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SCS/SBs 1153, 1154, 1155 & 1156 – This act modifies the Public School Retirement System of Missouri (PSRS) and the Public Education Employee Retirement System (PEERS). All suits or proceedings directly or indirectly against the board of trustees, the board's members or employees, or the retirement system itself must be brought in Cole County. This act allows for the establishment and maintenance of a retirement systems investment account for investment purposes; moneys from PSRS and PEERS may be combined in the account for investment purposes so long as the funds are accounted for and reported separately. For the purchase of membership service credit, the act changes the date of payment from June 30 to September 30 and the date of recalculation from July 1 to October 1. In addition, the retirement system may prohibit a purchase, impose additional requirements for making a purchase, or limit the amount of credit purchased if necessary to comply with federal law. The act modifies how retirement benefits may be distributed upon the death of a member prior to the member having received the specified number of monthly payments; the remainder of such payments will be paid to the surviving spouse, surviving children in equal shares, surviving parents in equal shares, or the estate of the last person to receive a monthly allowance in a lump sum payment. In addition, if a member dies and the member's financial institution cannot accept the final payment or payments, the final payment or payments will be paid to the beneficiary, or if no beneficiary exists, to the surviving spouse, to the surviving children in equal shares, surviving parents in equal shares, or the estate of the member, in that order. This same order applies if the beneficiary to a member dies and the beneficiary's financial institution cannot accept final payment. This act allows funds to be subject to execution, garnishment, attachment as described in the act in a proceeding for spousal maintenance or child support. After June 30, 2009, nonprofit educational associations or organizations will no longer be able to have their employees become members of PSRS or PEERS. The board of trustees of PSRS or PEERS may indemnify and protect any trustee or employee against all claims or liabilities in his or her official or individual capacity except for gross negligence or willful misconduct. The board of trustees may obtain insurance or indemnity policies. For an employee or trustee to qualify for indemnity, he or she must provide written notice to the board of trustees within fifteen days after receiving service of process of a proceedings. This act contains provisions identical to HB 1972 (2008), HB 1973 (2008) and similar to HB 2056 (2008). MICHAEL RUFF
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