Bill > HB1329

This bill modifies retirement system provisions by introducing a one-time supplemental payment for retired members of a specific pension system (governed by sections 169.410 to 169.542). The bill restricts retirement plans from implementing additional benefit increases unless they meet certain funding criteria, specifically requiring a funded ratio of at least 80% before and after such increases. The one-time supplemental payment will be available subject to state appropriations, with a maximum payment of either the retired member's full gross monthly pension benefit or $2,000, whichever is less. The payment will be distributed no later than September 30, 2026, and will be in addition to the regular monthly pension benefit. To be eligible, a retired member must be receiving a standard retirement pension benefit in the month prior to the supplemental payment. The state is required to appropriate funds equal to the cost of the supplemental payment, and if the funds are not transferred, the board of trustees cannot issue the payment. Additionally, the bill includes provisions for amortizing unfunded actuarial accrued liabilities and requires plans with funded ratios below 60% to prepare an accelerated contribution schedule.

https://house.mo.gov/Bill.aspx?bill=HB1329&year=2025&code=R