SB 324 – This act modifies the Public School Retirement System of Missouri (PSRS) and the Public Education Employee Retirement System (PEERS).
This act changes from ten percent to twenty percent the maximum percentage of increase in annual compensation from one year to the next in the final average salary period for members of PSRS. (Section 169.010)
Current law provides, in part, that a retired member of PSRS or PEERS may be employed on a part-time or temporary-substitute basis by a school district included in PSRS or PEERS for up to 550 hours in a school year without a discontinuance of his or her retirement benefits. This act provides that a retired member of PSRS or PEERS may be employed on part-time or temporary-substitute basis by a district included in PSRS or PEERS. A retired member of PSRS may earn up to the minimum starting teacher's salary. A retired member of PEERS cannot earn more than fifty percent of the minimum starting teacher's salary. The hiring school district must pay the employer's portion of the required contributions to PEERS. The limit on earnings will be applied on a pro rata basis to a retiree's earnings after the effective date of retirement during the school year that the member retires.
A retired member who works under this provision cannot accrue any benefits with PSRS or PEERS. If a retired member exceeds the limits of this section, the retired member will not be eligible to receive a retirement allowance for that month.
A member must terminate employment with an employer covered by PSRS or PEERS before being eligible to receive a benefit from PEERS. A member will not be considered to have terminated employment if he or she becomes employed by an employer covered by PSRS or PEERS within one month. The member will be required to repay any benefits if it is determined the member did not terminate employment. (Sections 169.560, 169.660)
This act contains an emergency clause.