PSRS & PEERS (Sections 169.141 & 169.715)

Currently, in the Public School Teacher Retirement System (PSRS) and Public Education Employees Retirement System (PEERS) nomination of a successor beneficiary must be filed within ninety days of a remarriage. Under the act, the nomination shall be filed within one year of a remarriage.

This act allows retired members of PSRS or PEERS who elected a reduced retirement allowance to provide for survivor benefits for his or her spouse to have the retirement allowance increased to the single life annuity amount, with no survivor benefits, if the member and his or her spouse become divorced on or after September 1, 2017, and if the dissolution decree provides for sole retention by the retired person of all rights in the retirement allowance.

Any such increase in the retirement allowance shall be effective upon the receipt of an application for the increase and a certified copy of the decree of dissolution that meets the requirements of the act.

These provisions are identical to provisions in CCS/HCS/SCS/SB 62 (2017), SCS/HCS/HB 831 (2017), HCS/SB 394 (2017), and HB 1709 (2016) and similar to HB 1086 (2015).

PSRS of the City of St. Louis

This act modifies provisions relating to the public school retirement system of the City of St. Louis.

Currently, a member of the public school retirement system of the City of St. Louis may retire at age 65 or when his or her age when added to the number of years of credited service is not less than 85. This act lowers the retirement age when added to the number of years of credited service to not less than 80.

Currently, a member that retires prior to January 1, 2018, shall have their retirement benefits calculated using a 2% multiplication factor. Beginning January 1, 2018, new employees hired for the first time shall have their retirement benefits calculated using a 1.75% multiplication factor.

Members hired on or after January 1, 2018, shall contribute 9% of his or her compensation at every payroll period to the retirement system. Currently, existing employees contribute 5% of compensation to the retirement system. Beginning January 1, 2018, such compensation shall be increased by .5% annually until the compensation percent equals 9%.

For calendar year 2018, the rate of contribution payable by each employer shall equal 16% of the total compensation of all members employed by that employer. For each calendar year thereafter, the amount shall decrease by 1% until calendar year 2025, when the amount the employer contributes shall equal 9% of the total compensation of all members employed by the employer, and shall stay at that rate for subsequent calendar years.

These provisions are identical to CCS/HCS/SCS/SB 62 (2017), HCS/HB 619 (2017) and to provisions in HCS/SCS/SB 309 (2017) and similar to SB 409 (2017), HB 1085 (2017), HCS/SB 394 (2017), HB 2314 (2016), and HB 1205 (2015).

JAMIE ANDREWS