SS/SCS/HB 65 - This act modifies provisions of the County Employees Retirement System, St. Louis Police Retirement System, the St. Louis City Firemen's Retirement System, Public School Retirement System and the State Employees Retirement Plan.

COUNTY EMPLOYEES RETIREMENT FUND

Benefit formula from a percent of payroll (1.5% or 1% LAGERS) to $24 x years of service with LAGERS covered members receiving two-thirds of formula.

Early retirement is added (graded formula from 55 to 62).

COLA changed from 2% per year with 50% cap to 100% of CPI up to 1%.

Actuarial method is not statutory but is being changed by board of trustees to fund system faster.

ST. LOUIS POLICE RETIREMENT SYSTEM

Increases retirement allowance from 70% to 75% after 30 years of service.

Increases minimum benefit for retirees and widows from $550 to $650.

Provides surviving widows $10 X number of years past age 60.

Increases survivor & dependents from 25% to 40% and 10% to 15%.

Duty death benefits increased from 50% to 75% for widow from 10% to 15% for dependents.

ST. LOUIS FIRE RETIREMENT SYSTEM

Provides for lump sum payment for sick leave credit to be placed in a participating member's DROP account at retirement.

MOSERS - OLD PLAN

General Assembly - $175 per term

All members may purchase up to 4 years of non-federal Missouri public service.

Certain survivors and terminated members were not included in HB 356 from 1997 in providing the unreduced joint and 50% survivor option. Lump sum payments provided.

MOSERS - NEW PLAN

Benefit formula of 1.7% plus .8% from age 50 to 62.

Options: 50% survivor; 100% survivor; 120 months and 180 months.

Death as a result of performance of duty is 50% of the employee's final average pay.

Early retirement with 5 years at age 57 (was 5 years at age 55).

Long term disability indexed for inflation to retirement age.

General Assembly normal retirement - age 55 with 4 years; Benefit formula of 1/24th (4.17%) x years of service - Cap.

Elected Officials same as General Assembly with 12 year limitation.

COLA provisions for the General Assembly and statewide elected officials shall be the same as increases in the salary for these positions.

Retirement benefits are not payable to any member convicted of a felony while in the performance of his or her duties.

Members with 10 or more years of service may receive credit for any Missouri public service under conditions established by the appropriate board.

ALJ'S - Adds normal age and service requirements of 62 & 12 and 60 & 15. Provides ALJ retirement for former Administrative Hearing Commissioners.

JUDGES - Normal retirement for judges at age 55 with 20 years of service.

PUBLIC SCHOOL RETIREMENT SYSTEM

3 year Final Average Salary from 5 years.

80 & Out Provisions.

Extends minimum benefits to survivors and $2 supplement to current and future survivors.

Provides $5,000 death benefit for current retirees.

Provides $5 x years of service supplement for current retirees.

Increases survivor benefits.

Increases dependents benefits.

NON-TEACHER RETIREMENT SYSTEM

Increases benefit formula for Non-Teachers from 1.35% to 1.45%.

Retirees on effective date are made special consultants for 7.4% COLA.

The act contains emergency clauses.
TOM MORTON