HCS SB 961 -- KANSAS CITY POLICE RETIREMENT SYSTEM

This bill:

(1)  Prohibits the Board of Police Commissioners of Kansas City
from adopting any policy that would impose an increase in
contributions to the police retirement system without the city's
consent;

(2)  Allows any policy adopted by the board in contravention of
any provision in the statutes to remain valid until the close of
the next regular session of the General Assembly, unless the
statutes are amended during the session to adopt and incorporate
the policy within statute;

(3)  Requires a member's benefits to be 100% vested and
nonforfeitable upon the member's attainment of the normal
retirement age;

(4)  Requires the distribution of retirement benefits to begin no
later than April 1 of the year following the calendar year during
which the member becomes 70 1/2 years of age;

(5)  Prohibits benefits in excess of the limits set by Section
415 of the Internal Revenue Code;

(6)  Limits the total salary taken into account for any purpose
for any member to no more than $200,000 per year, subject to
adjustments permitted by the Internal Revenue Code;

(7)  Gives the board authority to change actuarial assumptions at
any time;

(8)  Allows a member or beneficiary to transfer an eligible
rollover distribution to another eligible retirement plan; and

(9)  Gives the board authority to provide fiduciary liability
insurance.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:04 am