Bill
Bill > HB976
summary
Introduced
01/22/2025
01/22/2025
In Committee
04/08/2025
04/08/2025
Crossed Over
Passed
Dead
05/16/2025
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)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://house.mo.gov/Bill.aspx?bill=HB976&year=2025&code=R |
Fiscal Note - 2097H.02C.ORG | https://documents.house.mo.gov/billtracking/bills251/fiscal/fispdf/2097H.02C.ORG.pdf |
Analysis - Summary: Committee | https://documents.house.mo.gov/billtracking/bills251/sumpdf/HB0976C.pdf |
BillText | https://documents.house.mo.gov/billtracking/bills251/hlrbillspdf/2097H.02C.pdf |
Fiscal Note - 2097H.01I.ORG | https://documents.house.mo.gov/billtracking/bills251/fiscal/fispdf/2097H.01I.ORG.pdf |
Analysis - Summary: Introduced | https://documents.house.mo.gov/billtracking/bills251/sumpdf/HB0976I.pdf |
BillText | https://documents.house.mo.gov/billtracking/bills251/hlrbillspdf/2097H.01I.pdf |
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