Bill > HB1504

This bill modifies the employer contribution rate for the Public School Retirement System of the City of St. Louis by changing how much employers must contribute to the system. For calendar year 2018, employers will contribute 16% of total member compensation, with the rate decreasing by 0.5% annually until 2025, when it will reach 12.5%. After 2025, the employer contribution rate will be set at 14% of total member compensation. The bill also makes adjustments to member contribution rates, increasing the percentage gradually for members hired before 2018 from 5% to 9% by 2018, and setting a 9% contribution rate for members hired on or after January 1, 2018. The bill includes provisions for how contributions are handled, such as allowing employers to pick up employee contributions and crediting individual member accounts. Due to the importance of maintaining the retirement system's financial stability, the bill is declared an emergency act and will go into effect immediately after passage and approval.

Government Affairs, Labor and Employment

https://house.mo.gov/Bill.aspx?bill=HB1504&year=2025&code=R