SCS/HCS/HB 155 - This act modifies provisions relating to retirement systems.POLICE RETIREMENT SYSTEM OF ST. LOUIS (SECTIONS 86.253 TO 86.287)
Currently, a surviving spouse of a member of the Police Retirement System of St. Louis shall be entitled to a pension benefit as defined in law until the surviving spouse dies or remarries, whichever is earlier. This act removes when a spouse remarries and only provides that a surviving spouse shall have a pension benefit for his or her life. Furthermore, this act provides that a surviving spouse receiving death benefits as a result of a prior marriage to a deceased member who subsequently remarries another member who also predeceases the surviving spouse shall receive only a single pension as calculated in the act using the highest of the average final compensations of the deceased members. Additionally, any surviving spouse that previously had become ineligible prior to August 23, 2023, shall have all future benefits reinstated upon application to the Board of Trustees of the Police Retirement System of St. Louis.
These provisions are identical to provisions in the truly agreed to and finally passed HCS/SS/SB 75 (2023), in HCS/HB 303 (2023), and SCS/HCS/HB 934 (2023), and are substantially similar to provisions in the truly agreed to and finally passed CCS/SB 20 (2023).
MPERS/MOSERS: WORKING AFTER RETIREMENT AS LEGISLATOR OR ELECTED OFFICIAL (SECTIONS 104.380 & 104.1039)
Currently, if a retired member of MOSERS or a retired member of the Year 2000 Plan of MPERS is elected or appointed to any state office or is employed by a department in a benefit-eligible position, the member shall not receive an annuity nor accrue annual benefit increases or cost-of-living adjustments for any month or part of a month for which the member serves as an officer or employee. This act excludes members of the General Assembly and an elected state official holding an elective state office from such provisions.
These provisions are 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 HCS/HB 222 (2023), in SCS/HCS/HB 934 (2023), and HB 2684 (2022).
SPEECH IMPLEMENTERS CERTIFICATION AND SOCIAL SECURITY COVERAGE (SECTION 168.082)
This act provides that any person who was employed as a speech implementer before August 1, 2022, that is employed on or after August 28, 2023, as a speech-language pathology assistant shall be considered a speech implementer for certification that the Department of Elementary and Secondary Education required before August 28, 2022, and for Social Security coverage. Such person shall not be considered a speech implementer when such person dies, retires, or no longer works in a speech-language pathology assistant position.
This provision is identical to a provision in SCS/HCS/HB 934 (2023), is substantially similar to a provision in the truly agreed to and finally passed HCS/SS/SB 75 (2023), and is similar to a provision in the truly agreed to and finally passed CCS/SB 20 (2023).
PSRS: RETIREMENT ALLOWANCE MULTIPLIER (SECTION 169.070)
Current law provides that between July 1, 2001, and July 1, 2014, a member of Public School Retirement System of Missouri ("PSRS") with thirty-one years or more of service, regardless of age, is provided a retirement allowance with a multiplier of 2.55% of the member's final average salary for each year of the membership service. This act modifies this provision by removing the expiration date and by providing that a member with thirty-two years or more of service may receive such retirement allowance.
This provision is identical to a provision 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 HCS/SB 155 (2023), in the perfected SB 247 (2023), in HCS/HB 257 (2023), in HB 495 (2023), in HCS/HB 496 (2023), in HCS/HB 497 (2023), HB 905 (2023), in SCS/HCS/HB 934 (2023), HCS/HB 2161 (2022), HB 2430 (2022), in HCS/HB 2799 (2022), HCS/HB 811 (2021), and HCS/HB 828 (2021), and is similar to HB 1298 (2020), HB 69 (2019), HB 2633 (2018), HCS/HBs 1780 & 1420 (2016), SB 219 (2015), HCS/HB 478 (2015), and a provision in HCS/SCS/SB 172 (2015).
PSRS/PEERS: WORKING AFTER RETIREMENT (SECTIONS 169.560 & 169.596)
Currently, any teacher retired from PSRS can be employed in a position covered under the Public Education Employee Retirement System of Missouri ("PEERS") without stopping their retirement benefit. Such teachers may earn up to 60% of the minimum teacher's salary as set forth in law, but will not contribute to either retirement system nor earn creditable service. Beginning on August 28, 2023, and ending on June 30, 2028, this act allows such teachers to earn up to 133% of the annual earnings limit applicable to a Social Security recipient before the calendar year of attainment of full retirement age under federal regulations. After June 30, 2028, such teachers may earn up to the annual earnings limit applicable to a Social Security recipient before the calendar year of attainment of full retirement age. Additionally, this act shall not apply to retired members currently receiving benefits who are employed as a full-time teacher of certain state agencies and institutions.
Additionally, current law provides that a retired teacher or a retired noncertificated employee who is receiving a retirement benefit from PSRS/PEERS is allowed to work full-time for up to two years for a PSRS/PEERS-covered school district if there is a shortage of certified teachers or noncertificated employees. This act allows such employees to work full-time up to four years for such districts. Furthermore, the number of retired teachers that currently may teach in a school district with a critical shortage shall not exceed, at any one time, the lesser of 10% of the teacher staff for that school district, or five teachers. This act provides that the total number of retired teachers shall not exceed, at any one time, the greater of 1% of the total of teacher and non-certified staff for that school district, or five teachers.
These provisions are 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 HCS/HB 497 (2023), and in SCS/HCS/HB 934 (2023), are substantially similar to provisions in HCS/SB 155 (2023), in the perfected SB 247 (2023), in HCS/HB 257 (2023), and in HCS/HB 496 (2023), and are similar to provisions in HB 495 (2023), in HCS/SS/SCS/SB 681 & 662 (2022), in HCS/SS#2/SB 997 (2022), HCS/HB 1753 (2022), in HB 1881 (2022), HB 2114 (2022), SCS/HCS/HB 2304 (2022), HB 2787 (2022), in HCS/HB 2799 (2022), in HCS/HB 811 (2021), in HB 812 (2021), in HB 2291 (2020), and in HB 2460 (2020).
KCPSRS: WORKING AFTER RETIREMENT (SECTION 169.331)
Currently, a retired certificated teacher receiving a retirement benefit from the Kansas City Public School Retirement System ("KCPSRS") may, without losing his or her retirement benefit, teach up to two years for a KCPSRS school district with shortage of certified teachers as long as there is not more than fifteen retired teachers. This act modifies the provision by allowing a KCPSRS-retired certificated teacher to teach up to four years for a KCPSRS school district with shortage of certified teachers as long as there is not more than thirty retired teachers.
This provision is identical to a provision 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), and in SCS/HCS/HB 934 (2023).
SHOW-ME MYRETIREMENT SAVINGS PLAN (SECTIONS 285.1000 TO 285.1055)
This act establishes the Show-Me MyRetirement Savings Plan, which creates new provisions relating to retirement savings plans for private-sector employees.
The act creates the Show-Me MyRetirement Savings Plan, which is a multi-employer retirement plan. The plan is to be designed, developed, and implemented by the Show-Me MyRetirement Savings Board in accordance with the limitations and requirements set forth by the act. The plan is required to be fully implemented no later than September 1, 2025.
An annual audit is required to be conducted of the Show-Me MyRetirement Savings Plan, the Show-Me MyRetirement Savings Board, and the trust in which the assets of the plan are held. Such audit shall be completed by a certified public accountant and be submitted to the Governor, Treasurer, President Pro Tem of the Senate, and Speaker of the House of Representatives.
The act creates the Show-Me MyRetirement Savings Board within the State Treasurer's office, of which the State Treasurer shall be the chair. With the exception of the Treasurer, all members of the Board are appointed by the Governor, the President Pro Tem of the Senate, or the Speaker of the House of Representatives. Such members shall serve at the pleasure of the appointing authority, but in no event longer than four years.
The Board is required to conduct outreach to individuals, employers, stakeholders, and the public in general about the program. Such outreach shall include informing them of the benefits of tax-favored retirement saving and other information, as specified in the act.
The Board is permitted to enter into intergovernmental memoranda of understanding with the state and any agency of the state for the purpose of services needed to implement the plan.
The act provides that no employer shall be liable, or bear responsibility, for an employee's decision to participate in the plan or for any result, decision, or action as a result of an employee participating in the plan.
Furthermore, the act exempts certain public entities from liability for any loss, deficiency, failure to realize gain, or other adverse consequences incurred as a result of participation in the plan by an employee.
The act provides that certain individual account information under the plan shall be confidential and may only be disclosed as otherwise required under state or federal law, or at the request of the individual.
These provisions are identical to provisions in truly agreed to and finally passed CCS/SB 20 (2023), in the truly agreed to and finally passed HCS/SS/SB 75 (2023), in HCS/SCS/SB 187 (2023), in HCS/HB 586 (2023), in HCS/HB 809 (2023), and in SCS/HCS/HB 934 (2023), and are substantially similar to SB 1125 (2022), SB 1213 (2022), SCS/HCS/HB 1732 (2022), a provision in SCS/HB 2571 (2022), and SB 298 (2021).
KATIE O'BRIEN