HB 705 -- St. Louis Public School Retirement System

Sponsor:  Gambaro

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

(1)  Defines "charter schools" and includes charter schools in
the definition of public schools to include the participation of
charter school employees in the system;

(2)  Defines "retired member" and further defines "active
member" and "inactive member";

(3)  Clarifies laws that allow members to purchase pension
credit for various kinds of service;

(4)  Allows members of the Board of Education to serve as
members of the retirement system Board of Trustees;

(5)  Authorizes the board of trustees to continue to function in
the event of lapses in the school district's corporate
organization;

(4)  Increases the period during which a member can apply for a
pension from 90 to 180 days;

(5)  Increases the pension benefit formula multiplier from 1.25%
to 2%;

(6)  Increases the period during which a member can apply for a
disability pension from 90 to 180 days.  Social Security
disability awards are also accepted as an alternative standard
for disability pension approval;

(7)  Requires payment to a member with fewer than 5 years of
service who ceases to be employed, except by death, of the
amount of accumulated contributions.  The payment must be made
in accordance with the Internal Revenue Code;

(8)  Adds a benefit payment option that allows a member to
receive an actuarially equivalent benefit that is higher prior
to age 62 and lower after age 62;

(9)  Repeals language which required that a member's account not
be credited with annual interest after the date benefits were
first due and payable;

(10)  Allows retired members to continue to receive benefits and
compensation for employment under Section 105.269, RSMo, as
volunteer tutors;

(11)  Requires special advisor payments to be paid as
cost-of-living benefits rather than as expenses of the
retirement system;

(12)  Deletes the requirement that the board of trustees elect a
treasurer;

(13)  Repeals language requiring the annual valuation to be
based on the unfunded liability;

(14)  Changes the amortization schedule for the unfunded
liability from 50 years to a period not to exceed 30 years;

(15)  Allows the board of trustees to adopt an actuarial method
that is appropriate for the system's funded status;

(16)  Allows the system to recognize child support orders issued
through the Division of Child Support Enforcement involving
retired members; and

(17)  Updates and deletes obsolete language.

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