SB 413 - This act revises laws pertaining to the St. Louis Public School Retirement System.

The terms "creditable service", "retirant" and "retirement allowance" are replaced by new terms. The term "member" is defined to include three member categories: Active Members, Inactive Members and Retired Members. The definition of "school district" is revised to continue to refer uniquely to St. Louis Public School District.

Charter schools are defined and relevant definitions have been amended to include the participation of charter school employees under the Retirement System.

The act consolidates provisions for the purchase of credit for service.

The act gives the Board of Trustees authority to continue to function in the event of a lapse of the Board of Education for St. Louis Public Schools.

The Board's actuary shall be qualified by membership as a fellow in the Society of Actuaries or by objective standards no less stringent than those established by the Society of Actuaries.

The period during which a member can apply for pension is increased from 90 to 180 days.

The pension benefit formula is increased from one and one- fourth percent to two percent.

The period during which a member can apply for disability pension is increased from ninety to one hundred eighty days and a Social Security Disability Award shall be accepted as an alternative standard for disability pension approval.

Involuntary distribution shall be provided to an inactive member who has accumulated contributions of five thousand dollars or less unless the member elects to become inactive within thirty days of terminating employment.

The act adds a payment option that permits members to receive an actuarially equivalent benefit that is higher prior to age 62 and lower after age 62 to adjust for becoming eligible for Social Security benefits and provide leveled, total pension payments.

The act deletes a provision that a member's account would not be credited with annual interest after the date benefits were first due and payable.

Compensation to retired members, as allowed under section 105.269, RSMo, shall not preclude continued receipt of a pension benefit.

The act provides that various supplements which authorized benefit increases for retirees from 1975 through 1993 will be treated as cost of living adjustments.

The member contribution rate is raised to five percent.

The act eliminates language requiring that the annual valuation be based on the unfunded liability that existed in 1980, changes the amortization schedule for the unfunded liability from 50 years to a period not to exceed 30 years, and allows the Board of Trustees to adopt an actuarial method that is appropriate for the retirement system's funded status.

The retirement system will recognize child support orders from the Division of Child Support Enforcement involving retired members.
OTTO FAJEN

SCA 1 - RETIRED TEACHERS OR ADMINISTRATORS IN THE ST. LOUIS PUBLIC SCHOOL DISTRICT ARE ALLOWED TO TEACH OR BE AN ADMINISTRATOR IN CHARTER SCHOOLS WITHOUT LOSING THEIR RETIREMENT BENEFITS. ALL NECESSARY COSTS WILL BE PAID BY THE HIRING SCHOOL DISTRICT OR CHARTER SCHOOL AND SHALL NOT EXCEED THE SCHOOL DISTRICT'S STATUTORY COST LIMITATIONS.