Bill > SB474

This bill modifies the retirement allowance multiplier for certain members of the Public School Retirement System of Missouri by adjusting the percentage of final average salary used to calculate retirement benefits for members with specific years of creditable service. Specifically, the bill adds two new provisions to the existing retirement calculation framework: members with 29 years of creditable service will now receive 2.4% of their final average salary per year of membership service, and members with 33 years of creditable service will receive 2.6% of their final average salary per year of membership service. These changes apply only to members who have not yet reached age 55, creating a more nuanced sliding scale for retirement benefits based on years of service. The bill aims to provide slightly enhanced retirement benefits for public school employees with longer service records, potentially improving retirement incentives and compensation for long-term educators. The modifications are part of the broader Public School Retirement System of Missouri, which determines retirement allowances based on factors such as age, years of service, and final average salary.

Government Affairs

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=53218