|SB 0860||Revision of PSRS Laws|
|LR Number:||L3242.09T||Fiscal Note:||3242-09|
|Committee:||Elections, Pensions and Veterans' Affairs|
|Last Action:||05/23/96 - Signed by Governor (w/EC)|
|Effective Date:||8/28/96 (7/1/98 Certain Sec.)|
HCS/SCS#2/SB 860 - This act makes changes to School Retirement Systems.
PUBLIC SCHOOL RETIREMENT SYSTEM (PSRS). The act authorizes an interest charge for late payment of contributions.
The optional additional deposits in section 169.035 shall apply only to members who have elected to begin such deposits before 9/1/96.
The cap on increases granted to a retired member or beneficiary is changed from 65% to 75% of the retirement allowance established at retirement.
ST. LOUIS CITY SCHOOL RETIREMENT SYSTEM. An active member who is laid off due to a staff reduction by the board of education or board of regents after 1980 may elect to purchase and receive credit for service retirement for the period of the layoff, if the member is restored to full-time employment, subject to certain conditions.
The composition of the Board of Trustees is changed by removing the nonteacher member experienced in investing money and replacing such person with a school administrator. An investment counselor shall be engaged to advise the trustees.
Certain members of the retirement system contained in Sections 169.410 to 160.540 (City of St. Louis) with 15 or more years of creditable service at retirement shall receive an increase in benefits, beginning January 1 of each year equal to 100% of the increase in the consumer price index, as determined by calculations set out in Section 169.466, but no benefits shall be decreased if the consumer price index decreases in any year.
The Board of Education is authorized to increase retirement benefits now and hereafter, in its discretion, and to adopt and implement additional retirement benefits and plans, as set out in Section 169.471.
NONTEACHER SCHOOL RETIREMENT SYSTEM. A member who has previous credit in the School Retirement System for Kansas City or St. Louis City may elect to purchase equivalent credit, not to exceed ten years, in the member's present system, provided such credit is withdrawn and benefits terminated in the previous system.
Adds an optional retirement allowance for members who are less than 55 years if age, in lieu of the benefit allowance currently provided in Section 169.670.
OTHER PROVISIONS. The board of any retirement system in Chapter 169, RSMo, may enter into cooperative agreements with the board of any retirement system for education employees in any other state for the purpose of allowing the transfer of creditable service. Any terms shall meet the requirements of Section 105.691, RSMo.
The military purchase provision is revised to meet the requirements of the federal Uniformed Services Employment and Reemployment Rights Act (USERRA) of 1994.
Any lawsuits in which members, employees or the Board of Trustees for the Public School Retirement System (PSRS) or the Nonteachers School Retirement System are parties shall be brought in Cole County.
If a challenge is made under the Hancock Amendment (Article X, Section 21 of the Missouri Constitution), and a court finds any provision of this act to be a new or increased activity or service, this act is void from the beginning and new benefits are deemed not to have accrued and are not payable to members.
The act combines the various sections allowing service credit purchases and makes some of the conditions and terms for such purchases consistent.
The funds in the Nonteacher School Employee Retirement
System may be combined with those of PSRS solely for the purposes