SB 0678 PSRS COLA Cap & Additional Benefit For Retirees
LR Number:S2723.01I Fiscal Note:2723-01
Committee:Elections, Pensions and Veterans' Affairs
Last Action:02/07/96 - Hearing Conducted S Elections, Pensions & Veterans' Affair
Effective Date:August 28, 1996
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Current Bill Summary

SB 678 - This act increases the maximum allowed cost of living adjustment (COLA) to retirement income from 65% to 72%.

The act removes the $24,000 PSRS retirement income cap from the additional benefit of two dollars times years of service enacted in SB 378 of 1995. Under the act, all employees retired prior to May 26, 1994 would be eligible to apply for this benefit, regardless of the amount of retirement income received under Chapter 169, RSMo.