SCS/SB 647 - Currently, neither the General Assembly nor the governing body of a county shall appropriate funds for deposit in the Sheriffs' Retirement Fund. This act provides that the General Assembly and the governing body of a county may appropriate funds for deposit in the Sheriffs' Retirement Fund. Additionally, the Board of the Sheriffs' Retirement System may accept gifts, donations, grants, and bequests from public or private sources for the Sheriffs' Retirement Fund. Furthermore, this act provides that each person who is a member of the Sheriffs' Retirement System on or after January 1, 2024, shall be required to contribute five percent of his or her pay. Each county shall make the payroll deductions for member contributions from the same source of funds used for payment of compensation to the members and shall transmit such moneys to the Board for deposit in the Sheriffs' Retirement Fund. The deductions shall not reduce the member's pay for purposes of computing benefits. When paid to the Sheriffs' Retirement System, each of the contributions shall be credited to the member from whose compensation the contributions were deducted. Additionally, the contributions shall be treated as employee contributions for purposes of federal income tax purposes.
Furthermore, this act provides that a former member who is not vested may request a refund of his or her contributions, which shall be paid after 90 days from the later of the date of termination or the date of request. This act also provides that the normal annuity provided to a retired member of the Sheriffs' Retirement System shall not be less than $1,000 per month.
Currently, the benefits provided by the Sheriffs' Retirement System shall in no way affect the eligibility for retirement benefits from the Missouri Local Government Employees' Retirement System ("LAGERS") or any other local government retirement or pension system, or in any way have the effect of reducing retirement benefits in such systems, or reducing compensation or mileage reimbursement of employees. This act provides that such provision shall apply to members of the system prior to December 31, 2023. Any new or returning member employed on or after January 1, 2024, that is a member of another state or local retirement or pension system shall cease membership in any other state or local retirement pension system, except that the member shall be entitled to benefits accrued through December 31, 2023, or the commencement of membership in the Sheriffs' Retirement System, whichever is later.
This act is identical to provisions in the perfected HCS/HB 155 (2023), are substantially similar 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/SS/SCS/SBs 119 & 120 (2023), in the truly agreed to and finally passed CCS/HCS/SB 186 (2023), SS/SCS/HCS/HB 301 (2023), and SCS/HCS/HB 934 (2023), and are similar to SB 1054 (2022) and HB 2681 (2022).
KATIE O'BRIEN