SB 77 - Black, Rusty
Modifies the actuarial amortization and cost methods for the Missouri State Employees' Retirement System and the Missouri Department of Transportation and Highway Patrol Employees' Retirement System
Bill Details
Sponsor
LR Number
1077S.01I
Title
SB 77
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2023
Committee
Current Status
Formal Calendar S Bills for Perfection
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 77 - Currently, the Missouri State Employees' Retirement System ("MOSERS") and, under the Year 2000 Plan, the Missouri Department of Transportation and Highway Patrol Employees' Retirement System ("MPERS"), shall use the entry age normal cost valuation method for normal cost calculations and shall use the level percent-of-payroll amortization for determinations of contributions for unfunded accrued liabilities. This act repeals the use of the level percent-of-payroll and provides only for the entry age normal cost valuation method to be used in determining the normal cost calculation.
This act is identical to provisions in the truly agreed to and finally passed CCS/SB 20 (2023), in the truly agreed to and finally passed HCS/SS/SB 75 (2023), in the perfected HCS/HB 155 (2023), in SB 407 (2023), in SCS/HCS/HB 934 (2023), in HB 1185 (2023), in HB 2234 (2022), in HCS/HB 2799 (2022), HCB 1 (2021), in HB 701 (2021), in SB 901 (2020), and in HCS/HB 1999 (2020).
KATIE O'BRIEN