HB 386 -- PUBLIC SCHOOL RETIREMENT SYSTEM

SPONSOR:  Franklin

COMMITTEE ACTION:  Voted "do pass" by the Committee on
Retirement by a vote of 9 to 0.

This bill authorizes the Public School Retirement System Board
of Trustees to establish a benefit plan with benefits in excess
of the federal maximum benefit amount established in 26 U.S.C.
415.  The "secondary" plans may only be used to provide benefits
in excess of the federal maximum benefit amounts.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the federal government has
legal limits in the teachers retirement system but allows a
secondary fund to be set up.  The bill will allow the state to
pay retirement based on Missouri salaries.  Benefits will not
increase.  The state will only pay the amount statute allows.

Testifying for the bill were Representative Franklin; and Public
School Retirement System.

OPPONENTS:  There was no opposition voiced to the committee.

Steve Bauer, Legislative Analyst

Missouri House of Representatives
Last Updated November 26, 2001 at 11:43 am