Bill > SB1258

This bill modifies the retirement allowance multiplier for certain members of the Public School Retirement System. Specifically, the bill changes the percentage of final average salary that members receive for each year of membership service based on their total years of creditable service. For members with 29 to 33 years of service who have not yet reached age 55, the bill introduces graduated multipliers ranging from 2.4% to 2.6% per year of service. For members with 32 or 33 years of service regardless of age, the bill sets the multiplier at 2.55% and 2.6% respectively. These changes are designed to provide slightly higher retirement benefits for public school employees with long-term service, particularly those who may retire before reaching age 55. The bill does not change the fundamental structure of the retirement system but instead fine-tunes the calculation of retirement allowances to provide marginally improved benefits for members with substantial years of service.

Government Affairs

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=535