HB 746 -- POLICE RETIREMENT SYSTEM OF ST. LOUIS

SPONSOR:  Franz

COMMITTEE ACTION:  Voted "do pass" by the Special Committee on
Retirement by a vote of 8 to 0.

This bill increases the supplemental benefit that retired members
of the Police Retirement System of St. Louis receive from $10 to
$15 per month multiplied by the number of years the member's age
exceeds 60 years.

Beginning October 1, 2007, the aggregate method of calculating
the actuarial value of retirement benefits will change to the
entry age normal funding method.  The actuarial valuation
projection will be amortized over a 30-year period.

FISCAL NOTE:  No impact on state funds in FY 2008, FY 2009, and
FY 2010.

PROPONENTS:  Supporters say that the bill changes the funding
methodology on the recommendation of the Governmental Accounting
Standards Board to save the system money.  The bill also gives a
moderate increase to those members whose benefits have been
capped since 1976.

Testifying for the bill were Representative Franz; Police
Retirement System of St. Louis; and Claire West, City of St.
Louis Task Force on Pensions.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:20 am