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SB 383 – This act modifies the contribution rates paid by employees and employers for the Public School Retirement System of Missouri. Current law provides that employees and employers contribute to PSRS in equal amounts and at the same contribution rate. This act limits the contribution rate for employees to the rate in effect as of August 28, 2009. In addition, the Board of Trustees may increase the actuarial contribution rate for employers by up to one percent from the prior fiscal year. The contribution rate for employers will not increase once it satisfies the actuarially required contribution rate. This act also allows legislation to be enacted after July 1, 2009 that increases benefits provided to members or retirees subject to the provisions of Section 105.684, RSMo. MICHAEL RUFF
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