Introduced

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, 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 a provision in the truly agreed to and finally passed CCS/SB 20 (2023), in SCS/HCS/HB 155 (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).

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. 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/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.

These provisions are identical to a provision in HB 495 (2023), in HCS/SS/SCS/SB 681 & 662 (2022), HCS/HB 1753 (2022), in HB 1881 (2022), HB 2114 (2022), in HCS/HB 2799 (2022), in HCS/HB 811 (2021), in HB 812 (2021), in HB 2291 (2020), and 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 provisions in the truly agreed to and finally passed CCS/SB 20 (2023), in SCS/HCS/HB 155 (2023), in HCS/SB 155 (2023), in the perfected SB 247 (2023), in HCS/HB 257 (2023), in HCS/HB 496 (2023), in HCS/HB 497 (2023), in SCS/HCS/HB 934 (2023), and HB 2787 (2022).

KATIE O'BRIEN