HB 660 -- Public School Retirement

Sponsor:  Hagan-Harrell

This bill makes several changes in the Public School Retirement
System.  The bill:

(1)  Increases the benefit formula multiplier to 2.55% for each
year of service beyond 31 years beginning July 1, 2001, to July
1, 2008, regardless of age;

(2)  Requires the cost-of-living adjustment to begin with the
second, as opposed to the third, January following retirement
after July 1, 2008; and

(3)  Increases member benefits by $3 per year of creditable
service for members retiring before July 1, 2001.

The bill also contains increases in benefits for the Non-Teacher
School Employee Retirement System effective July 1, 2001.  The
bill:

(1)  Increases the formula factor from 1.51% to 1.61% with
coordinating adjustments to the 25 and out formula factor;

(2)  Increases the temporary benefit from .4% to .8%;

(3)  Raises the cost-of-living cap from 75% to 80% of the
retirement allowance; and

(4)  Increases the one-time benefit from 3.4% to 7.1%.

The bill has an emergency clause and is effective on July 1,
2001, or upon passage and approval, whichever occurs later.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:03 pm