Modifies the contribution rate for the Public School Retirement System of the City of St. Louis
Impact
This bill has significant implications for how the Public School Retirement System operates financially. By modifying the contribution rates, the bill aims to enhance the system's funding ratio and ensure that liabilities are met efficiently. It establishes a structured approach towards determining the contributions based on ongoing actuarial evaluations and adjusts rates based on the financial health of the system, thereby impacting future funding and retirement benefits for active and retired members.
Summary
Senate Bill 1504 seeks to modify the contribution rate for the Public School Retirement System of the City of St. Louis. The bill replaces existing provisions under sections 169.410, 169.450, and 169.490, establishing new rules regarding the financial contributions required from both the members and the employing board. The intent is to ensure the retirement system's financial sustainability while aligning the contribution rates with actuarial assessments of required funding.
Contention
Some potential points of contention may arise from the new contribution structure. Stakeholders, specifically school administrators and employees, may raise concerns regarding the adequacy of pension benefits and whether the new rates would burden local educational budgets. Additionally, implementing these changes could lead to debates concerning the priorities in education funding and how contributions are allocated to balance both current operational costs and long-term retirement benefits.
Provides a one-time supplemental payment of pension benefits to eligible retired members of the Public School Retirement System of the City of St. Louis
Modifies provisions relating to Missouri Department of Transportation and Highway Patrol Employees' Retirement System and Missouri State Employees' Retirement System
Modifies provisions relating to prosecuting attorneys, including classification as state employees and the transfer of the Prosecuting Attorneys and Circuit Attorneys' Retirement System to the Missouri State Employees' Retirement System
Modifies the actuarial amortization and cost methods for the Missouri State Employees' Retirement System and the Missouri Department of Transportation and Highway Patrol Employees' Retirement System