Bill > HB2884

This bill modifies provisions related to certain appointments to the board of trustees of the Police Retirement System of the City of St. Louis, and also makes changes to how overpayments are handled and when they can be recovered by retirement systems, and clarifies that public pension systems cannot use their funds to advocate for or against political candidates or ballot measures. Specifically, for the Police Retirement System of the City of St. Louis, the mayor's appointments will have staggered terms starting October 1, 2026, and the mayor cannot appoint the police chief or the city's director of public safety; additionally, appointed members will continue to serve until their successors are named. The bill also allows retirement systems to accept installment payments to recover overpayments and sets a ten-year limit for correcting errors unless fraud is involved, with an exception for a lump sum payment option for certain members of the retirement system that will be available until January 1, 2027. Furthermore, the bill establishes that seven members of the board of trustees for the public school retirement system are needed for a quorum and for any action to be effective.