Bill > SB514

This bill modifies several provisions of the Missouri Local Government Employees' Retirement System (LAGERS), focusing on membership, retirement benefits, disability retirement, contributions, and investment practices. The bill updates the system's membership rules to clarify who can become a member, including employees of political subdivisions, policemen, and firemen. It details various benefit programs (L-1 through L-14) with different retirement allowance calculations based on percentage of final average salary and years of credited service. The bill also expands the board of trustees' investment powers, allowing more flexibility in investment strategies, including investing in real estate and collective real estate funds. Additionally, the bill increases the timeframe for unclaimed contributions from three to ten years and provides more detailed guidelines for investment fiduciaries, emphasizing the need to act prudently and consider the system's long-term financial objectives. The changes aim to provide more comprehensive and adaptable retirement benefits and investment management for local government employees in Missouri.

Government Affairs

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=622361