state employee retirement systems
LR Number:
Last Action:
3/1/2007 - Second Read and Referred S Pensions, Veterans' Affairs and General Laws Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2007

Current Bill Summary

SB 623 - This act replaces the term "pension" with the phrase "retirement benefit" throughout Sections 169.466 and 169.471, RSMo, relating to the teacher and school employee retirement system in districts of 700,000 or over. The act also provides that the board of trustees for such retirement system is authorized, from time to time and in its discretion, 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.