HB 2221 -- Public School Retirement System of Kansas City

Sponsor:  Curls

This bill changes the laws regarding the Public School Retirement
System of Kansas City.  In its main provisions, the bill:

(1)  Revises the definition of "actuarial equivalent" to require
the formulas and tables in effect that are used to determine
actuarial equivalents to be in a written document maintained at
the system's office and treated for all purposes as part of the
documents governing the system.  The formulas and tables can be
changed if recommended by the system's actuary and approved by
the board of trustees (Section 169.270, RSMo);

(2)  Specifies that the system is intended to be a qualified plan
under federal law and requires the board of trustees of the
system to interpret the statutes governing the system and
administer the system consistently in all respects with that
intent.  System assets must be held in trust for the exclusive
benefit of its members and their beneficiaries and for reasonable
administrative costs (Section 169.280);

(3)  Specifies that the rights of all members to benefits accrued
to the date of termination or discontinuance, to the extent
funded at that time, will be fully vested and nonforfeitable if
the system is completely terminated or contributions are
discontinued (Section 169.301);

(4)  Specifies that any retired member of the system performing
substitute, part-time, or temporary employment for an employer in
the system cannot earn more than 50% of the annual salary or
wages earned prior to retirement adjusted for inflation and
continue to receive his or her retirement allowance.  Anyone
exceeding this limit will have his or her retirement allowance
suspended for any month in which the limit was exceeded and each
subsequent month he or she receives remuneration from any
employer in the system (Section 169.324); and

(5)  Allows any member or beneficiary who is entitled to receive
an eligible rollover distribution under federal law to elect to
have that distribution transferred to another eligible retirement
plan (Section 169.328).

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:13 pm