|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|
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.