HB 2104 -- Public School Retirement Systems

Sponsor:  Viebrock

This bill changes the laws regarding the Public School Retirement
System of Missouri and the Public Employee Retirement System of
Missouri.  In its main provisions, the bill:

(1)  Allows the board of the retirement systems to maintain an
investment fund account to combine moneys from both systems for
investment purposes only.  The funds of each system will be
accounted for separately and for all other reporting purposes;

(2)  Allows a member when purchasing prior service credit who has
not paid the entire cost of the service by September 30 to have
the purchase price recalculated as of October 1 of the same year
instead of charging interest.  Currently, if a member has not
paid for the service by June 30, the purchase price will be
recalculated as of July 1;

(3)  Allows the retirement systems to prohibit or impose
requirements for purchasing service if necessary to comply with
federal law;

(4)  Specifies that benefits will be paid in the order of the
surviving spouse, surviving children equally, surviving parents
equally, or to the estate of the last person receiving benefits
if a member chooses a guaranteed payment option and no designated
beneficiary is living upon the death of the member;

(5)  Allows the retirement systems, to the extent determined
appropriate by the board of trustees, to indemnify and protect
any trustee or employee against liability claims.  No employee or
trustee will be entitled to indemnification for his or her gross
negligence or willful misconduct or unless written notice is
given to the board within 15 days of receiving a service of
process; and

(6)  Prohibits any additional nonprofit educational association
or organization from becoming a member of the retirement systems
beginning July 1, 2009.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:11 pm