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MO HB976

MO HB976
Modifies provisions relating to public employee retirement systems


summary

Introduced
01/22/2025
In Committee
04/08/2025
Crossed Over
Passed
Dead
05/16/2025

Introduced Session

2025 Regular Session

Bill Summary

Modifies provisions relating to public employee retirement systems

AI Summary

This bill modifies provisions of the Missouri Local Government Employees' Retirement System (LAGERS) in several key ways. It updates the membership criteria for the retirement system, revising how employees, police officers, and firefighters become members based on their employment status and their political subdivision's election. The bill provides detailed descriptions of various benefit programs (L-1 through L-14) that determine retirement allowances, which are calculated as a percentage of a member's final average salary multiplied by years of credited service. It introduces provisions for temporary allowances for members retiring before specific age thresholds (62 or 65), and allows political subdivisions to elect different benefit programs with some restrictions on newer programs. The bill also expands the board's investment powers, allowing more flexibility in investment strategies, including the ability to invest in real estate and to hold closed meetings about financial matters. Additionally, the bill extends the time for unclaimed accumulated contributions from three to ten years and provides more detailed guidelines for investment fiduciaries, including considerations for investments that might enhance the state's general welfare. The changes aim to provide more comprehensive and flexible retirement system management while maintaining financial prudence and member benefits.

Committee Categories

Government Affairs, Labor and Employment

Sponsors (1)

Last Action

Dropped from Calendar - Pursuant to House Rules (H) (on 05/06/2025)

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