CCS/SB 20 - This act modifies provisions relating to retirement. SHERIFFS' RETIREMENT SYSTEM (SECTIONS 57.952 TO 57.991) 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 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. These provisions are identical to provisions 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 in SCS/HCS/HB 934 (2023), are substantially similar to provisions in the perfected HCS/HB 155 (2023) and SCS/SB 647 (2023), and are similar to SB 1054 (2022) and HB 2681 (2022). 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 substantially similar to provisions in SCS/HCS/HB 155 (2023), HCS/HB 303 (2023), and in the perfected HCS/HB 934 (2023). MPERS: DEFINITIONS & BOARD (SECTIONS 104.010, 104.020, 104.035, 104.090, 104.130 & 104.170) This act provides that the Board of Trustees of the Missouri Department of Transportation and Highway Patrol Employees' Retirement System ("MPERS") may further define the term "compensation" in a manner consistent with current law. Additionally, this act modifies the sectional references for provisions applicable to MPERS. This act repeals the requirement of one continuous year of service for purposes of restoration of prior service periods for those terminated members of MPERS entitled to a deferred normal annuity who reenter service. This act also repeals the availability of reelection of joint and survivor benefits within one year of a new marriage for those members whose annuities have reverted to a single life annuity following the death of a spouse and have been made a special consultant of the Board and repeals the provision relating to the requirement of the Board of MPERS to pay a retired member's designated beneficiaries or estate a death benefit equal to the excess of accumulated member contributions over the total amount of retirement benefits received. The election of chair and vice-chair of the Board by secret ballot is also repealed. MPERS: BOARD TERMS (SECTION 104.160) Additionally, this act provides that the terms of those active employee members serving on the Board of Trustees of MPERS on August 28, 2026, shall continue until June 30, 2028. The terms of the active employee members shall be four years after June 30, 2028. 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 the perfected HCS/HB 155 (2023), in HCS/SB 155 (2023), in HCS/HB 222 (2023), in HCS/HB 257 (2023), in HCS/HB 496 (2023), HB 923 (2023), in SCS/HCS/HB 934 (2023), SB 1053 (2022), HCS/HB 1984 (2022), and in HCS/HB 2799 (2022), and is substantially similar to a provision in SB 618 (2021), HCB 1 (2021), HB 1418 (2021), and HB 2165 (2020). MPERS/MOSERS: ERROR CORRECTIONS (SECTIONS 104.200, 104.490 & 104.1060) Currently, the Board of MPERS and the Board of the Missouri State Employees' Retirement System ("MOSERS") shall correct an error that has resulted in a member or beneficiary receiving more or less than entitled if the system discovers or is notified of such error within ten years after the initial date of the error. This act provides that no error shall be corrected unless the system discovers or is notified within ten years after the later of the member's annuity starting date or the date of error. However, in cases of fraud, any error shall be corrected. MPERS/MOSERS: DIVISION OF BENEFITS IN DISSOLUTION OF MARRIAGE ACTIONS (SECTIONS 104.312, 104.625(4), 104.1024.6(4) & 104.1051) This act provides that unused sick leave credited to a MPERS or MOSERS member shall be excluded in the monthly amount paid to the alternate payee or former spouse for a division of benefits order in a dissolution of marriage action. This act also specifies that annual benefit increases paid after the member's annuity starting date shall not be considered an increase accrued after the termination of the marriage and shall be counted as part of the monthly amount. For a member who has not been paid retirement benefits and continues employment for at least two years beyond normal retirement age, any service or compensation between the retroactive starting date and the annuity starting date shall not be considered creditable service or compensation. Additionally, any lump sum payment elected by a member who has not been paid retirement benefits and continues employment for at least two years beyond normal retirement age shall not be subject to a division of benefits order. 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 HCS/SS/SB 75 (2023), in SCS/HCS/HB 155 (2023), in HCS/HB 222 (2023), in SCS/HCS/HB 934 (2023), and HB 2684 (2022). MPERS/MOSERS: DISABILITY BENEFITS FOR MEMBERS OF THE GENERAL ASSEMBLY AND STATEWIDE ELECTED OFFICIALS (SECTIONS 104.410 & 104.1084) Members of the General Assembly and statewide elected officials who qualify for disability shall continue to accrue service until the earliest of attainment of normal retirement age eligibility, termination of disability benefits, or the end of his or her constitutionally mandated limit on service for the particular chamber of the General Assembly or office in which he or she was serving at the time of the disablement. MPERS/MOSERS: ACTUARIAL AMORTIZATION AND COST METHODS (SECTIONS 104.436 & 104.1066) Currently, the Missouri State Employees' Retirement System ("MOSERS") and, under the Year 2000 Plan, the Missouri Department of Transportation and Highway Patrol Employees' Retirement System ("MPERS"), shall use the entry age normal cost valuation method for normal cost calculations and shall use the level percent-of-payroll amortization for determinations of contributions for unfunded accrued liabilities. This act repeals the use of the level percent-of-payroll and provides only for the entry age normal cost valuation method to be used in determining the normal cost calculation. This provision is identical to provisions in the truly agreed to and finally passed HCS/SS/SB 75 (2023), SB 77 (2023), in the perfected HCS/HB 155 (2023), in SB 407 (2023), in SCS/HCS/HB 934 (2023), in HB 1185 (2023), in HB 2234 (2022), in HCS/HB 2799 (2022), HCB 1 (2021), in HB 701 (2021), in SB 901 (2020), and in HCS/HB 1999 (2020). MPERS/MOSERS: SPECIAL CONSULTANTS (SECTIONS 104.515 & 104.1072) This act provides that special consultants of the Board of Trustees of MPERS or MOSERS who have reached a normal or early retirement age and become a retiree within 65 days, instead of 60 days, shall receive $5,000 of life insurance coverage. MPERS/MOSERS: ANNUITIES AND LUMP SUM PAYMENTS (SECTIONS 104.625(3) & 104.1024.6(3)) A member who has not been paid retirement benefits and continues employment for at least two years beyond normal retirement age may currently elect to receive lump sum amounts in full or in three equal annual installments. This act repeals the availability of lump sum payments in installments. MPERS/MOSERS: WATER PATROL EMPLOYEES (SECTION 104.810) If an employee of the Missouri State Water Patrol who earned creditable service in the closed plan of MOSERS and who was eligible to transfer membership to the closed plan of MPERS has terminated his or her position and subsequently returns to the same position, the employee will be a member of the system in which he or she was a member prior to termination. If the employee returned to any other position, the employee shall be a member of the system that currently covers that position. MPERS/MOSERS: YEAR 2000 PLAN (SECTIONS 104.1003, 104.1018, 104.1024 & 104.1091) This act repeals the term "year" as it relates to the term "employee" when describing persons employed in positions requiring the performance of duties of not less than one thousand forty hours per year. This act also corrects a sectional reference to mandatory retirement for members of the Missouri Highway Patrol. Additionally, this act provides that the Board of Trustees for the respective system may further define the term "pay" in a manner consistent with current law. This act provides that any vested former member who terminated employment after attaining normal retirement eligibility shall be considered a member of the retirement system entitled to certain annuities under the Year 2000 plan. This act further provides that the calculation for the life annuity paid under the Year 2000 Plan for individuals with credited service not covered by Social Security is for certain teachers of certain state agencies and universities whose credited service is not covered by Social Security. Currently, vested former members are not eligible for early retirement. This act modifies the provision to provide that only those vested former members who terminate employment prior to the attainment of early retirement eligibility are not eligible for such early retirement. Additionally, a refund of contributions requested by a former member currently shall be paid by the system after 90 days from the later of either the date of termination or the date of request. This act provides that such a refund, which shall include all employee contributions, shall be paid by the system within an administratively reasonable period, but no sooner than 90 days after the date of termination. Further, a former member who receives a refund shall not be eligible to receive any disability benefits, rather than long-term disability benefits. This act provides that those vested former members who terminated employment after attainment of normal retirement eligibility shall be covered by a member's normal retirement eligibility. Additionally, current law provides that the survivor annuity payable for vested former members is not payable until the deceased member would have reached normal retirement eligibility. This act provides that such survivor annuity is not payable until such time for those vested former members who terminated employment prior to early retirement eligibility. Further, the current annual cost-of-living adjustments, which shall not commence until the second anniversary of the annuity starting date, apply only to vested former members who terminated employment prior to early retirement eligibility. ESOP INCOME TAX DEDUCTION (SECTION 143.114) Current law authorizes an income tax deduction equal to 50% of the net capital gain from selling employer securities to a qualified Missouri employee stock ownership plan, with such deduction scheduled to sunset on December 31, 2022. This act repeals the sunset provision. This provision is identical to a provision in HCS/SS#3/SCS/SB 131 (2023), in HCS/SS/SCS/SB 133 (2023), in the perfected HS/HCS/HB 356 (2023), HB 512 (2023), in SCS/HCS#2/HB 713 (2023), and in SCS/HCS/HB 934 (2023), and is substantially similar to a provision in HCS/SB 247 (2023), in HCS/SS/SB 807 (2022), and in HCS/SS/SCS/SB 931 (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 similar to a provision in the truly agreed to and finally passed HCS/SS/SB 75 (2023), in SCS/HCS/HB 155 (2023), and in SCS/HCS/HB 934 (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 HCS/SS/SB 75 (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). 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 HCS/SS/SB 75 (2023), in SCS/HCS/HB 155 (2023), and in SCS/HCS/HB 934 (2023). 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 HCS/SS/SB 75 (2023), in SCS/HCS/HB 155 (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). CLOSED INVESTMENT RECORDS OF HIGHER EDUCATION INSTITUTIONS (SECTION 173.1205) This act provides that meetings, records, and votes may be closed to the extent that they relate to information submitted to a public institution of higher education regarding investments in or financial transactions with business entities for investment purposes. This provision is identical to a provision in the truly agreed to and finally passed HCS/SS/SB 75 (2023) and SB 691 (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 the truly agreed to and finally passed HCS/SS/SB 75 (2023), in SCS/HCS/HB 155 (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). JUDICIAL PLAN (SECTION 476.521) Currently, for judges hired after January 1, 2011, his or her contributions are refunded with four percent interest per year. Beginning June 30, 2022, the interest rate is changed so that it is equal to the investment rate for the fifty-two week treasury bills issued by the United States Department of the Treasury. Additionally, the interest rate shall cease upon retirement or death of the judge. A beneficiary of any judge who contributed to the system currently receives a refund upon the judge's death based on the amount of such contributions. This act provides that the interest credited to such contributions shall be included in the refund calculation. The provisions relating to MPERS, MOSERS, and the Judicial Plan are identical to SB 407 (2023) and provisions in SCS/HCS/HB 934 (2023), are substantially similar to provisions in the truly agreed to and finally passed HCS/SS/SB 75 (2023), in the perfected HCS/HB 155 (2023), HB 1185 (2023), HB 2234 (2022), and in HB 2799 (2022), and are similar to HB 701 (2021), SB 901 (2020), HCS/HB 1999 (2020), and HB 1105 (2019). KATIE O'BRIEN