SB 75
Modifies provisions relating to public school retirement systems, including retirement allowance multiplier and working after retirement
Sponsor:
LR Number:
0673S.02I
Last Action:
2/1/2023 - Hearing Conducted S Veterans, Military Affairs and Pensions Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2023

Current Bill Summary

SB 75 - This act modifies provisions relating to public school retirement systems.

RETIREMENT ALLOWANCE MULTIPLIER (SECTION 169.070)

Current law provides that between July 1, 2001 and July 1, 2014, a member of the Public School Retirement System of Missouri with thirty-one years or more of service, regardless of age, be 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 HCS/HB 2161 (2022), HB 2430 (2022), a provision 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).

WORKING AFTER RETIREMENT (SECTIONS 169.560 & 169.596)

Currently, any teacher retired from the Public School Retirement System of Missouri ("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. This act allows such teachers to earn up to the annual earnings limit applicable to a Social Security recipient before the calendar year of attainment of full retirement age under federal regulations. 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 is allowed to work full-time for up to two years for a PSRS-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.

These provisions are identical to a provision in HCS/SS/SCS/SB 681 & 662 (2022), HCS/HB 1753 (2022), a provision in HB 1881 (2022), HB 2114 (2022), provisions in HCS/HB 2799 (2022), provisions in HCS/HB 811 (2021), a provision in HB 812 (2021), a provision in HB 2291 (2020), and provisions in HB 2460 (2020), are substantially similar to provisions in HCS/SS#2/SB 997 (2022) and SCS/HCS/HB 2304 (2022), and are similar to HB 2787 (2022).

KATIE O'BRIEN

Amendments

No Amendments Found.