HB 338 -- Public School Retirement Systems

Sponsor:  Smith (118)

This bill revises various provisions of the Missouri Public
School Retirement System.

PUBLIC SCHOOL RETIREMENT SYSTEM

In school districts with 300,000 residents or less, the bill:

(1)  Requires the Board of Trustees to determine and certify to
the employers the level rate of contribution and specifies the
time period the rate should be established;

(2)  Requires the level rate of contribution for a fiscal year
not to exceed the rate of contribution for the prior fiscal year
by more than 0.5%;

(3)  Requires the board to determine and certify the level rate
of contribution for a fiscal year based on an actuarial
valuation;

(4)  Requires the board to have an actuary conduct an actuarial
valuation of the system and additional valuations at least once
every 10 years;

(5)  Requires a member who is reinstated with the retirement
system to effect reinstatement by repaying to the system
accumulated contributions which are withdrawn or refunded prior
to termination with the retirement system;

(6)  Allows members who have accrued at least one year of
membership service credit and who have covered employment with
the system following the credit being purchased to purchase
membership service credit or equivalent service credit under
certain terms and conditions;

(7)  Allows a member who has served in the armed forces and who
is no longer in service to purchase membership service credit
equivalent to the period of active duty service; and

(8)  Allows a member eligible for retirement who has not
previously received a retirement allowance to elect to receive a
partial lump-sum distribution based on an option plan.  This
election is based on years of creditable service and age and is
subject to certain terms and conditions.

GENERAL RETIREMENT PROVISIONS

The bill:

(1)  Allows members of specified public school retirement systems
who have previous credit in another public school retirement
system to purchase equivalent service credit in their present
retirement system; and

(2)  Allows members of specified retirement systems who are
within five years of retirement to purchase additional creditable
service.

NON-TEACHER SCHOOL RETIREMENT SYSTEM

The bill:

(1)  Requires the Board of Trustees to determine and certify to
the employers the level rate of contribution and specifies the
time period the rate should be established;

(2)  Requires the level rate of contribution for a fiscal year
not to exceed the rate of contribution for the prior fiscal year
by more than 0.5%;

(3)  Requires the board to determine and certify the level rate
of contribution for a fiscal year based on an actuarial
valuation;

(4)  Requires the board to have an actuary conduct an actuarial
valuation of the system and additional valuations at least once
every 10 years;

(5)  Requires a member who is reinstated with the retirement
system to effect reinstatement by repaying to the system
accumulated contributions which are withdrawn or refunded prior
to termination with the retirement system;

(6)  Allows members who have accrued at least one year of
membership service credit and who have covered employment with
the system following the credit being purchased to purchase
membership service credit or equivalent service credit under
certain terms and conditions;

(7)  Allows a member who has served in the armed forces and who
is no longer in service to purchase membership service credit
equivalent to the period of active duty service; and

(8)  Allows a member eligible for retirement who has not
previously received a retirement allowance to elect to receive a
partial lump-sum distribution based on an option plan.  This
election is based on years of creditable service and age and is
subject to certain terms and conditions.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:11 am