HB 612 - This act makes the following changes to the St. Louis Teachers' Retirement System:

Currently members are allowed to reinstate creditable service by paying back the withdrawn contributions, with interest, and teaching at least seven more years in the district. This act provides that a member must have at least five years of creditable service to make the reinstatement, allows repayment over up to five years and requires continuous employment totalling at least seven years creditable service.

Currently, retired members with at least 15 years service and who are receiving retirement benefits on August 28, 1996, receive Consumer Price Index increases, and the total increases shall not exceed 10% of benefits the member was receiving on that same date. This bill provides that retired members with at least 15 years service and who are receiving retirement benefits on August 28, 1997, receive the Consumer Price Index increases above, and that the total increases shall not exceed 10% of the annual retirement benefits received during the year preceding January 1 of the first year the retired member is entitled to receive an increase.

This act is nearly identical to SCS/SB 201.
MARGARET J. TOALSON