HCS HB 804 -- COUNTY EMPLOYEES' RETIREMENT SYSTEM

SPONSOR:  Smith (118)

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

This substitute allows the board of the County Employees'
Retirement System to determine if an additional benefit or
enhancement improving the quality of life of future retirees is
actuarially feasible.  Benefit adjustments cannot be made until
the retirement plan is 80% funded.  Adjustments cannot be made
more than once every 12 months and cannot increase the
contribution rate by more than 1%.  Adjustments, other than
cost-of-living increases, will apply only to active employees.

FISCAL NOTE:  No impact on state funds in FY 2006, FY 2007, and
FY 2008.

PROPONENTS:  Supporters say that the bill will allow the
retirement board to make benefit enhancements without requesting
the legislature to make a change.  Benefit enhancements cannot be
made more than once a year and only if the system is actuarially
sound.  The concept was developed at the request of the
legislature.

Testifying for the bill were Representative Smith (118); and
County Employees' Retirement System.

OPPONENTS:  There was no opposition voiced to the committee.

Marc Webb, Legislative Analyst

Missouri House of Representatives
93rd General Assembly, 1st Regular Session
Last Updated August 25, 2005 at 1:20 pm