Bill > HB44

This bill modifies provisions relating to income tax deductions for private pensions and makes several significant changes across multiple areas of Missouri state law. Specifically, the bill increases the maximum deduction for retirement allowances from privately funded sources from $6,000 to $12,000 for tax years beginning on or after January 1, 2026, and adjusts income thresholds for eligibility. It also makes substantial modifications to the Sheriffs' Retirement Fund, including changing contribution requirements and expanding investment authority. The bill establishes new provisions for investment practices, requiring boards to invest solely in the economic interest of plan participants and prohibiting investments in certain restricted entities, particularly those with connections to the People's Republic of China. Additionally, the bill alters how certain county reimbursements for prisoner incarceration are handled, mandating that a portion of these funds be directed to the Sheriffs' Retirement Fund. The legislation aims to provide more financial flexibility for retirees, enhance retirement system governance, and implement investment restrictions based on national security considerations.

Budget and Finance, Government Affairs, Labor and Employment

https://house.mo.gov/Bill.aspx?bill=HB44&year=2025&code=R