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.

Beginning January 1, 2018, new employees hired for the first time shall have their retirement benefits calculated using a 1.75% multiplication factor. Existing employees shall have their benefits calculated using a multiplication factor of 2% for all years of service.

Beginning January 1, 2018, a current member's contribution to the retirement system shall increase by 0.5% of the member's compensation each year until the contribution rate equals 9%. Members hired on or after January 1, 2018 shall automatically contribute 9%.

For calendar year 2018, the rate of contribution payable by each employer shall equal 16% and shall decrease annually by 0.5% every year until the 2032 when the rate shall equal 9%. The rate shall remain at 9% thereafter.

This act is identical to provisions in CCS/HCS/SCS/SB 62 (2017), HCS/SCS/SB 309 (2017), and similar to SB 409 (2017), HB 1085 (2017), SCS/HCS/HB 304 (2017), HB 2314 (2016), and HB 1205 (2015).

JAMIE ANDREWS