HCS/SB 639 - This act modifies provisions of the Prosecuting Attorneys and Circuit Attorneys' Retirement Fund and the Local Government Employees' Retirement System.
This act changes laws regarding the retirement system for prosecuting and circuit attorneys.
When a county votes to make the office of prosecuting attorney a full time position then the position shall qualify for the same retirement benefits as a full time prosecutor of a first class county and such county shall make the same contributions to the Prosecuting Attorneys and Circuit Attorneys' Retirement Fund (PACARS) as paid by a first class county.
The term "compensation" as used in the PACARS retirement statutes shall include any salary reduction amounts under a cafeteria plan or a deferred compensation plan, but not include reimbursement for any expenses, consideration for agreeing to terminate employment, or any unusual payment not part of regular work pay.
Beginning in January, all members who are eligible to receive an annuity equal to fifty percent of the final average compensation upon retirement will contribute two percent of their salary to the fund. At the time of retirement and at the discretion of the board of trustees, a member can receive a lump sum of his or her total contribution in addition to any retirement benefits.
For members who have not attained twelve years of creditable service by the effective date of the act, the age for retirement is changed from sixty-two to sixty-five in order to qualify for a normal annuity. Additionally, such member is entitled to a deferred normal annuity, payable at age sixty with twelve or more years of creditable service.
A former member who has forfeited creditable service may have the service restored again, in addition to requirements under current law, by contributing an amount to the retirement fund equal to any lump sum payment of contributions received upon termination of service.
Retired members shall receive each year a cost of living increase of at least two percent and not to exceed four percent, rather than not exceed two percent in any year.
All members serving in a first class county, St. Louis City, or in an county who has elected to make the position of prosecuting attorney a full time position shall receive one year of creditable service for each year served as a full time prosecuting attorney. A member serving in a county who has elected to make the position of prosecuting attorney a full time position shall receive six-tenths of a year of creditable service for each year served as a part time prosecuting attorney.
An member who vested as a part time prosecuting attorney and ceased being a member for more than six months before returning as a full time prosecuting attorney shall be entitle only to part time benefits, and any creditable service earned as a full time prosecutor shall begin a new vesting period. A member cannot receive benefits while employed as a prosecuting attorney.
These provisions are substantially similar to HB 2538 (2016).
This act provides that a political subdivision that provides a retirement plan to some or all of its employees and that is an employer in the Missouri Local Government Employees' Retirement System (LAGERS) may enter into an agreement with LAGERS assigning all duties and responsibilities of operating the retirement plan to LAGERS.
After making the necessary changes to the plan's governing documents, and receiving a concurring resolution from the prior plan's board of trustees, the political subdivision employer may enter into an agreement with the Board of LAGERS who will become the governing board of the political subdivision's prior plan. The prior plan shall be administered as a frozen prior system and will continue to operate under its existing governing documents. The political subdivision shall retain responsibility for the funding of its prior plan.
These provisions are identical to SB 283 (2015) and HB 494 (2015), and similar to SB 675 (2014) and HB 1044 (2014).