SCS/SB 1021 - This act modifies provisions relating to various retirement plans for public employees.PROSECUTING ATTORNEYS AND CIRCUIT ATTORNEYS' RETIREMENT FUND (56.363, 56.805, 56.807, 56.814, 56.833, 56.840)
This act changes provisions regarding the retirement system for prosecuting and circuit attorneys.
When a county votes to make the office of prosecuting attorney a full-time position then the position shall qualify for the same retirement benefits as a full-time prosecutor of a first class county and such county shall make the same contributions to the Prosecuting Attorneys and Circuit Attorneys' Retirement Fund (PACARS) as paid by a first class county.
The term "compensation" as used in the PACARS retirement statutes shall include any salary reduction amounts under a cafeteria plan or a deferred compensation plan, but not include reimbursement for any expenses, consideration for agreeing to terminate employment, or any unusual payment not part of regular work pay.
Beginning on January 1, 2019, all members who are eligible to receive an annuity equal to fifty percent of the final average compensation upon retirement will contribute two percent of their salary to the fund, and beginning in the year 2020, such members shall contribute four percent of salary to the fund. Upon retirement and at the discretion of the board of trustees, a member can receive a lump sum of his or her total contribution not to exceed twenty-five percent of average pay, in addition to any retirement benefits.
A person who becomes a member on or after January 1, 2019, may retire with a normal annuity with twelve or more years of service and reaching the age of sixty-five. Upon termination of employment such member is entitled to a deferred normal annuity payable at age sixty.
A former member who has forfeited creditable service may have the service restored again, in addition to requirements under current law, by becoming a an employee within ten years of termination and contributing an amount to the retirement fund equal to any lump sum payment of contributions received upon termination of service.
All members serving in a county that has elected to make the position of prosecuting attorney a full-time position shall receive one year of creditable vesting service for each year served as a part-time or full-time prosecuting attorney. However, a member serving as a part-time prosecuting attorney shall receive six-tenths of a year of creditable benefit service for each year served. Any member who has less than twelve years of creditable benefit service upon retirement shall receive a reduced full-time benefit.
A member who vested as a part-time prosecuting attorney and ceased being a member for more than six months before returning as a full-time prosecuting attorney shall be entitled only to part-time benefits, and any creditable service earned as a full-time prosecutor shall begin a new vesting period. A member cannot receive benefits while employed as a prosecuting attorney.
These provisions are identical to provisions in the SCS/HB 1442 (2018), SS/SCS/HB 1329 (2018), and SCS/HB 2044 (2018) and substantially similar to provisions in the truly agreed to and finally passed version of HB 1291 (2018), HB 2322 (2018), HCS #2/SS/SB 704 (2018), the truly agreed to and finally passed version of SB 892 (2018), SCS/SB 209 (2017), HB 2538 (2016), and HCS/SB 639 (2016).
LOCAL GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM (70.227, 278.157)
This act allows employees of a metropolitan planning organization to become members of the Missouri Local Government Employees' Retirement System upon a majority vote of the district's governing board. The Governor will issue a certificate of dissolution of the organization upon a finding that all monies owed to the retirement plan for unfunded accrued liabilities of past and current employees have been paid.
This provision is identical to a provision contained in SS/SCS/HB 1329 (2018), the truly agreed to and finally passed version of SB 892 (2018), and SCS/HB 2044 (2018).
Furthermore, employees of soil and water conservation districts may also become members of the Missouri Local Government Employees' Retirement System upon a majority vote of the district's governing board. Prior to the disestablishment of a soil and water conservation district, the district must pay all monies owed to the retirement plan for unfunded accrued liabilities of past and current employees.
This provision is identical to a provision contained in SS/SCS/HB 1329 (2018), the truly agreed to and finally passed version of SB 892 (2018), and SCS/HB 2044 (2018) and substantially similar to HB 1354 (2018) and SB 628 (2018).
FIREMEN'S RETIREMENT SYSTEM OF THE CITY OF ST. LOUIS (87.135)
The act allows the Firemen's Retirement System of the City of St. Louis to form cooperative agreements with other public retirement systems in the state in order to allow members to transfer creditable service between the retirement systems.
This provision is identical to a provision in the truly agreed to and finally passed version of HB 1291 (2018), the truly agreed to and finally passed version of HB 1355 (2018), and SCS/HB 2044 (2018) and similar to SB 902 (2018).
PUBLIC SCHOOL RETIREMENT SYSTEM OF KANSAS CITY (169.020,169.291, 169.324, 169.350, 169.360, 169.370)
Currently, the board of trustees for the Public School Retirement System of Kansas City keeps individual identifiable information pertaining to members, retirees, beneficiaries, and survivors confidential. This act excludes the salaries and benefits of the executive director and other employees of the board of trustees for the system from information required to be kept confidential.
This provision is identical to a provision in SCS/HB 2044 (2018).
The retirement system's funded ratio as of January 1st of the year preceding the year of a proposed increase shall be at least 100% before, rather than after, adjusting for the effect of the proposed increase. Likewise, the actuarially required contribution rate shall not exceed the then applicable employer and member contribution rate before, rather than after, adjusting for the effect of the proposed increase.
The member contribution rate for 2019 and subsequent periods shall be 9% of compensation unless a lower member contribution rate applies as set forth in the act.
Currently, the actuary for the retirement system determines the rate of contribution payable by employers each year. For calendar year 2019, the employer contribution rate shall be 10.5%. From January 1, 2020, through June 30, 2021, the rate shall be 12%. For the 12-month period beginning July 1, 2021, and for each subsequent 12-month period beginning July 1 of each year, the employer contribution rate shall be determined as set forth in the act.
The Board of Trustees shall certify to the employers the contribution rate to be effective for July 1, 2021, and for each following July 1st no later than 6 months prior to the date such rate is to be effective.
Starting January 1, 2019, each employer shall transfer its employer contributions to the retirement system promptly following the end of each payroll period at the time the employer transfers member contributions.
These provisions are identical to provisions contained in SS/SCS/HB 1329 (2018), HB 2184 (2018), the truly agreed to and finally passed version of SB 892 (2018), and SCS/HB 2044 (2018) and substantially similar to SB 856 (2018).
The act provides that the benefits of members hired on or after August 28, 2018, may be modified or repealed. The modification or repeal would only apply to services rendered by the member after the effective date of such change.
This provision is identical to a provision contained in SS/SCS/HB 1329 (2018) and SCS/HB 2044 (2018).
PUBLIC SCHOOL RETIREMENT SYSTEM OF THE CITY OF ST. LOUIS (169.510)
Benefits of members of the Public School Retirement System of the City of St. Louis hired on or after August 28, 2018, may be modified or repealed. The modification or repeal would only apply to services rendered by the member after the effective date of such changes.
This provision is identical to a provision in SCS/HB 2044 (2018).
PUBLIC SCHOOL EMPLOYEE RETIREMENT SYSTEM (169.560)
This act allows any teacher retired from the Public School Employee Retirement System of Missouri (PSRS) to be employed in a position covered under the Public Education Employee Retirement System (PEERS) without stopping their retirement benefit. Such retired teacher may earn up to 50% of the minimum teacher's salary as set forth in Missouri statute and shall not contribute to PEERS or earn creditable service.
The employer's contribution rate shall be paid by the hiring employer. If a person is employed in excess of the salary limitation set forth in the act the person shall not be eligible to receive their retirement allowance for any month the person is employed and such person shall contribute to PEERS if he or she is employed in an eligible position.
This provision is identical to SB 1045 (2018) and to a provision in SCS/HB 2044 (2018) and substantially similar to HCS/HB 2335 (2018) and to a provision in the truly agreed to and finally passed version of SB 892 (2018).
JUDGES (476.521)
This act provides that a person who filed as a candidate in 2010 to become a judge, was eligible to receive an annuity under the MOSERS Year 2000 Plan as a member of the General Assembly or as a statewide elected official, and whose term as a judge began in 2011 is exempt from the provisions of the Judicial Retirement Plan 2011.
This provision is identical to a provision in SCS/HB 2044 (2018) and the truly agreed to and finally passed version of HB 2562 (2018).
JESSI JAMES