Bill > HB404

This bill modifies the employer contribution rate for the Public School Retirement System of the City of St. Louis by adjusting the percentage of total compensation that employers must contribute. Specifically, for calendar year 2018, employers will contribute 16% of total compensation, and then this rate will decrease by 0.5% annually until calendar year 2025, when it will drop to 12.5%. After 2025, the employer contribution rate will be set at 14% of total compensation. The bill also updates member contribution rates, with members hired before January 1, 2018, gradually increasing their contributions from 5% to 9% over time, and members hired on or after January 1, 2018, immediately contributing 9% of their compensation. The bill includes provisions allowing employers to pick up employee contributions and specifies how contributions will be deducted and credited. The legislation is deemed an emergency act to ensure the financial stability of the retirement system, and it will go into effect on the first day of the month following its passage and approval.

Labor and Employment

https://house.mo.gov/Bill.aspx?bill=HB404&year=2025&code=R