SB 1059 - This act modifies several provisions relating to the Public School Retirement System of St. Louis. This act lowers the retirement age from sixty-five to sixty-two, or a combination of age and years of credited service that is not less than eighty. This act also changes the annual pension calculation. For members hired for the first time on or after January 1, 2017, the calculation shall be equal to the number of years of service multiplied by one and three-fourths percent of the member's average final compensation. For members with credited service both prior to and subsequent to January 1, 2017, the calculation shall be the number of years of service prior to January 1, 2017, multiplied by two percent of the member's average final compensation plus the number of years of service subsequent to January 1, 2017, multiplied by one and three-fourths percent of the member's average final compensation. (Section 169.460) This act also modifies the contribution rates of members. For members hired prior to January 1, 2017, the contribution rate shall increase from five percent to eight percent in half percent increments annually beginning on January 1, 2017. For members hired for the first time after January 1, 2017, the contribution rate shall be eight percent. This act also modifies the contribution rate of employers. In the year following the year in which the employer contribution rate exceeds fifteen percent, the employer contribution rate shall be lowered to nine percent. For each subsequent year, changes in the employer contribution rate shall be in increments of one half percent, but shall not be greater than or less than the rate of the preceding year by more than one half percent. (Section 169.490) This act is identical to HB 2314 (2016) and is substantially similar to HB 1205 (2015). JOSHUA NORBERG