HS HB 1455 -- PUBLIC RETIREMENT SYSTEMS (O'Toole)

This substitute makes several changes to public retirement
systems.

ST. LOUIS CITY POLICE RETIREMENT SYSTEM

The substitute:

(1)  Allows a member elected as chairman of the board of trustees
to serve without limit;

(2)  Clarifies the amount of service used in calculating
survivors' benefits for members with less than two years of
service in the Deferred Retirement Option Plan (DROP);

(3)  Allows for transportation fringe benefits to be included in
the definition of earned compensation;

(4)  Clarifies when interest is to be added to a DROP
distribution; and

(5)  Increases retired members benefits from $10.00 to $12.50
times the number of years past 60 years of age.

ST. LOUIS FIREFIGHTERS' RETIREMENT SYSTEM

The substitute allows members of the St. Louis Firefighters'
Retirement System at age 62 with five to 20 years of service to
apply for a service retirement allowance benefit.  The benefit
will be 2% times the years of service times the average final
compensation.  The member must be repaid the total amount of the
member's contribution, without interest.  The benefit is to be
paid in lieu of the refund of accumulated contributions.
Survivor benefits will be 50% of the member benefit or a refund
of accumulated contributions.  Members will also receive a
cost-of-living allowance of 5% per year for a maximum of five
years.

The substitute allows a minimum benefit of $525 per month to a
surviving spouse of a St. Louis firefighter if the surviving
spouse is receiving less than that amount currently.

The substitute also allows retired firefighters to receive a
minimum retirement benefit of $625.

MISSOURI STATE EMPLOYEES' RETIREMENT SYSTEM/HIGHWAY AND
TRANSPORTATION EMPLOYEES' AND HIGHWAY PATROL RETIREMENT SYSTEM

Under current law, a retired employee electing to retire under
the deferred retirement option must elect to take the entire
amount of eligible service.  The substitute allows the retiree to
elect to take any portion of the eligible service in 12-month
increments.

The substitute contains an emergency clause.

FISCAL NOTE:  No impact on state funds.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:01 am