SB 0136 Additional $50 monthly benefit to certain PSRS retirees
Committee:EDUCLR Number:S0669.02T
Last Action:05/31/95 - Vetoed by Governor
Title:SCS/SBs 136 & 151
Effective Date:August 28, 1995
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Current Bill Summary

SCS/SBs 136 & 151 - PUBLIC SCHOOL RETIREMENT SYSTEM (PSRS) RETIREMENT BENEFITS - The act provides an extra per month allowance for any member of the Public School Retirement System of Missouri (PSRS) retiring prior to May 26, 1994, who applies to the PSRS Board of Trustees to be made a special consultant on education, retirement or aging provided that the person's retirement compensation under Chapter 169, RSMo, is less than thirty thousand dollars per year. Such consultants shall give written or oral opinions to the Board, upon request. As compensation for such service, the person shall receive an increase of in the retirement allowance which shall be the lesser of sixty dollars or the product of two dollars times the number of years of creditable service. This increase shall be included in any future cost of living adjustments. A similar benefit applicable to persons receiving less than twenty-four thousand dollars per year is contained in the TAT version of CCS/HS/HCS/SB 378.

This portion of the act relating to additional retirement benefits is similar to SB 136.

The act provides that PSRS retiree benefits shall be no less than:

(1) $1200 for 30 or more years of service; (2) $1000 for 25 to 30 years; (3) $800 for 20 to 25 years; (4) $600 for 15 to 20 years; (5) $400 for 10 to 15 years; (6) $300 for less than 10 years. A lower minimum benefit amount for 30 or more years of service is also contained in the TAT version of CCS/HS/HCS/SB 378.

The surviving spouse or estate of a PSRS member who dies shall be allowed to keep all benefits paid to the member during the month the death occurred.

The act increases the allowed purchase of PSRS creditable service for maternity leave from two years to four years and allows such purchase for paternity leave.

RETIREMENT BENEFITS FOR SURVIVING SPOUSES - Certain survivors of members of PSRS may elect to receive benefits under section 169.075, RSMo. Current law provides for benefits to the surviving spouse to be terminated upon remarriage of the surviving spouse. The act removes the requirement that benefits to the surviving spouse be terminated upon remarriage.

This portion of the act relating to surviving spouse benefits is similar to a portion of HCS/HB 393 from 1995.

CREDIT FOR SERVICE TO NONPROFIT AGENCY - The act allows purchase of creditable service by certain members of the Public School Retirement System (PSRS) and the Nonteacher Employee School Retirement System (NTRS). A member may purchase up to two years of service credit for full-time service to a nonprofit agency which primarily supports education or education research while the member is on leave from employment with a school district. To be eligible to purchase such service credit, the member must return to service with a school district for at least one year.

The contribution rate shall be based on the lesser of the salary while employed by the nonprofit agency or what the teacher would have been paid if the member had remained employed in the district, based on the district salary schedule.

All other terms and procedures of the purchase shall be according to rules promulgated by the Board of Trustees of the appropriate retirement system for purchase of credit for prior service with a private school.

The portion of the act relating to purchase of credit for service to nonprofit education agencies is similar to SB 151.

NONTEACHERS RETIREMENT SYSTEM (NTRS) - The number of hours a retired member of NTRS may work on a temporary or part-time basis without forfeiting benefits is increased from 360 to 550 hours per school year.