|SB 0250||Changes in Certain Retirement Statutes|
|Last Action:||05/15/95 - In Conference|
|Effective Date:||August 28, 1995|
HS/HCS/SCS/SB 250 - The following changes are made to the various retirement system boards:
County Employees Retirement Fund:
-- The board may adopt its own rules and regulations. -- Clarification of survivors benefits when a member dies prior to retirement.
St. Louis Police Retirement System:
-- IRS plan qualification language regarding limits on compensation used in calculation of benefits. -- Technical changes and clarification of application of increases to special consultants. -- Clarification of distribution of survivor benefits in the case of no widow or ineligibility of a child. -- Employee contributions cease upon participation in the DROP. -- Deletes language limiting the investments of police and fire pension systems and adds the prudent person language of section 105.688.
Highway Employees and Highway patrol Retirement system:
-- Regular disability benefit is increased from 1.5% to 1.6% times years of service times average compensation. -- Duty disability is increased from 50% to 70% of compensation. However, if a member receives social security disability their benefit may not exceed 90% of the member's final monthly compensation. -- In addition to disability benefits increased above, members receive a cost-of-living adjustment and a medical benefit supplement equal to that of an active employee. -- A member on disability continues to accrue service credit while on disability and upon normal retirement age may apply for a normal retirement benefit and choose to receive the greater benefit. -- The survivor benefit for a member on disability shall be equal to 50% of the member's accrued monthly benefit calculated as if the member were of normal retirement age. -- All rules, procedures and administration of the disability benefits shall be established to the satisfaction of the board. -- Language added to permit special consultants to receive state contribution towards medical premium.
Missouri State Employees' Retirement System:
-- ALJ's and judges included in Qualified Domestic Relations Order provisions. -- Clarification of MOSERS management by board of trustees. -- Allows terminated vested members with less than 10 years of service to elect to receive an annuity in lieu of a future benefit. Should such person become re-employed, for 12 consecutive months, the person may elect to purchase their prior service. -- Option for teachers who were employed at Harris-Stowe prior to 1978 to transfer their contribution plus payment by the system of the actuarial accrued liability for the transfer of prior service credit. -- Allows for the purchase of creditable prior service for certain members vested on or before February 1, 1997. -- Clarification of payment to survivor under the pop-up option. -- Clean-up from HB 1149 defining normal annuity. -- Allows judges and ALJ's to accrue creditable service while on disability. -- Death benefit of $5,000 extended to judges and ALJ's, the same as state employees. -- Retirees may retain life insurance not to exceed $60,000. -- Board may appoint legal advisor to represent the board. -- All public plan boards may appoint legal advisor to represent the board.
ALJ's and Judges:
-- Technical changes and removes tax exemption language. -- Removes 5 year clause for qualification of disability benefits. -- FPD's must transfer taxes collected plus interest monthly to the district retirement fund and follow the prudent person language provision of section 105.688. -- Clarification of survivor benefits for former and current spouse of deceased judge. -- Removes language regarding exemption of taxes on retirement benefits. -- Clarification of survivor benefits of a judge on disability. -- Allows surviving spouse of a disabled judge to receive a 50% survivor benefit as if the judge had serve 12 years. -- Removes tax exemption language. -- Exemption for treatment of retirement benefits under a qualified domestic relations order.
St. Louis Police Retirement System - Establishes DROP for members of the St. Louis Police Retirement System. -- A member must have 20 years of service and/or be 55 years of age. -- The participant's retirement benefit is deposited in the DROP account and accrues interest at a rate equal to the system's credited annually. -- Participation is limited to 5 years. -- Creditable service does not accrue after entering the program. -- A participant may not reenter the system.
County Employees Retirement Fund - Not for profit
corporation of elected county officials may become members of the
County Employees Retirement Fund.
HA 1 - DELETED SECTION 7 PERTAINING TO EMPLOYEE OF A NOT FOR PROFIT ORGANIZATION (CHAPTER 355, RSMO) BECOMING MEMBERS OF THE COUNTY EMPLOYEES RETIREMENT SYSTEM. HA 2 - RETIREMENT SYSTEMS UNDER SECTION 105.660, RSMO, ARE TO DEVELOP PROCUREMENT SYSTEM PLANS FOR UTILIZATION OF MINORITY AND WOMEN MONEY MANAGERS. HA 3 - ADDS OPTIONAL RETIREMENT SYSTEM FOR CERTAIN STATE UNIVERSITIES AND COLLEGES. HA 4 - ALLOWS CERTAIN BOARDS OF DIRECTORS TO PARTICIPATE IN LAGERS. HA 5 - ALLOWS CERTAIN COUNTY PROSECUTING ATTORNEYS TO ADD RETIREMENT SERVICE FOR THAT DUTY TO MOSERS. HA 6 - PERTAINS TO DISABILITY RETIREMENT, HOWEVER THE AMENDMENT MAY BE DEFECTIVE SINCE AS OFFERED AND PRINTED THERE WERE NO CHANGES IN EXISTING LANGUAGE. HA 7 - DELETES ALL OF NEW SECTION 104.351 PERTAINING TO PURCHASE OF PRIOR CREDITABLE SERVICE BY CERTAIN PERSONS.