SB 474 - Current law provides that the normal retirement allowance multiplier for a member of the Public School Retirement System of Missouri is 2.5% of the member's final average salary for each year of the membership service, except if the member has 32 years or more of service, then the multiplier shall be 2.55%. This act provides that for those members with 33 years of service or more the multiplier factor shall be 2.6%.
This act is identical to SCS/SB 877 (2024), a provision in the perfected SS/SB 898 (2024), and in SCS/HCS/HB 2431 (2024) and is similar to SB 556 (2023).
KATIE O'BRIEN