HB 152 -- Kansas City Police Retirement System

Co-Sponsors:  Johnson (47), Curls

Regarding the Kansas City Police Retirement System, this bill:

(1)  Requires benefits and conditions to always be adjusted to
qualify for tax-exempt status;

(2)  Requires a member's benefits to be 100% vested and
nonforfeitable upon the member's attainment of the normal
retirement age;

(3)  Requires the distribution of retirement benefits to begin no
later than April 1 of the year following the calendar year during
which the member becomes 70 1/2 years of age;

(4)  Prohibits benefits in excess of the limits set by Section
415 of the Internal Revenue Code;

(5)  Limits the total salary taken into account for any purpose
for any member to no more than $200,000 per year, subject to
adjustments permitted by the Internal Revenue Code;

(6)  Gives the Retirement Board authority to change actuarial
assumptions at any time annually, but a change in actuarial
assumptions may not result in any decrease in benefits accrued as
of the effective date of the change;

(7)  Allows a member or beneficiary to transfer an eligible
rollover distribution to another eligible retirement plan;

(8)  Gives the board authority to provide fiduciary liability
insurance; and

(9)  Makes other changes to conform with the Internal Revenue
Code.

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