Missouri 2023 Regular Session

Missouri House Bill HB155 Compare Versions

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1	1
2	2	EXPLANATION-Matter enclosed in bold-faced brackets [thus] in this bill is not enacted
3	3	and is intended to be omitted in the law.
4	4	FIRST REGULAR SESSION
5	5	SENATE COMMITTEE SUBSTITUTE FOR
6	6	HOUSE COMMITTEE SUBSTITUTE FOR
7	7	HOUSE BILL NO. 155
8	8	102ND GENERAL ASSEMBLY
9	9	0715S.06C KRISTINA MARTIN, Secretary
10	10	AN ACT
11	11	To repeal sections 86.253, 86.254, 86.280, 86.283, 86.287, 104.130, 104.380, 104.1039, 169.070,
12	12	169.331, 169.560, and 169.596, RSMo, and to enact in lieu thereof twenty-four new
13	13	sections relating to retirement systems.
14	14
15	15	Be it enacted by the General Assembly of the State of Missouri, as follows:
16	16	Section A. Sections 86.253 , 86.254, 86.280, 86.283, 1
17	17	86.287, 104.130, 104.380, 104.1039, 169.070, 169.331, 169.560, 2
18	18	and 169.596, RSMo, are repealed and twenty -four new sections 3
19	19	enacted in lieu thereof, to be known as sections 86.253, 86.254, 4
20	20	86.280, 86.283, 86.287, 104.380, 104.1039 , 168.082, 169.070, 5
21	21	169.331, 169.560, 169.596, 285.1000, 285.1005, 285.1010, 6
22	22	285.1015, 285.1020, 285.1025, 285.1030, 285.1035, 285.1040, 7
23	23	285.1045, 285.1050, and 285.1055, to read as follows:8
24	24	86.253. 1. Upon termination of employment as a police 1
25	25	officer and actual retirement for service, a member shall 2
26	26	receive a service retirement allowance which shall be an 3
27	27	amount equal to two percent of the member's average final 4
28	28	compensation multiplied by the number of years of the 5
29	29	member's creditable service , up to twenty-five years, plus 6
30	30	an amount equal to four percent of the member's average 7
31	31	final compensation for each year of creditable service in 8
32	32	excess of twenty-five years but not in excess of thirty 9
33	33	years; plus an additional five percent of the memb er's 10 SCS HCS HB 155 2
34	34	average final compensation for any creditable service in 11
35	35	excess of thirty years. Notwithstanding the foregoing, the 12
36	36	service retirement allowance of a member who does not earn 13
37	37	any creditable service after August 11, 1999, shall not 14
38	38	exceed an amount equal to seventy percent of the member's 15
39	39	average final compensation, and the service retirement 16
40	40	allowance of a member who earns creditable service on or 17
41	41	after August 12, 1999, shall not exceed an amount equal to 18
42	42	seventy-five percent of the member's average final 19
43	43	compensation; provided, however, that the service retirement 20
44	44	allowance of a member who is participating in the DROP 21
45	45	pursuant to section 86.251 on August 12, 1999, who returns 22
46	46	to active participation in the system pursuant to section 23
47	47	86.251, and who terminates employment as a police officer 24
48	48	and actually retires for reasons other than death or 25
49	49	disability before earning at least two years of creditable 26
50	50	service after such return shall be the sum of (1) the 27
51	51	member's service retirement allo wance as of the date the 28
52	52	member entered DROP and (2) an additional service retirement 29
53	53	allowance based solely on the creditable service earned by 30
54	54	the member following the member's return to active 31
55	55	participation. The member's total years of creditable 32
56	56	service shall be taken into account for the purpose of 33
57	57	determining whether the additional allowance attributable to 34
58	58	such additional creditable service is two percent, four 35
59	59	percent or five percent of the member's average final 36
60	60	compensation. 37
61	61	2. If, at any time since first becoming a member of 38
62	62	the retirement system, the member has served in the Armed 39
63	63	Forces of the United States, and has subsequently been 40
64	64	reinstated as a policeman within ninety days after the 41
65	65	member's discharge, the member shall b e granted credit for 42 SCS HCS HB 155 3
66	66	such service as if the member's service in the police 43
67	67	department of such city had not been interrupted by the 44
68	68	member's induction into the Armed Forces of the United 45
69	69	States. If earnable compensation is needed for such period 46
70	70	in computation of benefits it shall be calculated on the 47
71	71	basis of the compensation payable to the officers of the 48
72	72	member's rank during the period of the member's absence. 49
73	73	Notwithstanding any provision of sections 86.200 to 86.366 50
74	74	to the contrary, the retir ement system governed by sections 51
75	75	86.200 to 86.366 shall be operated and administered in 52
76	76	accordance with the applicable provisions of the Uniformed 53
77	77	Services Employment and Reemployment Rights Act of 1994, as 54
78	78	amended. 55
79	79	3. The service retirement all owance of each present 56
80	80	and future retired member who terminated employment as a 57
81	81	police officer and actually retired from service after 58
82	82	attaining age fifty-five or after completing twenty years of 59
83	83	creditable service shall be increased annually at a rate not 60
84	84	to exceed three percent as approved by the board of trustees 61
85	85	beginning with the first increase in the second October 62
86	86	following the member's retirement and subsequent increases 63
87	87	in each October thereafter, provided that each increase is 64
88	88	subject to a determination by the board of trustees that the 65
89	89	consumer price index (United States City Average Index) as 66
90	90	published by the United States Department of Labor shows an 67
91	91	increase of not less than the approved rate during the 68
92	92	latest twelve-month period for which the index is available 69
93	93	at the date of determination; and provided further, that if 70
94	94	the increase is in excess of the approved rate for any year, 71
95	95	such excess shall be accumulated as to any retired member 72
96	96	and increases may be granted in subsequen t years subject to 73
97	97	a maximum of three percent for each full year from October 74 SCS HCS HB 155 4
98	98	following the member's retirement but not to exceed a total 75
99	99	percentage increase of thirty percent. In no event shall 76
100	100	the increase described under this subsection be applied to 77
101	101	the amount, if any, paid to a member or surviving spouse of 78
102	102	a deceased member for services as a special consultant under 79
103	103	subsection 5 of this section [or, if applicable, subsection 80
104	104	6 of this section]. If the board of trustees determines 81
105	105	that the index has decreased for any year, the benefits of 82
106	106	any retired member that have been increased shall be 83
107	107	decreased but not below the member's initial benefit. No 84
108	108	annual increase shall be made of less than one percent and 85
109	109	no decrease of less than three pe rcent except that any 86
110	110	decrease may be limited in amount by the initial benefit. 87
111	111	4. In addition to any other retirement allowance 88
112	112	payable under this section and section 86.250, a member, 89
113	113	upon termination of employment as police officer and actual 90
114	114	service retirement, may request payment of the total amount 91
115	115	of the member's mandatory contributions to the retirement 92
116	116	system without interest. Upon receipt of such request, the 93
117	117	board shall pay the retired member such total amount of the 94
118	118	member's mandatory contributions to the retirement system to 95
119	119	be paid pursuant to this subsection within sixty days after 96
120	120	such retired member's date of termination of employment as a 97
121	121	police officer and actual retirement. 98
122	122	5. Any person who is receiving retirement benefits 99
123	123	from the retirement system, upon application to the board of 100
124	124	trustees, shall be made, constituted, appointed and employed 101
125	125	by the board of trustees as a special consultant on the 102
126	126	problems of retirement, aging and other matters, for the 103
127	127	remainder of the person's life or, in the case of a deceased 104
128	128	member's surviving spouse, until [the earlier of] the 105
129	129	person's death [or remarriage], and upon request of the 106 SCS HCS HB 155 5
130	130	board of trustees shall give opinions and be available to 107
131	131	give opinions in writing or o rally, in response to such 108
132	132	requests, as may be required. For such services the special 109
133	133	consultant shall be compensated monthly, in an amount which, 110
134	134	when added to any monthly retirement benefits being received 111
135	135	from the retirement system, including any cost-of-living 112
136	136	increases under subsection 3 of this section, shall total 113
137	137	six hundred fifty dollars a month. This employment shall in 114
138	138	no way affect any person's eligibility for retirement 115
139	139	benefits under this chapter, or in any way have the effect 116
140	140	of reducing retirement benefits, notwithstanding any 117
141	141	provisions of law to the contrary. 118
142	142	86.254. 1. Beginning July 1, 1994, in addition to any 1
143	143	other annuity, benefits, or retirement allowance provided 2
144	144	pursuant to sections 86.200 to 86.36 6, each present and 3
145	145	future retired member after attaining the age of sixty years 4
146	146	shall, upon application to the board of trustees, be made, 5
147	147	constituted, appointed and employed by the board of trustees 6
148	148	as an advisor on the problems of retirement, aging and other 7
149	149	matters, for the remainder of the retired member's life, and 8
150	150	upon request of the board of trustees shall give opinions in 9
151	151	writing or orally in response to such requests as may be 10
152	152	required. 11
153	153	2. For the performance of duties required in 12
154	154	subsection 1 of this section, each retired member employed 13
155	155	as an advisor by the board of trustees shall be compensated 14
156	156	monthly in an amount of ten dollars per month multiplied by 15
157	157	the number of years the retired member is past the age of 16
158	158	sixty years. The compensation provided by this subsection 17
159	159	shall be adjusted annually. No funding shall be required 18
160	160	prior to the effective date of this benefit. 19 SCS HCS HB 155 6
161	161	3. Beginning October 1, 1999, in addition to any other 20
162	162	benefit provided to any surviving spouse pursu ant to 21
163	163	sections 86.200 to 86.366, each present and future surviving 22
164	164	spouse of a member after attaining the age of sixty years 23
165	165	shall upon application to the board of trustees, be made, 24
166	166	constituted, appointed and employed by the board of trustees 25
167	167	as an advisor on the problems of retirement, aging and other 26
168	168	matters for the remainder of the surviving spouse's life [or 27
169	169	until the surviving spouse remarries, whichever is earlier ], 28
170	170	and upon request of the board of trustees shall give 29
171	171	opinions in writing or orally in response to such requests 30
172	172	as may be required. 31
173	173	4. For the performance of duties required in 32
174	174	subsection 3 of this section, each surviving spouse of a 33
175	175	member employed as an advisor by the board of trustees shall 34
176	176	be compensated monthly in an amount of ten dollars per month 35
177	177	multiplied by the number of years the surviving spouse is 36
178	178	past the age of sixty years. The compensation provided by 37
179	179	this subsection shall be adjusted annually. 38
180	180	86.280. Upon the receipt of proper pr oofs of the death 1
181	181	of a member in service and provided no other benefits are 2
182	182	payable under the retirement system, there shall be paid the 3
183	183	following benefits: 4
184	184	(1) Effective October 1, 1999, a pension to the 5
185	185	surviving spouse until the surviving spou se dies [or 6
186	186	remarries, whichever is earlier ], of forty percent of the 7
187	187	deceased member's average final compensation plus fifteen 8
188	188	percent of such compensation to, or for the benefit of, each 9
189	189	unmarried dependent child of the deceased member, who is 10
190	190	either under the age of eighteen, or who, regardless of age, 11
191	191	is totally and permanently mentally or physically disabled 12 SCS HCS HB 155 7
192	192	and incapacitated from engaging in gainful occupation 13
193	193	sufficient to support himself or herself; 14
194	194	(2) Any surviving spouse or unmarrie d dependent child 15
195	195	receiving benefits pursuant to the provisions of this 16
196	196	section immediately prior to October 1, 1999, shall, upon 17
197	197	application to the board of trustees, be made, constituted, 18
198	198	appointed and employed by the board of trustees as a special 19
199	199	consultant on the problems of retirement, aging and other 20
200	200	matters while the surviving spouse or unmarried dependent 21
201	201	child is receiving such benefits, and upon request of the 22
202	202	board of trustees shall give opinions in writing or orally 23
203	203	in response to such requests as may be required. Beginning 24
204	204	October 1, 1999, for such services as may be required, the 25
205	205	surviving spouse shall receive additional monthly 26
206	206	compensation in an amount equal to fifteen percent of the 27
207	207	deceased member's average final compensation , and there 28
208	208	shall be payable an additional monthly compensation of one 29
209	209	hundred dollars or five percent of the member's average 30
210	210	final compensation, whichever is greater, for each unmarried 31
211	211	dependent child of the member. The additional monthly 32
212	212	compensation payable to a surviving spouse pursuant to this 33
213	213	subdivision shall be adjusted for any cost -of-living 34
214	214	increases that apply, pursuant to subdivision (8) of this 35
215	215	section, to the benefit the surviving spouse was receiving 36
216	216	prior to October 1, 1999; 37
217	217	(3) If no surviving spouse benefits are payable 38
218	218	pursuant to subdivisions (1) and (2) of this section, such 39
219	219	total pension as would have been paid pursuant to 40
220	220	subdivisions (1) and (2) of this section had there been a 41
221	221	surviving spouse shall be divided a mong the unmarried 42
222	222	dependent children under age eighteen and such unmarried 43
223	223	dependent children, regardless of age, who are totally and 44 SCS HCS HB 155 8
224	224	permanently mentally or physically disabled and 45
225	225	incapacitated from engaging in a gainful occupation 46
226	226	sufficient to support themselves. The benefit shall be 47
227	227	divided equally among the eligible dependent children, and 48
228	228	the share of a child who is no longer eligible shall be 49
229	229	divided equally among the remaining eligible dependent 50
230	230	children; provided that not more than one -half of the 51
231	231	surviving spouse's benefit shall be paid for one child; 52
232	232	(4) If there is no surviving spouse or dependent 53
233	233	children, the return of accumulated contributions to the 54
234	234	designated beneficiary as set forth in section 86.293; 55
235	235	(5) No benefits pursuant to this section shall be paid 56
236	236	to a child over eighteen years of age who is totally and 57
237	237	permanently disabled if such child is a patient or resident 58
238	238	of a public-supported institution, nor shall such benefits 59
239	239	be paid unless such disability oc curred prior to such child 60
240	240	reaching the age of eighteen; 61
241	241	(6) Wherever any dependent child designated by the 62
242	242	board of trustees to receive benefits pursuant to this 63
243	243	section is in the care of the surviving spouse of the 64
244	244	deceased member, such benefit s may be paid to such surviving 65
245	245	spouse for the child; 66
246	246	(7) Any benefit payable to, or for the benefit of, a 67
247	247	child or children under the age of eighteen years pursuant 68
248	248	to subdivisions (1) to (3) of this section shall continue to 69
249	249	be paid beyond the age of eighteen years through the age of 70
250	250	twenty-two years if the child is a full -time student at a 71
251	251	regularly accredited college, business school, nursing 72
252	252	school, school for technical or vocational training, or 73
253	253	university, but such extended benefit shal l cease whenever 74
254	254	the child ceases to be a student. A college or university 75
255	255	shall be deemed to be regularly accredited which maintains 76 SCS HCS HB 155 9
256	256	membership in good standing in a national or regional 77
257	257	accrediting agency recognized by any state college or 78
258	258	university; 79
259	259	(8) The benefits payable pursuant to this section to 80
260	260	the surviving spouse of a member who died in service after 81
261	261	attaining the age of fifty -five or completing twenty years 82
262	262	of creditable service shall be increased in the same 83
263	263	percentages and pursuant to the same method as is provided 84
264	264	in section 86.253 for adjustments in the service retirement 85
265	265	allowance of a retired member ; 86
266	266	(9) In the event a surviving spouse receiving death 87
267	267	benefits as a result of a prior marriage to a deceased 88
268	268	member subsequently remarries another member who also 89
269	269	predeceases the surviving spouse, the surviving spouse shall 90
270	270	receive a single death benefit pension, which, upon 91
271	271	application to the board of trustees, shall be computed 92
272	272	under subdivision (1) of this sectio n using the highest of 93
273	273	the average final compensations of the deceased members to 94
274	274	which the surviving spouse was previously married; 95
275	275	(10) Beginning on August 28, 2023, any surviving 96
276	276	spouse that had, prior to August 28, 2023, become ineligible 97
277	277	for benefits under subdivisions (1) and (2) of this section 98
278	278	as a result of remarrying shall, upon application to the 99
279	279	board of trustees, have reinstated all future benefits under 100
280	280	subdivisions (1) and (2) of this section. Any such 101
281	281	reinstatement shall be as to future benefits only and shall 102
282	282	not be retroactive prior to August 28, 2023 . 103
283	283	86.283. Upon receipt of proper proofs of the death of 1
284	284	a retired member who retired while in service, including 2
285	285	retirement for service, ordinary disabilit y or accidental 3
286	286	disability, and provided no other benefits are payable from 4 SCS HCS HB 155 10
287	287	the retirement system, there shall be paid the following 5
288	288	benefits: 6
289	289	(1) Effective October 1, 1999, a pension to the 7
290	290	surviving spouse until the surviving spouse dies [or 8
291	291	remarries, whichever is earlier ], of forty percent of the 9
292	292	deceased member's average final compensation plus fifteen 10
293	293	percent of such compensation to, or for the benefit of, each 11
294	294	unmarried dependent child of the deceased member, who is 12
295	295	either under the age of eighteen, or who, regardless of age, 13
296	296	is totally and permanently mentally or physically disabled 14
297	297	and incapacitated from engaging in a gainful occupation 15
298	298	sufficient to support himself or herself; 16
299	299	(2) Any surviving spouse or unmarried dependent child 17
300	300	receiving benefits pursuant to this section immediately 18
301	301	prior to October 1, 1999, shall upon application to the 19
302	302	board of trustees be made, constituted, appointed and 20
303	303	employed by the board of trustees as a special consultant on 21
304	304	the problems of retirement, aging and other matters while 22
305	305	the surviving spouse or unmarried dependent child is 23
306	306	receiving such benefits, and upon request of the board of 24
307	307	trustees shall give opinions in writing or orally in 25
308	308	response to such requests as may be required. Beginning 26
309	309	October 1, 1999, for such services as may be required, a 27
310	310	surviving spouse shall receive additional monthly 28
311	311	compensation equal to the amount which when added to the 29
312	312	benefits the surviving spouse was receiving pursuant to this 30
313	313	section prior to October 1, 1999, determined without regard 31
314	314	to any increase applied to such benefits prior to October 1, 32
315	315	1999, pursuant to subdivision (8) of this section, will 33
316	316	increase the surviving spouse's total monthly payment 34
317	317	pursuant to this section to forty perc ent of the deceased 35
318	318	member's average final compensation, and there shall be 36 SCS HCS HB 155 11
319	319	payable an additional monthly compensation of one hundred 37
320	320	dollars or five percent of the member's average final 38
321	321	compensation, whichever is greater, for each unmarried 39
322	322	dependent child of the member. The additional monthly 40
323	323	compensation payable to a surviving spouse pursuant to this 41
324	324	subdivision shall be adjusted for any cost -of-living 42
325	325	increases that apply to the benefit the surviving spouse was 43
326	326	receiving prior to October 1, 1 999; 44
327	327	(3) If no surviving spouse benefits are payable 45
328	328	pursuant to subdivisions (1) and (2) of this section, such 46
329	329	total pension as would have been paid pursuant to 47
330	330	subdivisions (1) and (2) of this section had there been a 48
331	331	surviving spouse, determin ed without regard to any increase 49
332	332	which would have applied to the surviving spouse's benefits 50
333	333	pursuant to subdivision (8) of this section, shall be 51
334	334	divided among the unmarried dependent children under age 52
335	335	eighteen and unmarried dependent children, rega rdless of 53
336	336	age, who are totally and permanently mentally or physically 54
337	337	disabled and incapacitated from engaging in a gainful 55
338	338	occupation sufficient to support themselves. The benefit 56
339	339	shall be divided equally among the eligible dependent 57
340	340	children, and the share of a child who is no longer eligible 58
341	341	shall be divided equally among the remaining eligible 59
342	342	dependent children; provided that not more than one -half of 60
343	343	the surviving spouse's benefits shall be paid for one child; 61
344	344	(4) No benefits pursuant t o this section shall be paid 62
345	345	to a child over eighteen years of age who is totally and 63
346	346	permanently disabled if such child is a patient or resident 64
347	347	of a public-supported institution, nor shall such benefits 65
348	348	be paid unless such disability occurred prior t o such child 66
349	349	reaching the age of eighteen; 67 SCS HCS HB 155 12
350	350	(5) Whenever any dependent child designated by the 68
351	351	board of trustees to receive benefits pursuant to this 69
352	352	section is in the care of the surviving spouse of the 70
353	353	deceased member, such benefits may be paid to such surviving 71
354	354	spouse for the child; 72
355	355	(6) In the event of the death of a retired member 73
356	356	receiving accidental disability benefits before such 74
357	357	benefits have been paid for five years, the member's 75
358	358	surviving spouse until the surviving spouse dies [or 76
359	359	remarries, whichever is earlier ], shall receive an 77
360	360	additional pension of ten percent of the deceased member's 78
361	361	final average compensation; 79
362	362	(7) Any benefit payable to, or for the benefit of, a 80
363	363	child or children under the age of eighteen years pu rsuant 81
364	364	to subdivisions (1) to (3) of this section shall continue to 82
365	365	be paid beyond the age of eighteen years through the age of 83
366	366	twenty-two years if the child is a full -time student at a 84
367	367	regularly accredited college, business school, nursing 85
368	368	school, school for technical or vocational training, or 86
369	369	university, but such extended benefit shall cease whenever 87
370	370	the child ceases to be a student. A college or university 88
371	371	shall be deemed to be regularly accredited which maintains 89
372	372	membership in good standing i n a national or regional 90
373	373	accrediting agency recognized by any state college or 91
374	374	university; 92
375	375	(8) The benefits payable pursuant to this section to 93
376	376	the surviving spouse of a retired member who received or was 94
377	377	entitled to receive a service retirement allowance shall be 95
378	378	increased in the same percentages and pursuant to the same 96
379	379	method as is provided in section 86.253 for adjustments in 97
380	380	the service retirement allowance of a retired member ; 98 SCS HCS HB 155 13
381	381	(9) In the event a surviving spouse receiving death 99
382	382	benefits as a result of a prior marriage to a deceased 100
383	383	member subsequently remarries another member who also 101
384	384	predeceases the surviving spouse, the surviving spouse shall 102
385	385	receive a single death benefit pension, which, upon 103
386	386	application to the board of trust ees, shall be computed 104
387	387	under subdivision (1) of this section using the highest of 105
388	388	the average final compensations of the deceased members to 106
389	389	which the surviving spouse was previously married; 107
390	390	(10) Beginning on August 28, 2023, any surviving 108
391	391	spouse that had, prior to August 28, 2023, become ineligible 109
392	392	for benefits under subdivisions (1), (2), and (6) of this 110
393	393	section as a result of remarrying shall, upon application to 111
394	394	the board of trustees, have reinstated all future benefits 112
395	395	under subdivisions (1), (2), and (6) of this section. Any 113
396	396	such reinstatement shall be as to future benefits only and 114
397	397	shall not be retroactive prior to August 28, 2023 . 115
398	398	86.287. Upon the receipt by the board of trustees of 1
399	399	evidence and proof that the d eath of a member was the 2
400	400	natural and proximate result of an accident occurring at 3
401	401	some definite time and place while the member was in the 4
402	402	actual performance of duty and not caused by negligence on 5
403	403	the part of the member, there shall be paid in lieu of the 6
404	404	benefits pursuant to sections 86.280 to 86.283: 7
405	405	(1) Effective October 1, 1999, a pension to the 8
406	406	surviving spouse until the surviving spouse dies [or 9
407	407	remarries, whichever is earlier ], of seventy-five percent of 10
408	408	the deceased member's average f inal compensation plus 11
409	409	fifteen percent of such compensation to, or for the benefit 12
410	410	of, each unmarried dependent child of the deceased member, 13
411	411	who is either under the age of eighteen, or who, regardless 14
412	412	of age, is totally and permanently disabled and 15 SCS HCS HB 155 14
413	413	incapacitated from engaging in a gainful occupation 16
414	414	sufficient to support himself or herself; 17
415	415	(2) Any surviving spouse or unmarried dependent child 18
416	416	receiving benefits pursuant to this section immediately 19
417	417	prior to October 1, 1999, shall upon applica tion to the 20
418	418	board of trustees be made, constituted, appointed and 21
419	419	employed by the board of trustees as a special consultant on 22
420	420	the problems of retirement, aging and other matters while 23
421	421	the surviving spouse or unmarried dependent child is 24
422	422	receiving such benefits, and upon request of the board of 25
423	423	trustees shall give opinions in writing or orally in 26
424	424	response to such requests as may be required. Beginning 27
425	425	October 1, 1999, for such services as may be required, a 28
426	426	surviving spouse shall receive additiona l monthly 29
427	427	compensation equal to the amount which when added to the 30
428	428	benefits the surviving spouse was receiving pursuant to this 31
429	429	section prior to October 1, 1999, will increase the 32
430	430	surviving spouse's total monthly benefit payment pursuant to 33
431	431	this section to seventy-five percent of the deceased 34
432	432	member's average final compensation, and there shall be 35
433	433	payable an additional monthly compensation of one hundred 36
434	434	dollars or five percent of the member's average final 37
435	435	compensation, whichever is greater, for e ach unmarried 38
436	436	dependent child of the member; 39
437	437	(3) If no surviving spouse benefits are payable 40
438	438	pursuant to subdivisions (1) and (2) of this section, such 41
439	439	total pension as would have been paid pursuant to 42
440	440	subdivisions (1) and (2) of this section had there been a 43
441	441	surviving spouse shall be divided among the unmarried 44
442	442	dependent children under age eighteen and such unmarried 45
443	443	dependent children, regardless of age, who are totally and 46
444	444	permanently disabled and incapacitated from engaging in a 47 SCS HCS HB 155 15
445	445	gainful occupation sufficient to support themselves. The 48
446	446	benefit shall be divided equally among the eligible 49
447	447	dependent children, and the share of a child who is no 50
448	448	longer eligible shall be divided equally among the remaining 51
449	449	eligible dependent children; provid ed that not more than one - 52
450	450	half of the surviving spouse's benefit shall be paid for one 53
451	451	child; 54
452	452	(4) If there is no surviving spouse or unmarried 55
453	453	dependent children of either class mentioned in subdivision 56
454	454	(3) of this section, then an amount equal t o the surviving 57
455	455	spouse's benefit shall be paid to the member's dependent 58
456	456	father or dependent mother to continue until remarriage or 59
457	457	death; 60
458	458	(5) No benefits pursuant to this section shall be paid 61
459	459	to a child over eighteen years of age who is totally and 62
460	460	permanently disabled if such child is a patient or resident 63
461	461	of a public-supported institution, nor shall such benefits 64
462	462	be paid unless such disability occurred prior to such child 65
463	463	reaching the age of eighteen; 66
464	464	(6) Wherever any dependent child designated by the 67
465	465	board of trustees to receive benefits pursuant to this 68
466	466	section is in the care of the surviving spouse of the 69
467	467	deceased member, such benefits may be paid to such surviving 70
468	468	spouse for the child; 71
469	469	(7) Any benefit payable to, or for the benefit of, a 72
470	470	child or children under the age of eighteen years pursuant 73
471	471	to subdivisions (1) to (3) of this section shall continue to 74
472	472	be paid beyond the age of eighteen years through the age of 75
473	473	twenty-two years in those cases where the child is a f ull- 76
474	474	time student at a regularly accredited college, business 77
475	475	school, nursing school, school for technical or vocational 78
476	476	training, or university, but such extended benefit shall 79 SCS HCS HB 155 16
477	477	cease whenever the child ceases to be a student. A college 80
478	478	or university shall be deemed to be regularly accredited 81
479	479	which maintains membership in good standing in a national or 82
480	480	regional accrediting agency recognized by any state college 83
481	481	or university; 84
482	482	(8) In the event a surviving spouse receiving death 85
483	483	benefits as a result of a prior marriage to a deceased 86
484	484	member subsequently remarries another member who also 87
485	485	predeceases the surviving spouse, the surviving spouse shall 88
486	486	receive a single death benefit pension, which, upon 89
487	487	application to the board of trustees, shall b e computed 90
488	488	under subdivision (1) of this section using the highest of 91
489	489	the average final compensations of the deceased members to 92
490	490	which the surviving spouse was previously married; 93
491	491	(9) Beginning on August 28, 2023, any surviving spouse 94
492	492	that had, prior to August 28, 2023, become ineligible for 95
493	493	benefits under subdivisions (1) and (2) of this section as a 96
494	494	result of remarrying shall, upon application to the board of 97
495	495	trustees, have reinstated all future benefits under 98
496	496	subdivisions (1) and (2) of thi s section. Any such 99
497	497	reinstatement shall be as to future benefits only and shall 100
498	498	not be retroactive prior to August 28, 2023 . 101
499	499	104.380. 1. If a retired member is elected to any 1
500	500	state office or is appointed to any state office or is 2
501	501	employed by a department in a position normally requiring 3
502	502	the performance by the person of duties during not less than 4
503	503	one thousand forty hours per year, the member shall not 5
504	504	receive an annuity for any month or part of a month for 6
505	505	which the member serv es as an officer or employee [, but] 7
506	506	except, notwithstanding the provisions of section 105.684 to 8
507	507	the contrary, those retired members serving as a member of 9 SCS HCS HB 155 17
508	508	the general assembly under section 104.370 or an elected 10
509	509	state official under section 104.371. 11
510	510	2. Upon reemployment under subsection 1 of this 12
511	511	section, the member shall be considered to be a new employee 13
512	512	with no previous creditable service and must accrue 14
513	513	creditable service continuously for at least one year in 15
514	514	order to receive any addition al annuity. Any retired member 16
515	515	who again becomes an employee and who accrues additional 17
516	516	creditable service and later retires shall receive an 18
517	517	additional amount of monthly annuity calculated to include 19
518	518	only the creditable service and the average compen sation 20
519	519	earned by the member since such employment or creditable 21
520	520	service earned as a member of the general assembly. Years 22
521	521	of membership service and twelfths of a year are to be used 23
522	522	in calculating any additional annuity except for creditable 24
523	523	service earned as a member of the general assembly, and such 25
524	524	additional annuity shall be based on the type of service 26
525	525	accrued. In either event, the original annuity and the 27
526	526	additional annuity, if any, shall be paid commencing with 28
527	527	the end of the first month a fter the month during which the 29
528	528	member's term of office has been completed, or the member's 30
529	529	employment terminated. If a retired member is employed by a 31
530	530	department in a position that does not normally require the 32
531	531	person to perform duties during at leas t one thousand forty 33
532	532	hours per year, the member shall not be considered an 34
533	533	employee as defined pursuant to section 104.010. A retired 35
534	534	member who becomes reemployed as an employee on or after 36
535	535	August 28, 2001, in a position covered by the Missouri 37
536	536	department of transportation and highway patrol employees' 38
537	537	retirement system shall not be eligible to receive 39
538	538	retirement benefits or additional creditable service from 40
539	539	the state employees' retirement system. Annual benefit 41 SCS HCS HB 155 18
540	540	increases paid under section 104 .415 shall not accrue while 42
541	541	a retired member is employed as described in this section 43
542	542	except, notwithstanding the provisions of section 105.684 to 44
543	543	the contrary, those retired members serving as a member of 45
544	544	the general assembly under section 104.370 or an elected 46
545	545	state official under section 104.371 . Any future annual 47
546	546	benefit increases paid after the member terminates such 48
547	547	employment will be paid in the same month as the member's 49
548	548	original annual benefit increases were paid. Benefits paid 50
549	549	under subsection 3 of section 104.374 are not applicable to 51
550	550	any additional annuity paid under this section. 52
551	551	104.1039. If a retiree is employed as an employee by a 1
552	552	department, the retiree shall not receive an annuity payment 2
553	553	for any calendar month in which the retiree is so employed 3
554	554	except, notwithstanding the provisions of section 105.684 to 4
555	555	the contrary, those retirees serving as a member of the 5
556	556	general assembly or as a statewide elected official under 6
557	557	section 104.1084. While reemployed the retiree shall be 7
558	558	considered to be a new employee with no previous credited 8
559	559	service and must accrue credited service continuously for at 9
560	560	least one year in order to receive any additional annuity. 10
561	561	Such retiree shall receive an additional annuity in addition 11
562	562	to the original annuity, calculated based only on the 12
563	563	credited service and the pay earned by such retiree during 13
564	564	reemployment and paid in accordance with the annuity option 14
565	565	originally elected; provided such retiree who ceases to 15
566	566	receive an annuity pursuant to this section shall not 16
567	567	receive such additional annuity if such retiree is employed 17
568	568	by a department in a position that is covered by a state - 18
569	569	sponsored defined benefit retirement plan not created 19
570	570	pursuant to this chapter. The original annuity and any 20
571	571	additional annuity shall be paid commencing as of the end of 21 SCS HCS HB 155 19
572	572	the first month after the month during which the retiree's 22
573	573	reemployment terminates. Cost-of-living adjustments paid 23
574	574	under section 104.1045 shall not accrue while a retiree is 24
575	575	employed as described in this section except, 25
576	576	notwithstanding the provisions of section 105.684 to the 26
577	577	contrary, those retirees serving as a member of the general 27
578	578	assembly or as a statewide elected official under section 28
579	579	104.1084. Any future cost-of-living adjustments paid after 29
580	580	the retiree terminates such employment will be paid in the 30
581	581	same month as the retiree's original annual benefit 31
582	582	increases were paid. 32
583	583	168.082. Any person who was employed as a speech 1
584	584	implementer before A ugust 1, 2022, that is employed in a 2
585	585	position on or after August 28, 2023, as a speech -language 3
586	586	pathology assistant, shall be considered a speech 4
587	587	implementer for purposes of certification that the 5
588	588	department of elementary and secondary education requir ed 6
589	589	such person to hold before August 1, 2022, and for purposes 7
590	590	of consideration of Social Security coverage. Such person 8
591	591	shall not be considered a speech implementer, as described 9
592	592	in this section, when such person dies, retires, or no 10
593	593	longer works in a speech-language pathology assistant 11
594	594	position. The term "speech-language pathology assistant" as 12
595	595	used in this section shall have the same meaning as such 13
596	596	term is defined in section 345.015. 14
597	597	169.070. 1. The retirement allowance of a member 1
598	598	whose age at retirement is sixty years or more and whose 2
599	599	creditable service is five years or more, or whose sum of 3
600	600	age and creditable service equals eighty years or more, or 4
601	601	who has attained age fifty -five and whose creditable service 5
602	602	is twenty-five years or more or whose creditable service is 6
603	603	thirty years or more regardless of age, may be the sum of 7 SCS HCS HB 155 20
604	604	the following items, not to exceed one hundred percent of 8
605	605	the member's final average salary: 9
606	606	(1) Two and five-tenths percent of the mem ber's final 10
607	607	average salary for each year of membership service; 11
608	608	(2) Six-tenths of the amount payable for a year of 12
609	609	membership service for each year of prior service not 13
610	610	exceeding thirty years. 14
611	611	In lieu of the retirement allowance otherwise provid ed in 15
612	612	subdivisions (1) and (2) of this subsection, a member may 16
613	613	elect to receive a retirement allowance of: 17
614	614	(3) Two and four-tenths percent of the member's final 18
615	615	average salary for each year of membership service, if the 19
616	616	member's creditable servi ce is twenty-nine years or more but 20
617	617	less than thirty years, and the member has not attained age 21
618	618	fifty-five; 22
619	619	(4) Two and thirty-five-hundredths percent of the 23
620	620	member's final average salary for each year of membership 24
621	621	service, if the member's credi table service is twenty -eight 25
622	622	years or more but less than twenty -nine years, and the 26
623	623	member has not attained age fifty -five; 27
624	624	(5) Two and three-tenths percent of the member's final 28
625	625	average salary for each year of membership service, if the 29
626	626	member's creditable service is twenty -seven years or more 30
627	627	but less than twenty -eight years, and the member has not 31
628	628	attained age fifty-five; 32
629	629	(6) Two and twenty-five-hundredths percent of the 33
630	630	member's final average salary for each year of membership 34
631	631	service, if the member's creditable service is twenty -six 35
632	632	years or more but less than twenty -seven years, and the 36
633	633	member has not attained age fifty -five; 37 SCS HCS HB 155 21
634	634	(7) Two and two-tenths percent of the member's final 38
635	635	average salary for each year of membership se rvice, if the 39
636	636	member's creditable service is twenty -five years or more but 40
637	637	less than twenty-six years, and the member has not attained 41
638	638	age fifty-five; 42
639	639	(8) [Between July 1, 2001, and July 1, 2014, ] Two and 43
640	640	fifty-five hundredths percent of the memb er's final average 44
641	641	salary for each year of membership service, if the member's 45
642	642	creditable service is [thirty-one] thirty-two years or more 46
643	643	regardless of age. 47
644	644	2. In lieu of the retirement allowance provided in 48
645	645	subsection 1 of this section, a membe r whose age is sixty 49
646	646	years or more on September 28, 1975, may elect to have the 50
647	647	member's retirement allowance calculated as a sum of the 51
648	648	following items: 52
649	649	(1) Sixty cents plus one and five -tenths percent of 53
650	650	the member's final average salary for ea ch year of 54
651	651	membership service; 55
652	652	(2) Six-tenths of the amount payable for a year of 56
653	653	membership service for each year of prior service not 57
654	654	exceeding thirty years; 58
655	655	(3) Three-fourths of one percent of the sum of 59
656	656	subdivisions (1) and (2) of this subsection for each month 60
657	657	of attained age in excess of sixty years but not in excess 61
658	658	of age sixty-five. 62
659	659	3. (1) In lieu of the retirement allowance provided 63
660	660	either in subsection 1 or 2 of this section, collectively 64
661	661	called "option 1", a member who se creditable service is 65
662	662	twenty-five years or more or who has attained the age of 66
663	663	fifty-five with five or more years of creditable service may 67
664	664	elect in the member's application for retirement to receive 68
665	665	the actuarial equivalent of the member's retireme nt 69 SCS HCS HB 155 22
666	666	allowance in reduced monthly payments for life during 70
667	667	retirement with the provision that: 71
668	668	Option 2. 72
669	669	Upon the member's death the reduced retirement 73
670	670	allowance shall be continued throughout the life 74
671	671	of and paid to such person as has an insurable 75
672	672	interest in the life of the member as the member 76
673	673	shall have nominated in the member's election of 77
674	674	the option, and provided further that if the 78
675	675	person so nominated dies before the retired 79
676	676	member, the retirement allowance will be 80
677	677	increased to the amount th e retired member would 81
678	678	be receiving had the retired member elected 82
679	679	option 1; or 83
680	680	Option 3. 84
681	681	Upon the death of the member three -fourths of 85
682	682	the reduced retirement allowance shall be 86
683	683	continued throughout the life of and paid to 87
684	684	such person as has an insu rable interest in the 88
685	685	life of the member and as the member shall have 89
686	686	nominated in an election of the option, and 90
687	687	provided further that if the person so nominated 91
688	688	dies before the retired member, the retirement 92
689	689	allowance will be increased to the amount the 93
690	690	retired member would be receiving had the member 94
691	691	elected option 1; or 95
692	692	Option 4. 96
693	693	Upon the death of the member one -half of the 97
694	694	reduced retirement allowance shall be continued 98
695	695	throughout the life of, and paid to, such person 99
696	696	as has an insurable in terest in the life of the 100
697	697	member and as the member shall have nominated in 101 SCS HCS HB 155 23
698	698	an election of the option, and provided further 102
699	699	that if the person so nominated dies before the 103
700	700	retired member, the retirement allowance shall 104
701	701	be increased to the amount the re tired member 105
702	702	would be receiving had the member elected option 106
703	703	1; or 107
704	704	Option 5. 108
705	705	Upon the death of the member prior to the member 109
706	706	having received one hundred twenty monthly 110
707	707	payments of the member's reduced allowance, the 111
708	708	remainder of the one hundred tw enty monthly 112
709	709	payments of the reduced allowance shall be paid 113
710	710	to such beneficiary as the member shall have 114
711	711	nominated in the member's election of the option 115
712	712	or in a subsequent nomination. If there is no 116
713	713	beneficiary so nominated who survives the member 117
714	714	for the remainder of the one hundred twenty 118
715	715	monthly payments, the total of the remainder of 119
716	716	such one hundred twenty monthly payments shall 120
717	717	be paid to the surviving spouse, surviving 121
718	718	children in equal shares, surviving parents in 122
719	719	equal shares, or estat e of the last person, in 123
720	720	that order of precedence, to receive a monthly 124
721	721	allowance in a lump sum payment. If the total 125
722	722	of the one hundred twenty payments paid to the 126
723	723	retired individual and the beneficiary of the 127
724	724	retired individual is less than the tot al of the 128
725	725	member's accumulated contributions, the 129
726	726	difference shall be paid to the beneficiary in a 130
727	727	lump sum; or 131
728	728	Option 6. 132 SCS HCS HB 155 24
729	729	Upon the death of the member prior to the member 133
730	730	having received sixty monthly payments of the 134
731	731	member's reduced allowance, the remainder of the 135
732	732	sixty monthly payments of the reduced allowance 136
733	733	shall be paid to such beneficiary as the member 137
734	734	shall have nominated in the member's election of 138
735	735	the option or in a subsequent nomination. If 139
736	736	there is no beneficiary so nominated who 140
737	737	survives the member for the remainder of the 141
738	738	sixty monthly payments, the total of the 142
739	739	remainder of such sixty monthly payments shall 143
740	740	be paid to the surviving spouse, surviving 144
741	741	children in equal shares, surviving parents in 145
742	742	equal shares, or estate of th e last person, in 146
743	743	that order of precedence, to receive a monthly 147
744	744	allowance in a lump sum payment. If the total 148
745	745	of the sixty payments paid to the retired 149
746	746	individual and the beneficiary of the retired 150
747	747	individual is less than the total of the 151
748	748	member's accumulated contributions, the 152
749	749	difference shall be paid to the beneficiary in a 153
750	750	lump sum. 154
751	751	(2) The election of an option may be made only in the 155
752	752	application for retirement and such application must be 156
753	753	filed prior to the date on which the retiremen t of the 157
754	754	member is to be effective. If either the member or the 158
755	755	person nominated to receive the survivorship payments dies 159
756	756	before the effective date of retirement, the option shall 160
757	757	not be effective, provided that: 161
758	758	(a) If the member or a person r etired on disability 162
759	759	retirement dies after acquiring twenty -five or more years of 163
760	760	creditable service or after attaining the age of fifty -five 164 SCS HCS HB 155 25
761	761	years and acquiring five or more years of creditable service 165
762	762	and before retirement, except retirement with dis ability 166
763	763	benefits, and the person named by the member as the member's 167
764	764	beneficiary has an insurable interest in the life of the 168
765	765	deceased member, the designated beneficiary may elect to 169
766	766	receive either survivorship benefits under option 2 or a 170
767	767	payment of the accumulated contributions of the member. If 171
768	768	survivorship benefits under option 2 are elected and the 172
769	769	member at the time of death would have been eligible to 173
770	770	receive an actuarial equivalent of the member's retirement 174
771	771	allowance, the designated benef iciary may further elect to 175
772	772	defer the option 2 payments until the date the member would 176
773	773	have been eligible to receive the retirement allowance 177
774	774	provided in subsection 1 or 2 of this section; 178
775	775	(b) If the member or a person retired on disability 179
776	776	retirement dies before attaining age fifty -five but after 180
777	777	acquiring five but fewer than twenty -five years of 181
778	778	creditable service, and the person named as the member's 182
779	779	beneficiary has an insurable interest in the life of the 183
780	780	deceased member, the designated b eneficiary may elect to 184
781	781	receive either a payment of the member's accumulated 185
782	782	contributions, or survivorship benefits under option 2 to 186
783	783	begin on the date the member would first have been eligible 187
784	784	to receive an actuarial equivalent of the member's 188
785	785	retirement allowance, or to begin on the date the member 189
786	786	would first have been eligible to receive the retirement 190
787	787	allowance provided in subsection 1 or 2 of this section. 191
788	788	4. If the total of the retirement or disability 192
789	789	allowance paid to an individual b efore the death of the 193
790	790	individual is less than the accumulated contributions at the 194
791	791	time of retirement, the difference shall be paid to the 195
792	792	beneficiary of the individual, or to the surviving spouse, 196 SCS HCS HB 155 26
793	793	surviving children in equal shares, surviving parents in 197
794	794	equal shares, or estate of the individual in that order of 198
795	795	precedence. If an optional benefit as provided in option 2, 199
796	796	3 or 4 in subsection 3 of this section had been elected, and 200
797	797	the beneficiary dies after receiving the optional benefit, 201
798	798	and if the total retirement allowance paid to the retired 202
799	799	individual and the beneficiary of the retired individual is 203
800	800	less than the total of the contributions, the difference 204
801	801	shall be paid to the surviving spouse, surviving children in 205
802	802	equal shares, surviving parents in equal shares, or estate 206
803	803	of the beneficiary, in that order of precedence, unless the 207
804	804	retired individual designates a different recipient with the 208
805	805	board at or after retirement. 209
806	806	5. If a member dies and his or her financial 210
807	807	institution is unable to accept the final payment or 211
808	808	payments due to the member, the final payment or payments 212
809	809	shall be paid to the beneficiary of the member or, if there 213
810	810	is no beneficiary, to the surviving spouse, surviving 214
811	811	children in equal shares, surviving paren ts in equal shares, 215
812	812	or estate of the member, in that order of precedence, unless 216
813	813	otherwise stated. If the beneficiary of a deceased member 217
814	814	dies and his or her financial institution is unable to 218
815	815	accept the final payment or payments, the final payment o r 219
816	816	payments shall be paid to the surviving spouse, surviving 220
817	817	children in equal shares, surviving parents in equal shares, 221
818	818	or estate of the member, in that order of precedence, unless 222
819	819	otherwise stated. 223
820	820	6. If a member dies before receiving a retirem ent 224
821	821	allowance, the member's accumulated contributions at the 225
822	822	time of the death of the member shall be paid to the 226
823	823	beneficiary of the member or, if there is no beneficiary, to 227
824	824	the surviving spouse, surviving children in equal shares, 228 SCS HCS HB 155 27
825	825	surviving parents in equal shares, or to the estate of the 229
826	826	member, in that order of precedence; except that, no such 230
827	827	payment shall be made if the beneficiary elects option 2 in 231
828	828	subsection 3 of this section, unless the beneficiary dies 232
829	829	before having received benefits pur suant to that subsection 233
830	830	equal to the accumulated contributions of the member, in 234
831	831	which case the amount of accumulated contributions in excess 235
832	832	of the total benefits paid pursuant to that subsection shall 236
833	833	be paid to the surviving spouse, surviving child ren in equal 237
834	834	shares, surviving parents in equal shares, or estate of the 238
835	835	beneficiary, in that order of precedence. 239
836	836	7. If a member ceases to be a public school employee 240
837	837	as herein defined and certifies to the board of trustees 241
838	838	that such cessation i s permanent, or if the membership of 242
839	839	the person is otherwise terminated, the member shall be paid 243
840	840	the member's accumulated contributions with interest. 244
841	841	8. Notwithstanding any provisions of sections 169.010 245
842	842	to 169.141 to the contrary, if a member c eases to be a 246
843	843	public school employee after acquiring five or more years of 247
844	844	membership service in Missouri, the member may at the option 248
845	845	of the member leave the member's contributions with the 249
846	846	retirement system and claim a retirement allowance any time 250
847	847	after reaching the minimum age for voluntary retirement. 251
848	848	When the member's claim is presented to the board, the 252
849	849	member shall be granted an allowance as provided in sections 253
850	850	169.010 to 169.141 on the basis of the member's age, years 254
851	851	of service, and the provisions of the law in effect at the 255
852	852	time the member requests the member's retirement to become 256
853	853	effective. 257
854	854	9. The retirement allowance of a member retired 258
855	855	because of disability shall be nine -tenths of the allowance 259
856	856	to which the member's credi table service would entitle the 260 SCS HCS HB 155 28
857	857	member if the member's age were sixty, or fifty percent of 261
858	858	one-twelfth of the annual salary rate used in determining 262
859	859	the member's contributions during the last school year for 263
860	860	which the member received a year of creditab le service 264
861	861	immediately prior to the member's disability, whichever is 265
862	862	greater, except that no such allowance shall exceed the 266
863	863	retirement allowance to which the member would have been 267
864	864	entitled upon retirement at age sixty if the member had 268
865	865	continued to teach from the date of disability until age 269
866	866	sixty at the same salary rate. 270
867	867	10. Notwithstanding any provisions of sections 169.010 271
868	868	to 169.141 to the contrary, from October 13, 1961, the 272
869	869	contribution rate pursuant to sections 169.010 to 169.141 273
870	870	shall be multiplied by the factor of two -thirds for any 274
871	871	member of the system for whom federal Old Age and Survivors 275
872	872	Insurance tax is paid from state or local tax funds on 276
873	873	account of the member's employment entitling the person to 277
874	874	membership in the system . The monetary benefits for a 278
875	875	member who elected not to exercise an option to pay into the 279
876	876	system a retroactive contribution of four percent on that 280
877	877	part of the member's annual salary rate which was in excess 281
878	878	of four thousand eight hundred dollars but not in excess of 282
879	879	eight thousand four hundred dollars for each year of 283
880	880	employment in a position covered by this system between July 284
881	881	1, 1957, and July 1, 1961, as provided in subsection 10 of 285
882	882	this section as it appears in RSMo, 1969, shall be the sum 286
883	883	of: 287
884	884	(1) For years of service prior to July 1, 1946, six - 288
885	885	tenths of the full amount payable for years of membership 289
886	886	service; 290
887	887	(2) For years of membership service after July 1, 291
888	888	1946, in which the full contribution rate was paid, full 292 SCS HCS HB 155 29
889	889	benefits under the formula in effect at the time of the 293
890	890	member's retirement; 294
891	891	(3) For years of membership service after July 1, 295
892	892	1957, and prior to July 1, 1961, the benefits provided in 296
893	893	this section as it appears in RSMo, 1959; except that if the 297
894	894	member has at least thirty years of creditable service at 298
895	895	retirement the member shall receive the benefit payable 299
896	896	pursuant to that section as though the member's age were 300
897	897	sixty-five at retirement; 301
898	898	(4) For years of membership service after July 1, 302
899	899	1961, in which the two-thirds contribution rate was paid, 303
900	900	two-thirds of the benefits under the formula in effect at 304
901	901	the time of the member's retirement. 305
902	902	11. The monetary benefits for each other member for 306
903	903	whom federal Old Age and Survivors Insurance tax is or was 307
904	904	paid at any time from state or local funds on account of the 308
905	905	member's employment entitling the member to membership in 309
906	906	the system shall be the sum of: 310
907	907	(1) For years of service prior to July 1, 1946, six - 311
908	908	tenths of the full amount payable fo r years of membership 312
909	909	service; 313
910	910	(2) For years of membership service after July 1, 314
911	911	1946, in which the full contribution rate was paid, full 315
912	912	benefits under the formula in effect at the time of the 316
913	913	member's retirement; 317
914	914	(3) For years of membersh ip service after July 1, 318
915	915	1957, in which the two -thirds contribution rate was paid, 319
916	916	two-thirds of the benefits under the formula in effect at 320
917	917	the time of the member's retirement. 321
918	918	12. Any retired member of the system who was retired 322
919	919	prior to September 1, 1972, or beneficiary receiving 323
920	920	payments under option 1 or option 2 of subsection 3 of this 324 SCS HCS HB 155 30
921	921	section, as such option existed prior to September 1, 1972, 325
922	922	will be eligible to receive an increase in the retirement 326
923	923	allowance of the member of two perce nt for each year, or 327
924	924	major fraction of more than one -half of a year, which the 328
925	925	retired member has been retired prior to July 1, 1975. This 329
926	926	increased amount shall be payable commencing with January, 330
927	927	1976, and shall thereafter be referred to as the memb er's 331
928	928	retirement allowance. The increase provided for in this 332
929	929	subsection shall not affect the retired member's eligibility 333
930	930	for compensation provided for in section 169.580 or 169.585, 334
931	931	nor shall the amount being paid pursuant to these sections 335
932	932	be reduced because of any increases provided for in this 336
933	933	section. 337
934	934	13. If the board of trustees determines that the cost 338
935	935	of living, as measured by generally accepted standards, 339
936	936	increases two percent or more in the preceding fiscal year, 340
937	937	the board shall increase the retirement allowances which the 341
938	938	retired members or beneficiaries are receiving by two 342
939	939	percent of the amount being received by the retired member 343
940	940	or the beneficiary at the time the annual increase is 344
941	941	granted by the board with the provision th at the increases 345
942	942	provided for in this subsection shall not become effective 346
943	943	until the fourth January first following the member's 347
944	944	retirement or January 1, 1977, whichever later occurs, or in 348
945	945	the case of any member retiring on or after July 1, 2000, 349
946	946	the increase provided for in this subsection shall not 350
947	947	become effective until the third January first following the 351
948	948	member's retirement, or in the case of any member retiring 352
949	949	on or after July 1, 2001, the increase provided for in this 353
950	950	subsection shall not become effective until the second 354
951	951	January first following the member's retirement. Commencing 355
952	952	with January 1, 1992, if the board of trustees determines 356 SCS HCS HB 155 31
953	953	that the cost of living has increased five percent or more 357
954	954	in the preceding fiscal year, the boar d shall increase the 358
955	955	retirement allowances by five percent. The total of the 359
956	956	increases granted to a retired member or the beneficiary 360
957	957	after December 31, 1976, may not exceed eighty percent of 361
958	958	the retirement allowance established at retirement or as 362
959	959	previously adjusted by other subsections. If the cost of 363
960	960	living increases less than five percent, the board of 364
961	961	trustees may determine the percentage of increase to be made 365
962	962	in retirement allowances, but at no time can the increase 366
963	963	exceed five percent pe r year. If the cost of living 367
964	964	decreases in a fiscal year, there will be no increase in 368
965	965	allowances for retired members on the following January 369
966	966	first. 370
967	967	14. The board of trustees may reduce the amounts which 371
968	968	have been granted as increases to a memb er pursuant to 372
969	969	subsection 13 of this section if the cost of living, as 373
970	970	determined by the board and as measured by generally 374
971	971	accepted standards, is less than the cost of living was at 375
972	972	the time of the first increase granted to the member; except 376
973	973	that, the reductions shall not exceed the amount of 377
974	974	increases which have been made to the member's allowance 378
975	975	after December 31, 1976. 379
976	976	15. Any application for retirement shall include a 380
977	977	sworn statement by the member certifying that the spouse of 381
978	978	the member at the time the application was completed was 382
979	979	aware of the application and the plan of retirement elected 383
980	980	in the application. 384
981	981	16. Notwithstanding any other provision of law, any 385
982	982	person retired prior to September 28, 1983, who is receiving 386
983	983	a reduced retirement allowance under option 1 or option 2 of 387
984	984	subsection 3 of this section, as such option existed prior 388 SCS HCS HB 155 32
985	985	to September 28, 1983, and whose beneficiary nominated to 389
986	986	receive continued retirement allowance payments under the 390
987	987	elected option dies or has died, shall upon application to 391
988	988	the board of trustees have his or her retirement allowance 392
989	989	increased to the amount he or she would have been receiving 393
990	990	had the option not been elected, actuarially adjusted to 394
991	991	recognize any excessive benefits whic h would have been paid 395
992	992	to him or her up to the time of application. 396
993	993	17. Benefits paid pursuant to the provisions of the 397
994	994	public school retirement system of Missouri shall not exceed 398
995	995	the limitations of Section 415 of Title 26 of the United 399
996	996	States Code except as provided pursuant to this subsection. 400
997	997	Notwithstanding any other law to the contrary, the board of 401
998	998	trustees may establish a benefit plan pursuant to Section 402
999	999	415(m) of Title 26 of the United States Code. Such plan 403
1000	1000	shall be created solely for the purpose described in Section 404
1001	1001	415(m)(3)(A) of Title 26 of the United States Code. The 405
1002	1002	board of trustees may promulgate regulations necessary to 406
1003	1003	implement the provisions of this subsection and to create 407
1004	1004	and administer such benefit plan. 408
1005	1005	18. Notwithstanding any other provision of law to the 409
1006	1006	contrary, any person retired before, on, or after May 26, 410
1007	1007	1994, shall be made, constituted, appointed and employed by 411
1008	1008	the board as a special consultant on the matters of 412
1009	1009	education, retirement and agin g, and upon request shall give 413
1010	1010	written or oral opinions to the board in response to such 414
1011	1011	requests. As compensation for such duties the person shall 415
1012	1012	receive an amount based on the person's years of service so 416
1013	1013	that the total amount received pursuant to sections 169.010 417
1014	1014	to 169.141 shall be at least the minimum amounts specified 418
1015	1015	in subdivisions (1) to (4) of this subsection. In 419
1016	1016	determining the minimum amount to be received, the amounts 420 SCS HCS HB 155 33
1017	1017	in subdivisions (3) and (4) of this subsection shall be 421
1018	1018	adjusted in accordance with the actuarial adjustment, if 422
1019	1019	any, that was applied to the person's retirement allowance. 423
1020	1020	In determining the minimum amount to be received, beginning 424
1021	1021	September 1, 1996, the amounts in subdivisions (1) and (2) 425
1022	1022	of this subsection shall be adjusted in accordance with the 426
1023	1023	actuarial adjustment, if any, that was applied to the 427
1024	1024	person's retirement allowance due to election of an optional 428
1025	1025	form of retirement having a continued monthly payment after 429
1026	1026	the person's death. Notwithstanding any other provision of 430
1027	1027	law to the contrary, no person retired before, on, or after 431
1028	1028	May 26, 1994, and no beneficiary of such a person, shall 432
1029	1029	receive a retirement benefit pursuant to sections 169.010 to 433
1030	1030	169.141 based on the person's years of service less tha n the 434
1031	1031	following amounts: 435
1032	1032	(1) Thirty or more years of service, one thousand two 436
1033	1033	hundred dollars; 437
1034	1034	(2) At least twenty-five years but less than thirty 438
1035	1035	years, one thousand dollars; 439
1036	1036	(3) At least twenty years but less than twenty -five 440
1037	1037	years, eight hundred dollars; 441
1038	1038	(4) At least fifteen years but less than twenty years, 442
1039	1039	six hundred dollars. 443
1040	1040	19. Notwithstanding any other provisions of law to the 444
1041	1041	contrary, any person retired prior to May 26, 1994, and any 445
1042	1042	designated beneficiary of such a retired member who was 446
1043	1043	deceased prior to July 1, 1999, shall be made, constituted, 447
1044	1044	appointed and employed by the board as a special consultant 448
1045	1045	on the matters of education, retirement or aging and upon 449
1046	1046	request shall give written or oral opinions to the board in 450
1047	1047	response to such requests. Beginning September 1, 1996, as 451
1048	1048	compensation for such service, the member shall have added, 452 SCS HCS HB 155 34
1049	1049	pursuant to this subsection, to the member's monthly annuity 453
1050	1050	as provided by this section a dollar amount equal to t he 454
1051	1051	lesser of sixty dollars or the product of two dollars 455
1052	1052	multiplied by the member's number of years of creditable 456
1053	1053	service. Beginning September 1, 1999, the designated 457
1054	1054	beneficiary of the deceased member shall as compensation for 458
1055	1055	such service have adde d, pursuant to this subsection, to the 459
1056	1056	monthly annuity as provided by this section a dollar amount 460
1057	1057	equal to the lesser of sixty dollars or the product of two 461
1058	1058	dollars multiplied by the member's number of years of 462
1059	1059	creditable service. The total compensation provided by this 463
1060	1060	section including the compensation provided by this 464
1061	1061	subsection shall be used in calculating any future cost -of- 465
1062	1062	living adjustments provided by subsection 13 of this section. 466
1063	1063	20. Any member who has retired prior to July 1, 1998, 467
1064	1064	and the designated beneficiary of a deceased retired member 468
1065	1065	shall be made, constituted, appointed and employed by the 469
1066	1066	board as a special consultant on the matters of education, 470
1067	1067	retirement and aging, and upon request shall give written or 471
1068	1068	oral opinions to the board in response to such requests. As 472
1069	1069	compensation for such duties the person shall receive a 473
1070	1070	payment equivalent to eight and seven -tenths percent of the 474
1071	1071	previous month's benefit, which shall be added to the 475
1072	1072	member's or beneficiary's monthly annuity and which shall 476
1073	1073	not be subject to the provisions of subsections 13 and 14 of 477
1074	1074	this section for the purposes of the limit on the total 478
1075	1075	amount of increases which may be received. 479
1076	1076	21. Any member who has retired shall be made, 480
1077	1077	constituted, appointed and employed by the board as a 481
1078	1078	special consultant on the matters of education, retirement 482
1079	1079	and aging, and upon request shall give written or oral 483
1080	1080	opinions to the board in response to such request. As 484 SCS HCS HB 155 35
1081	1081	compensation for such duties, the beneficiar y of the retired 485
1082	1082	member, or, if there is no beneficiary, the surviving 486
1083	1083	spouse, surviving children in equal shares, surviving 487
1084	1084	parents in equal shares, or estate of the retired member, in 488
1085	1085	that order of precedence, shall receive as a part of 489
1086	1086	compensation for these duties a death benefit of five 490
1087	1087	thousand dollars. 491
1088	1088	22. Any member who has retired prior to July 1, 1999, 492
1089	1089	and the designated beneficiary of a retired member who was 493
1090	1090	deceased prior to July 1, 1999, shall be made, constituted, 494
1091	1091	appointed and employed by the board as a special consultant 495
1092	1092	on the matters of education, retirement and aging, and upon 496
1093	1093	request shall give written or oral opinions to the board in 497
1094	1094	response to such requests. As compensation for such duties, 498
1095	1095	the person shall have ad ded, pursuant to this subsection, to 499
1096	1096	the monthly annuity as provided by this section a dollar 500
1097	1097	amount equal to five dollars times the member's number of 501
1098	1098	years of creditable service. 502
1099	1099	23. Any member who has retired prior to July 1, 2000, 503
1100	1100	and the designated beneficiary of a deceased retired member 504
1101	1101	shall be made, constituted, appointed and employed by the 505
1102	1102	board as a special consultant on the matters of education, 506
1103	1103	retirement and aging, and upon request shall give written or 507
1104	1104	oral opinions to the boar d in response to such requests. As 508
1105	1105	compensation for such duties, the person shall receive a 509
1106	1106	payment equivalent to three and five -tenths percent of the 510
1107	1107	previous month's benefit, which shall be added to the member 511
1108	1108	or beneficiary's monthly annuity and wh ich shall not be 512
1109	1109	subject to the provisions of subsections 13 and 14 of this 513
1110	1110	section for the purposes of the limit on the total amount of 514
1111	1111	increases which may be received. 515 SCS HCS HB 155 36
1112	1112	24. Any member who has retired prior to July 1, 2001, 516
1113	1113	and the designated ben eficiary of a deceased retired member 517
1114	1114	shall be made, constituted, appointed and employed by the 518
1115	1115	board as a special consultant on the matters of education, 519
1116	1116	retirement and aging, and upon request shall give written or 520
1117	1117	oral opinions to the board in respon se to such requests. As 521
1118	1118	compensation for such duties, the person shall receive a 522
1119	1119	dollar amount equal to three dollars times the member's 523
1120	1120	number of years of creditable service, which shall be added 524
1121	1121	to the member's or beneficiary's monthly annuity and w hich 525
1122	1122	shall not be subject to the provisions of subsections 13 and 526
1123	1123	14 of this section for the purposes of the limit on the 527
1124	1124	total amount of increases which may be received. 528
1125	1125	169.331. 1. Notwithstanding any other provision of 1
1126	1126	sections 169.270 to 169.400 to the contrary, a retired 2
1127	1127	certificated teacher receiving a retirement benefit from the 3
1128	1128	retirement system established pursuant to sections 169.270 4
1129	1129	to 169.400 may, without losing his or her retirement 5
1130	1130	benefit, teach full time for up t o [two] four years for a 6
1131	1131	school district covered by such retirement system; provided 7
1132	1132	that the school district has a shortage of certified 8
1133	1133	teachers, as determined by the school district. The total 9
1134	1134	number of such retired certificated teachers shall not 10
1135	1135	exceed, at any one time, [fifteen] thirty certificated 11
1136	1136	teachers. 12
1137	1137	2. The employer's contribution rate shall be paid by 13
1138	1138	the hiring school district and the employee's contribution 14
1139	1139	rate shall be paid by the employee. 15
1140	1140	3. Any additional actuarial costs resulting from the 16
1141	1141	hiring of a retired certificated teacher pursuant to the 17
1142	1142	provisions of this section shall be paid by the hiring 18
1143	1143	school district. 19 SCS HCS HB 155 37
1144	1144	4. In order to hire teachers pursuant to the 20
1145	1145	provisions of this section, the school distric t shall: 21
1146	1146	(1) Show a good faith effort to fill positions with 22
1147	1147	nonretired certificated teachers; 23
1148	1148	(2) Post the vacancy for at least one month; 24
1149	1149	(3) Have not offered early retirement incentives for 25
1150	1150	either of the previous two years; 26
1151	1151	(4) Solicit applications through the local newspaper, 27
1152	1152	other media, or teacher education programs; 28
1153	1153	(5) Determine there is an insufficient number of 29
1154	1154	eligible applicants for the advertised position; and 30
1155	1155	(6) Declare a critical shortage of certificat ed 31
1156	1156	teachers that is active for one year. 32
1157	1157	5. Any person hired pursuant to this section shall be 33
1158	1158	included in the State Director of New Hires for purposes of 34
1159	1159	income and eligibility verification pursuant to 42 U.S.C. 35
1160	1160	Section 1320b-7. 36
1161	1161	169.560. 1. Any person retired and currently 1
1162	1162	receiving a retirement allowance pursuant to sections 2
1163	1163	169.010 to 169.141, other than for disability, may be 3
1164	1164	employed in any capacity for an employer included in the 4
1165	1165	retirement system created by those se ctions on either a part - 5
1166	1166	time or temporary-substitute basis not to exceed a total of 6
1167	1167	five hundred fifty hours in any one school year, and through 7
1168	1168	such employment may earn up to fifty percent of the annual 8
1169	1169	compensation payable under the employer's salary schedule 9
1170	1170	for the position or positions filled by the retiree, given 10
1171	1171	such person's level of experience and education, without a 11
1172	1172	discontinuance of the person's retirement allowance. If the 12
1173	1173	employer does not utilize a salary schedule, or if the 13
1174	1174	position in question is not subject to the employer's salary 14
1175	1175	schedule, a retiree employed in accordance with the 15 SCS HCS HB 155 38
1176	1176	provisions of this subsection may earn up to fifty percent 16
1177	1177	of the annual compensation paid to the person or persons who 17
1178	1178	last held such position or positions. If the position or 18
1179	1179	positions did not previously exist, the compensation limit 19
1180	1180	shall be determined in accordance with rules duly adopted by 20
1181	1181	the board of trustees of the retirement system; provided 21
1182	1182	that, it shall not exceed fifty percent of the annual 22
1183	1183	compensation payable for the position by the employer that 23
1184	1184	is most comparable to the position filled by the retiree. 24
1185	1185	In any case where a retiree fills more than one position 25
1186	1186	during the school year, the fifty -percent limit on permitted 26
1187	1187	earning shall be based solely on the annual compensation of 27
1188	1188	the highest paid position occupied by the retiree for at 28
1189	1189	least one-fifth of the total hours worked during the year. 29
1190	1190	Such a person shall not contribute to the retirement system 30
1191	1191	or to the public education employee retirement system 31
1192	1192	established by sections 169.600 to 169.715 because of 32
1193	1193	earnings during such period of employment. If such a person 33
1194	1194	is employed in any capacity by such an employer in excess of 34
1195	1195	the limitations set forth in this subsect ion, the person 35
1196	1196	shall not be eligible to receive the person's retirement 36
1197	1197	allowance for any month during which the person is so 37
1198	1198	employed. In addition, such person shall contribute to the 38
1199	1199	retirement system if the person satisfies the retirement 39
1200	1200	system's membership eligibility requirements. In addition 40
1201	1201	to the conditions set forth above, this subsection shall 41
1202	1202	apply to any person retired and currently receiving a 42
1203	1203	retirement allowance under sections 169.010 to 169.141, 43
1204	1204	other than for disability, who is employed by a third party 44
1205	1205	or is performing work as an independent contractor, if such 45
1206	1206	person is performing work for an employer included in the 46
1207	1207	retirement system as a temporary or long -term substitute 47 SCS HCS HB 155 39
1208	1208	teacher or in any other position that would normal ly require 48
1209	1209	that person to be duly certificated under the laws governing 49
1210	1210	the certification of teachers in Missouri if such person was 50
1211	1211	employed by the district. The retirement system may require 51
1212	1212	the employer, the third -party employer, the independent 52
1213	1213	contractor, and the retiree subject to this subsection to 53
1214	1214	provide documentation showing compliance with this 54
1215	1215	subsection. If such documentation is not provided, the 55
1216	1216	retirement system may deem the retiree to have exceeded the 56
1217	1217	limitations provided in this subsection. 57
1218	1218	2. Notwithstanding any other provision of this 58
1219	1219	section, any person retired and currently receiving a 59
1220	1220	retirement allowance in accordance with sections 169.010 to 60
1221	1221	169.141, other than for disability, may be employed by an 61
1222	1222	employer included in the retirement system created by those 62
1223	1223	sections in a position that does not normally require a 63
1224	1224	person employed in that position to be duly certificated 64
1225	1225	under the laws governing the certification of teachers in 65
1226	1226	Missouri, and through such employme nt may earn, beginning on 66
1227	1227	August 28, 2023, and ending on June 30, 2028, up to [sixty 67
1228	1228	percent of the minimum teacher's salary as set forth in 68
1229	1229	section 163.172] one hundred thirty-three percent of the 69
1230	1230	annual earnings exemption amount applicable to a Socia l 70
1231	1231	Security recipient before the calendar year of attainment of 71
1232	1232	full retirement age under 20 CFR 404.430, and, after June 72
1233	1233	30, 2028, up to the annual earnings exemption amount 73
1234	1234	applicable to a Social Security recipient before the 74
1235	1235	calendar year of attainm ent of full retirement age under 20 75
1236	1236	CFR 404.430, without a discontinuance of the person's 76
1237	1237	retirement allowance from the retirement system. The Social 77
1238	1238	Security annual earnings exemption amount applied shall be 78
1239	1239	the exemption amount in effect for the cal endar year in 79 SCS HCS HB 155 40
1240	1240	which the school year begins . Such person shall not 80
1241	1241	contribute to the retirement system or to the public 81
1242	1242	education employee retirement system established by sections 82
1243	1243	169.600 to 169.715 because of earnings during such period of 83
1244	1244	employment, and such person shall not earn membership 84
1245	1245	service for such employment. The employer's contribution 85
1246	1246	rate shall be paid by the hiring employer into the public 86
1247	1247	education employee retirement system established by sections 87
1248	1248	169.600 to 169.715. If such a person is employed in any 88
1249	1249	capacity by an employer in excess of the limitations set 89
1250	1250	forth in this subsection, the person shall not be eligible 90
1251	1251	to receive the person's retirement allowance for any month 91
1252	1252	during which the person is so employed. In addition, such 92
1253	1253	person shall become a member of and contribute to any 93
1254	1254	retirement system described in this subsection if the person 94
1255	1255	satisfies the retirement system's membership eligibility 95
1256	1256	requirements. The provisions of this subsection shall not 96
1257	1257	apply to any person retired and currently receiving a 97
1258	1258	retirement allowance in accordance with sections 169.010 to 98
1259	1259	169.141 employed by a public community college or employer 99
1260	1260	under subsection 4 of section 169.130 . 100
1261	1261	169.596. 1. Notwithstanding any other provision of 1
1262	1262	this chapter to the contrary, a retired certificated teacher 2
1263	1263	receiving a retirement benefit from the retirement system 3
1264	1264	established pursuant to sections 169.010 to 169.141 may, 4
1265	1265	without losing his or her retirement benefit, teach full 5
1266	1266	time for up to [two] four years for a school district 6
1267	1267	covered by such retirement system; provided that the school 7
1268	1268	district has a shortage of certified teachers, as determined 8
1269	1269	by the school district, and provided that no such retired 9
1270	1270	certificated teacher shall be employed as a superintendent. 10
1271	1271	The total number of such retired certificated teachers shall 11 SCS HCS HB 155 41
1272	1272	not exceed, at any one time, the [lesser of ten] greater of 12
1273	1273	one percent of the total [teacher] certificated teachers and 13
1274	1274	noncertificated staff for that school district, or five 14
1275	1275	certificated teachers. 15
1276	1276	2. Notwithstanding any other provision of this chapter 16
1277	1277	to the contrary, a person receiving a retirement benefit 17
1278	1278	from the retirement system established pursuant to sections 18
1279	1279	169.600 to 169.715 ma y, without losing his or her retirement 19
1280	1280	benefit, be employed full time for up to [two] four years 20
1281	1281	for a school district covered by such retirement system; 21
1282	1282	provided that the school district has a shortage of 22
1283	1283	noncertificated employees, as determined by t he school 23
1284	1284	district. The total number of such retired noncertificated 24
1285	1285	employees shall not exceed, at any one time, the lesser of 25
1286	1286	ten percent of the total noncertificated staff for that 26
1287	1287	school district, or five employees. 27
1288	1288	3. The employer's contrib ution rate shall be paid by 28
1289	1289	the hiring school district. 29
1290	1290	4. In order to hire teachers and noncertificated 30
1291	1291	employees pursuant to the provisions of this section, the 31
1292	1292	school district shall: 32
1293	1293	(1) Show a good faith effort to fill positions with 33
1294	1294	nonretired certificated teachers or nonretired 34
1295	1295	noncertificated employees; 35
1296	1296	(2) Post the vacancy for at least one month; 36
1297	1297	(3) Have not offered early retirement incentives for 37
1298	1298	either of the previous two years; 38
1299	1299	(4) Solicit applications through the local newspaper, 39
1300	1300	other media, or teacher education programs; 40
1301	1301	(5) Determine there is an insufficient number of 41
1302	1302	eligible applicants for the advertised position; and 42 SCS HCS HB 155 42
1303	1303	(6) Declare a critical shortage of certificated 43
1304	1304	teachers or noncertificat ed employees that is active for one 44
1305	1305	year. 45
1306	1306	5. Any person hired pursuant to this section shall be 46
1307	1307	included in the State Directory of New Hires for purposes of 47
1308	1308	income and eligibility verification pursuant to 42 U.S.C. 48
1309	1309	Section 1320b-7. 49
1310	1310	285.1000. For purposes of sections 285.1000 to 1
1311	1311	285.1055, the following terms shall mean: 2
1312	1312	(1) "Administrative fund" or "Show -Me MyRetirement 3
1313	1313	Savings administrative fund", the Show -Me MyRetirement 4
1314	1314	Savings administrative fund described in secti on 285.1045; 5
1315	1315	(2) "Association", any legal association of 6
1316	1316	individuals, corporations, limited liability companies, 7
1317	1317	partnerships, associations, or other entities that has been 8
1318	1318	in continuous existence for at least one year; 9
1319	1319	(3) "Board", the Show-Me MyRetirement Savings board 10
1320	1320	established under section 285.1005; 11
1321	1321	(4) "Eligible employee", an individual who is employed 12
1322	1322	by a participating employer, who has wages or other 13
1323	1323	compensation that is allocable to the state, and who is 14
1324	1324	eighteen years of age or older. "Eligible employee" shall 15
1325	1325	not include any of the following: 16
1326	1326	(a) Any employee covered under the federal Railway 17
1327	1327	Labor Act, 45 U.S.C. Section 151; 18
1328	1328	(b) Any employee on whose behalf an employer makes 19
1329	1329	contributions to a multiempl oyer pension trust fund under 29 20
1330	1330	U.S.C. Section 186; or 21
1331	1331	(c) Any individual who is an employee of: 22
1332	1332	a. The federal government; 23
1333	1333	b. Any state government in the United States; or 24 SCS HCS HB 155 43
1334	1334	c. Any county, municipal corporation, or political 25
1335	1335	subdivision of any state in the United States; 26
1336	1336	(5) "Eligible employer", a person or entity engaged in 27
1337	1337	a business, industry, profession, trade, or other enterprise 28
1338	1338	in the state of Missouri, whether for profit or not for 29
1339	1339	profit, provided that such a pers on or entity employs no 30
1340	1340	more than fifty employees. A person or entity that 31
1341	1341	qualifies as an eligible employer but that later employs 32
1342	1342	more than fifty employees shall be permitted to remain an 33
1343	1343	eligible employer for a period of five years, beginning on 34
1344	1344	the date on which the person or entity first employs more 35
1345	1345	than fifty employees. After such five-year period has 36
1346	1346	ended, the person or entity shall immediately cease to 37
1347	1347	qualify as an eligible employer and shall be prohibited from 38
1348	1348	further participation in the plan unless the employer no 39
1349	1349	longer has more than fifty employees. An employer includes 40
1350	1350	an association and its members. For purposes of this 41
1351	1351	subdivision, an eligible employer shall not include: 42
1352	1352	(a) The federal government; 43
1353	1353	(b) The state of Missouri; 44
1354	1354	(c) Any county, municipal corporation, or political 45
1355	1355	subdivision of the state of Missouri; or 46
1356	1356	(d) Five years after the commencement of the program, 47
1357	1357	an employer that maintains a specified tax -favored 48
1358	1358	retirement plan, other than t he Show-Me MyRetirement Savings 49
1359	1359	plan, for its employees or that has effectively done so in 50
1360	1360	form and operation at any time within the current or two 51
1361	1361	preceding calendar years. If an employer does not maintain 52
1362	1362	a specified tax-favored retirement plan, oth er than the Show- 53
1363	1363	Me MyRetirement Savings plan, for a portion of a calendar 54
1364	1364	year ending on or after the effective date of sections 55
1365	1365	285.1000 to 285.1055 and adopts such a plan effective for 56 SCS HCS HB 155 44
1366	1366	the remainder of that calendar year, the employer shall not 57
1367	1367	be treated as an eligible employer for that remainder of the 58
1368	1368	year; 59
1369	1369	(6) "ERISA", the Employee Retirement Income Security 60
1370	1370	Act of 1974, as amended, 29 U.S.C. Section 1001 et seq.; 61
1371	1371	(7) "Internal Revenue Code", the Internal Revenue Code 62
1372	1372	of 1986, as amended; 63
1373	1373	(8) "Participant", an eligible employee or other 64
1374	1374	individual who has a balance credited to his or her account 65
1375	1375	under the plan; 66
1376	1376	(9) "Participating employer", an eligible employer 67
1377	1377	that is participating in the plan provided for by sectio ns 68
1378	1378	285.1000 to 285.1055; 69
1379	1379	(10) "Plan" or "Show-Me MyRetirement Savings plan", 70
1380	1380	the multiple-employer retirement savings plan established by 71
1381	1381	sections 285.1000 to 285.1055, which shall be treated as a 72
1382	1382	single plan under Title I of ERISA and is describ ed in 73
1383	1383	Sections 401(a), 401(k), and 413(c) of the Internal Revenue 74
1384	1384	Code of 1986, as amended, in which multiple employers may 75
1385	1385	choose to participate regardless of whether any relationship 76
1386	1386	exists between and among the employers other than their 77
1387	1387	participation in the plan. Based on the context, the term 78
1388	1388	"plan" may also refer to multiple plans if multiple plans 79
1389	1389	are established under sections 285.1000 to 285.1055; 80
1390	1390	(11) "Self-employed individual", an individual who is 81
1391	1391	eighteen years of age or older, i s self-employed, and has 82
1392	1392	self-employment income or other compensation from self - 83
1393	1393	employment that is allocable to the state of Missouri; 84
1394	1394	(12) "Specified tax-favored retirement plan", a 85
1395	1395	retirement plan that is tax -qualified under, or is described 86
1396	1396	in and satisfies the requirements of, Section 401(a), 87
1397	1397	401(k), 403(a), 403(b), 408(k)(Simplified Employee Pension), 88 SCS HCS HB 155 45
1398	1398	or 408(p)(SIMPLE-IRA) of the Internal Revenue Code of 1986, 89
1399	1399	as amended; 90
1400	1400	(13) "Total fees and expenses", all fees, costs, and 91
1401	1401	expenses including, but not limited to, administrative 92
1402	1402	expenses, investment expenses, investment advice expenses, 93
1403	1403	accounting costs, actuarial costs, legal costs, marketing 94
1404	1404	expenses, education expenses, trading costs, insurance 95
1405	1405	annuitization costs, and other mi scellaneous costs; 96
1406	1406	(14) "Trust", the trust in which the assets of the 97
1407	1407	plan are held. 98
1408	1408	285.1005. 1. The "Show-Me MyRetirement Savings Board" 1
1409	1409	is hereby established in the office of the state treasurer. 2
1410	1410	2. The board shall consist of the following members, 3
1411	1411	with the state treasurer, or his or her designee, serving as 4
1412	1412	chair: 5
1413	1413	(1) The state treasurer, or his or her designee; 6
1414	1414	(2) An individual who has skill, knowledge, and 7
1415	1415	experience in the field of retirement savings and 8
1416	1416	investments, to be appointed by the governor with the advice 9
1417	1417	and consent of the senate; 10
1418	1418	(3) An individual who has skill, knowledge, and 11
1419	1419	experience relating to small business, to be appointed by 12
1420	1420	the governor with the advice and consent of the senate; 13
1421	1421	(4) Three members of the house of representatives, to 14
1422	1422	be appointed by the speaker of the house of representatives, 15
1423	1423	to include one representative from the minority party; and 16
1424	1424	(5) Three members of the senate, to be appointed by 17
1425	1425	the president pro tempore of the senate, to include one 18
1426	1426	senator from the minority party. 19
1427	1427	3. The governor, the president pro tempore of the 20
1428	1428	senate, and the speaker of the house of representatives 21 SCS HCS HB 155 46
1429	1429	shall make the respective initial appointments to the boar d 22
1430	1430	for terms of office beginning on January 1, 2024. 23
1431	1431	4. Members of the board appointed by the governor, the 24
1432	1432	president pro tempore of the senate, and the speaker of the 25
1433	1433	house of representatives shall serve at the pleasure of the 26
1434	1434	appointing authority. 27
1435	1435	5. The term of office of each member of the board 28
1436	1436	shall be four years. Any member is eligible to be 29
1437	1437	reappointed. If there is a vacancy for any reason, the 30
1438	1438	appropriate appointing authority shall make an appointment, 31
1439	1439	to become immediately effe ctive, for the unexpired term. 32
1440	1440	6. All members of the board shall serve without 33
1441	1441	compensation and shall be reimbursed from the administrative 34
1442	1442	fund for necessary travel expenses incurred in carrying out 35
1443	1443	the duties of the board. 36
1444	1444	7. A majority of the voting members of the board shall 37
1445	1445	constitute a quorum for the transaction of business. 38
1446	1446	285.1010. 1. The board, subject to the authority 1
1447	1447	granted under sections 285.1000 to 285.1055, shall design, 2
1448	1448	develop, and implement the plan and, to that end, may 3
1449	1449	conduct market, legal, and feasibility analyses. 4
1450	1450	2. The members of the board shall be fiduciaries of 5
1451	1451	the plan under ERISA, and the board shall have the following 6
1452	1452	powers, authorities, and duties: 7
1453	1453	(1) To establish, implem ent, and maintain the plan, in 8
1454	1454	each case acting on behalf of the state of Missouri, 9
1455	1455	including, in its discretion, more than one plan; 10
1456	1456	(2) To cause the plan, trust, and arrangements and 11
1457	1457	accounts established under the plan to be designed, 12
1458	1458	established, and operated: 13
1459	1459	(a) In accordance with best practices for retirement 14
1460	1460	savings vehicles; 15 SCS HCS HB 155 47
1461	1461	(b) To encourage participation, saving, sound 16
1462	1462	investment practices, and appropriate selection of default 17
1463	1463	investments; 18
1464	1464	(c) To maximize simplicity a nd ease of administration 19
1465	1465	for eligible employers; 20
1466	1466	(d) To minimize costs, including by collective 21
1467	1467	investment and economies of scale; and 22
1468	1468	(e) To promote portability of benefits; 23
1469	1469	(3) To arrange for collective, common, and pooled 24
1470	1470	investment of assets of the plan and trust, including 25
1471	1471	investments in conjunction with other funds with which 26
1472	1472	assets are permitted to be collectively invested, to save 27
1473	1473	costs through efficiencies and economies of scale; 28
1474	1474	(4) To develop and disseminate educati onal information 29
1475	1475	designed to educate participants and citizens about the 30
1476	1476	benefits of planning and saving for retirement and to help 31
1477	1477	participants and citizens decide the level of participation 32
1478	1478	and savings strategies that may be appropriate, including 33
1479	1479	information in furtherance of financial capability and 34
1480	1480	financial literacy; 35
1481	1481	(5) To adopt rules and regulations necessary or 36
1482	1482	advisable for the implementation of sections 285.1000 to 37
1483	1483	285.1055 and the administration and operation of the plan 38
1484	1484	consistent with the Internal Revenue Code and regulations 39
1485	1485	thereunder, including to ensure that the plan satisfies all 40
1486	1486	criteria for favorable federal tax -qualified treatment, and 41
1487	1487	complies, to the extent necessary, with ERISA and any other 42
1488	1488	applicable federal or M issouri law. Any rule or portion of 43
1489	1489	a rule, as that term is defined in section 536.010, that is 44
1490	1490	created under the authority delegated in this section shall 45
1491	1491	become effective only if it complies with and is subject to 46
1492	1492	all of the provisions of chapter 53 6 and, if applicable, 47 SCS HCS HB 155 48
1493	1493	section 536.028. This section and chapter 536 are 48
1494	1494	nonseverable and if any of the powers vested with the 49
1495	1495	general assembly pursuant to chapter 536 to review, to delay 50
1496	1496	the effective date, or to disapprove and annul a rule are 51
1497	1497	subsequently held unconstitutional, then the grant of 52
1498	1498	rulemaking authority and any rule proposed or adopted after 53
1499	1499	August 28, 2023, shall be invalid and void; 54
1500	1500	(6) To arrange for and facilitate compliance with the 55
1501	1501	plan or arrangements established thereun der with all 56
1502	1502	applicable requirements for the plan under the Internal 57
1503	1503	Revenue Code, ERISA, and any other applicable federal or 58
1504	1504	Missouri law and accounting requirements, and to provide or 59
1505	1505	arrange for assistance to eligible employers, eligible 60
1506	1506	employees, and self-employed individuals in complying with 61
1507	1507	applicable law and tax -related requirements in a cost - 62
1508	1508	effective manner. The board may establish any processes 63
1509	1509	deemed reasonably necessary or advisable to verify whether a 64
1510	1510	person or entity is an eligible employer, including 65
1511	1511	reference to online data and possible use of questions in 66
1512	1512	employer tax filings; 67
1513	1513	(7) To employ or retain a plan administrator; 68
1514	1514	executive director; staff; trustee; record -keeper; 69
1515	1515	investment managers; investment advisors; and ot her 70
1516	1516	administrative, professional, and expert advisors and 71
1517	1517	service providers, none of whom shall be members of the 72
1518	1518	board and all of whom shall serve at the pleasure of the 73
1519	1519	board, which shall determine their duties and compensation. 74
1520	1520	The board may authorize the executive director and other 75
1521	1521	officials to oversee requests for proposals or other public 76
1522	1522	competitions and enter into contracts on behalf of the board 77
1523	1523	or conduct any business necessary for the efficient 78
1524	1524	operation of the plan or the board; 79 SCS HCS HB 155 49
1525	1525	(8) To establish procedures for the timely and fair 80
1526	1526	resolution of participant and other disputes related to 81
1527	1527	accounts or program operation and, if necessary, determine 82
1528	1528	the eligibility of an employer, employee, or other 83
1529	1529	individual to participate in the plan; 84
1530	1530	(9) To develop and implement an investment policy that 85
1531	1531	defines the plan's investment objectives, consistent with 86
1532	1532	the objectives of the plan, and that provides for policies 87
1533	1533	and procedures consistent with those investment objectives; 88
1534	1534	(10) (a) To designate appropriate default investments 89
1535	1535	that include a mix of asset classes, such as target date and 90
1536	1536	balanced funds; 91
1537	1537	(b) To seek to minimize participant fees and expenses 92
1538	1538	of investment and administration; 93
1539	1539	(c) To strive to design and implement investment 94
1540	1540	options available to holders of accounts established as part 95
1541	1541	of the plan and other plan features that are intended to 96
1542	1542	achieve maximum possible income replacement balanced with an 97
1543	1543	appropriate level of risk, consistent with the i nvestment 98
1544	1544	objectives under the investment policy. The investment 99
1545	1545	options may encompass a range of risk and return 100
1546	1546	opportunities and allow for a rate of return commensurate 101
1547	1547	with an appropriate level of risk in view of the investment 102
1548	1548	objectives under the policy. The menu of investment options 103
1549	1549	shall be determined taking into account the nature and 104
1550	1550	objectives of the plan, the desirability of limiting 105
1551	1551	investment choices under the plan to a reasonable number, 106
1552	1552	based on behavioral research findings, and the extensive 107
1553	1553	investment choices available to participants in the event 108
1554	1554	that funds roll over to an individual retirement account 109
1555	1555	(IRA) outside the program; and 110 SCS HCS HB 155 50
1556	1556	(d) In accordance with subdivision (7) of this 111
1557	1557	subsection, the board, to the extent it deems necessary or 112
1558	1558	advisable, in carrying out its responsibilities and 113
1559	1559	exercising its powers under sections 285.1000 to 285.1055, 114
1560	1560	shall employ or retain appropriate entities or personnel to 115
1561	1561	assist or advise it or to whom to delegate the carrying out 116
1562	1562	of such responsibilities and exercising of such powers; 117
1563	1563	(11) To discharge its duties and see that the members 118
1564	1564	of the board discharge their duties with respect to the plan 119
1565	1565	solely in the interests of the participants as follows: 120
1566	1566	(a) For the exclusive purpose of providing benefits to 121
1567	1567	participants and defraying reasonable expenses of 122
1568	1568	administering the plan; and 123
1569	1569	(b) With the care, skill, prudence, and diligence 124
1570	1570	under the circumstances then prevailing that a prudent 125
1571	1571	person acting in a like capacity and familiar with those 126
1572	1572	matters would use in the conduct of an enterprise of a like 127
1573	1573	character and with like aims; 128
1574	1574	(12) To cause expenses incurred to initiate, 129
1575	1575	implement, maintain, and administer the plan to be paid from 130
1576	1576	contributions to, or investment returns or assets of the 131
1577	1577	plan or other moneys collected by or for the plan or 132
1578	1578	pursuant to arrangements established under the plan to the 133
1579	1579	extent permitted under federal and Missouri law; 134
1580	1580	(13) To collect application, account, or 135
1581	1581	administrative fees and to accept any grants, gifts, 136
1582	1582	legislative appropriations, loans, and other moneys from the 137
1583	1583	state of Missouri; any unit of federal, state, or local 138
1584	1584	government; or any other person, firm, or entity to defray 139
1585	1585	the costs of administering and operating the plan; 140
1586	1586	(14) To make and enter into competitively procured 141
1587	1587	contracts, agreements, or arrangements with; to collaborate 142 SCS HCS HB 155 51
1588	1588	and cooperate with; and to retain, employ, and contract with 143
1589	1589	or for any of the following to the extent necessar y or 144
1590	1590	desirable for the effective and efficient design, 145
1591	1591	implementation, and administration of the plan consistent 146
1592	1592	with the purposes set forth in sections 285.1000 to 285.1055 147
1593	1593	and to maximize outreach to eligible employers and eligible 148
1594	1594	employees: 149
1595	1595	(a) Services of private and public financial 150
1596	1596	institutions, depositories, consultants, actuaries, counsel, 151
1597	1597	auditors, investment advisors, investment administrators, 152
1598	1598	investment management firms, other investment firms, third - 153
1599	1599	party administrators, other p rofessionals and service 154
1600	1600	providers, and state public retirement systems; 155
1601	1601	(b) Research, technical, financial, administrative, 156
1602	1602	and other services; and 157
1603	1603	(c) Services of other state agencies to assist the 158
1604	1604	board in the exercise of its powers and d uties; 159
1605	1605	(15) To develop and implement an outreach plan to gain 160
1606	1606	input and disseminate information regarding the plan and 161
1607	1607	retirement savings in general; 162
1608	1608	(16) To cause moneys to be held and invested and 163
1609	1609	reinvested under the plan; 164
1610	1610	(17) To ensure that all contributions under the plan 165
1611	1611	shall be used only to: 166
1612	1612	(a) Pay benefits to participants under the plan; 167
1613	1613	(b) Pay the costs of administering the plan; and 168
1614	1614	(c) Make investments for the benefit of the plan, and 169
1615	1615	ensure that no assets of the plan or trust are transferred 170
1616	1616	to the general revenue fund or to any other fund of the 171
1617	1617	state or are otherwise encumbered or used for any purpose 172
1618	1618	other than those specified in this paragraph or section 173
1619	1619	285.1045; 174 SCS HCS HB 155 52
1620	1620	(18) To make provisions for the payment of costs of 175
1621	1621	administration and operation of the program and trust; 176
1622	1622	(19) To evaluate the need for, and procure as needed, 177
1623	1623	insurance against any and all loss in connection with the 178
1624	1624	property, assets, or activities of the program, incl uding 179
1625	1625	fiduciary liability coverage; 180
1626	1626	(20) To evaluate the need for, and procure as needed, 181
1627	1627	pooled private insurance; 182
1628	1628	(21) To indemnify, including procurement of insurance 183
1629	1629	as needed for this purpose, each member of the board from 184
1630	1630	personal loss or liability resulting from a member's action 185
1631	1631	or inaction as a member of the board and as a fiduciary; 186
1632	1632	(22) To collaborate with, and evaluate the role of, 187
1633	1633	financial advisors or other financial professionals, 188
1634	1634	including in assisting and providing guidance for covered 189
1635	1635	employees; and 190
1636	1636	(23) To carry out the powers and duties of the program 191
1637	1637	under sections 285.1000 to 285.1055 and exercise any and all 192
1638	1638	other powers as are appropriate to effect the purposes, 193
1639	1639	objectives, and provisions of such sec tions pertaining to 194
1640	1640	the program. 195
1641	1641	3. A board member, program administrator, or other 196
1642	1642	staff of the board shall not: 197
1643	1643	(1) Directly or indirectly, have any interest in the 198
1644	1644	making of any investment under the program or in any gains 199
1645	1645	or profits accruing from any such investment; 200
1646	1646	(2) Borrow any program-related funds or deposits, or 201
1647	1647	use any such funds or deposits in any manner, for himself or 202
1648	1648	herself or as an agent or partner of others; or 203
1649	1649	(3) Become an endorser, surety, or obligor on 204
1650	1650	investments made under the program. 205 SCS HCS HB 155 53
1651	1651	4. Each board member shall be subject to the 206
1652	1652	provisions of sections 105.452 and 105.454. 207
1653	1653	285.1015. 1. The board shall, consistent with federal 1
1654	1654	law and regulation, adopt and implement the plan, which 2
1655	1655	shall remain in compliance with federal law and regulations 3
1656	1656	once implemented and shall be called the "Show -Me 4
1657	1657	MyRetirement Savings Plan". 5
1658	1658	2. In accordance with terms and conditions specified 6
1659	1659	and regulations promulgated by the board, the pl an shall: 7
1660	1660	(1) Be set forth in documents prescribing the terms 8
1661	1661	and conditions of the plan; 9
1662	1662	(2) Be available on a voluntary basis to eligible 10
1663	1663	employers and self-employed individuals; 11
1664	1664	(3) Be available to eligible members of an association 12
1665	1665	who may elect to participate in the plan if the association 13
1666	1666	or its members do not maintain a plan or a specified tax - 14
1667	1667	favored retirement plan, other than the Show -Me MyRetirement 15
1668	1668	Savings plan; 16
1669	1669	(4) Enroll self-employed individuals who wish to 17
1670	1670	participate; 18
1671	1671	(5) Provide participants the option to terminate their 19
1672	1672	participation at any time; 20
1673	1673	(6) Allow voluntary pre-tax or designated Roth 401(k) 21
1674	1674	contributions; 22
1675	1675	(7) Allow voluntary employer contributions; 23
1676	1676	(8) Be overseen by the boa rd and its designees; 24
1677	1677	(9) Be administered and managed by one or more 25
1678	1678	trustees, other fiduciaries, custodians, third -party 26
1679	1679	administrators, investment managers, record -keepers, or 27
1680	1680	other service providers; 28
1681	1681	(10) Provide on a uniform basis, if an d when the board 29
1682	1682	so determines, in its discretion, for an increase of each 30 SCS HCS HB 155 54
1683	1683	participant's contribution rate, by a minimum increment of 31
1684	1684	one percent of salary or wages per year, for each additional 32
1685	1685	year the participant is employed or is participating in t he 33
1686	1686	plan up to the maximum percentage of such participant's 34
1687	1687	salary or wages that may be contributed to the plan under 35
1688	1688	federal law. Any such increases shall apply to 36
1689	1689	participants, as determined by the board, by default or only 37
1690	1690	if initiated by affirmati ve participant election; 38
1691	1691	(11) Provide for direct deposit of contributions into 39
1692	1692	investments under the plan. To the extent consistent with 40
1693	1693	ERISA, the investment alternatives under the plan shall be 41
1694	1694	limited to an automatic investment for participant s who do 42
1695	1695	not actively and affirmatively elect a particular investment 43
1696	1696	option, which unless the board provides otherwise, shall be 44
1697	1697	a diversified target date fund, including a series of such 45
1698	1698	diversified funds to apply to different participants 46
1699	1699	depending on their choice or their target retirement dates, 47
1700	1700	a principal-protected option, and at least four additional 48
1701	1701	investment alternatives as may be selected by the board in 49
1702	1702	its discretion. To the extent consistent with ERISA, the 50
1703	1703	investment options may, a t the discretion of the board, 51
1704	1704	include a principal-protection fund as a temporary "security 52
1705	1705	corridor" option that applies as the sole initial investment 53
1706	1706	before participants may choose other investments or as the 54
1707	1707	initial default investment for a specifi ed period of time or 55
1708	1708	up to a specified dollar amount of contributions or account 56
1709	1709	balance; 57
1710	1710	(12) Be professionally managed; 58
1711	1711	(13) Provide for reports on the status of each 59
1712	1712	participant's account to be provided to each participant at 60
1713	1713	least quarterly and make best efforts to provide 61 SCS HCS HB 155 55
1714	1714	participants frequent or continual online access to 62
1715	1715	information on the status of their accounts; 63
1716	1716	(14) When possible and practicable, use existing 64
1717	1717	employer and public infrastructure to facilitate 65
1718	1718	contributions, record keeping, and outreach and use pooled 66
1719	1719	or collective investment arrangements; 67
1720	1720	(15) Provide that each account holder owns the 68
1721	1721	contributions to or earnings on amounts contributed to his 69
1722	1722	or her account under the plan and that the state and 70
1723	1723	employers have no proprietary interest in those 71
1724	1724	contributions or earnings; 72
1725	1725	(16) Be designed and implemented in a manner 73
1726	1726	consistent with federal law to the extent that it applies; 74
1727	1727	(17) Make provisions for the participation in the plan 75
1728	1728	of individuals who are not employees, if allowed under 76
1729	1729	federal law; 77
1730	1730	(18) Establish rules and procedures governing the 78
1731	1731	distribution of funds from the plan, including such 79
1732	1732	distributions as may be permitted or required by the plan 80
1733	1733	and any applicable provisio ns of ERISA, the tax - 81
1734	1734	qualification rules, and the other tax laws, with the 82
1735	1735	objectives of maximizing financial security in retirement, 83
1736	1736	protecting spousal rights, and assisting participants to 84
1737	1737	effectively manage the decumulation of their savings and to 85
1738	1738	receive payment of their benefits under the plan. The board 86
1739	1739	shall have the authority, in its discretion, to provide for 87
1740	1740	one or more reasonably priced distribution options to 88
1741	1741	provide a source of fixed regular retirement income, 89
1742	1742	including income for lif e or for the participant's life 90
1743	1743	expectancy, or for joint lives and life expectancies, as 91
1744	1744	applicable; 92 SCS HCS HB 155 56
1745	1745	(19) Establish rules and procedures promoting 93
1746	1746	portability of benefits, including the ability to make roll - 94
1747	1747	overs or transfers to and from the plan that are exempt from 95
1748	1748	federal income tax, provided that any roll -over is initiated 96
1749	1749	by participants; and 97
1750	1750	(20) Encourage choices by employers in the state to 98
1751	1751	adopt a specified tax -favored retirement plan, including the 99
1752	1752	plan. 100
1753	1753	285.1020. The board shall adopt rules to implement the 1
1754	1754	plan that: 2
1755	1755	(1) Establish the processes for enrollment and 3
1756	1756	contributions under the plan, including withholding by 4
1757	1757	participating employers of employee payroll deduction 5
1758	1758	contributions from wages an d remittance for deposit to the 6
1759	1759	plan; voluntary contributions by others, including self - 7
1760	1760	employed individuals and independent contractors, through 8
1761	1761	payroll deduction or otherwise; the making of default 9
1762	1762	contributions using default investments; and partici pant 10
1763	1763	selection of alternative contribution rates or amounts and 11
1764	1764	alternative investments from among the options offered under 12
1765	1765	the plan; 13
1766	1766	(2) Conduct outreach to individuals, employers, other 14
1767	1767	stakeholders, and the public regarding the plan. The rules 15
1768	1768	shall specify the contents, frequency, timing, and means of 16
1769	1769	required disclosures from the plan to eligible employees, 17
1770	1770	participants, and self -employed individuals, eligible 18
1771	1771	employers, participating employers, and other interested 19
1772	1772	parties. These disclosures shall include, but not be 20
1773	1773	limited to: 21
1774	1774	(a) The benefits associated with tax -favored 22
1775	1775	retirement saving; 23 SCS HCS HB 155 57
1776	1776	(b) The potential advantages and disadvantages 24
1777	1777	associated with participating in the plan; 25
1778	1778	(c) Instructions for enrolling and making 26
1779	1779	contributions; 27
1780	1780	(d) The potential availability of a saver's tax 28
1781	1781	credit, including the eligibility conditions for the credit 29
1782	1782	and instructions on how to claim it; 30
1783	1783	(e) A disclaimer that employees seeking tax, 31
1784	1784	investment, or other financ ial advice should contact 32
1785	1785	appropriate professional advisors, and that participating 33
1786	1786	employers are not in a position to provide such advice and 34
1787	1787	are not liable for decisions individuals make in relation to 35
1788	1788	the plan; 36
1789	1789	(f) The potential implications o f account balances 37
1790	1790	under the plan for the application of asset limits under 38
1791	1791	certain public assistance programs; 39
1792	1792	(g) A disclaimer that the account owner is solely 40
1793	1793	responsible for investment performance, including market 41
1794	1794	gains and losses, and that plan accounts and rates of return 42
1795	1795	are not guaranteed by any employer, the state, the board, 43
1796	1796	any board member or state official, or the plan; 44
1797	1797	(h) Any additional information about retirement and 45
1798	1798	saving and other information designed to promote finan cial 46
1799	1799	literacy and capability, which may take the form of links 47
1800	1800	to, or explanations of how to obtain, such information; and 48
1801	1801	(i) Instructions on how to obtain additional 49
1802	1802	information about the plan; and 50
1803	1803	(3) Ensure that the assets of the trust a nd plan shall 51
1804	1804	at all times be preserved, invested, and expended only for 52
1805	1805	the purposes set forth in sections 285.1000 to 285.1055, and 53
1806	1806	that no property rights therein shall exist in favor of the 54
1807	1807	state, except as provided under section 285.1045. 55 SCS HCS HB 155 58
1808	1808	285.1025. An eligible employer, a participating 1
1809	1809	employer, or other employer is not and shall not be liable 2
1810	1810	for or bear responsibility for: 3
1811	1811	(1) An employee's decision as to which investments to 4
1812	1812	choose; 5
1813	1813	(2) Participants' or the board's investment decisions; 6
1814	1814	(3) The administration, investment, investment 7
1815	1815	returns, or investment performance of the plan including, 8
1816	1816	but not limited to, any interest rate or other rate of 9
1817	1817	return on any contribution or account balance, prov ided that 10
1818	1818	the eligible employer, participating employer, or other 11
1819	1819	employer is not involved in the administration or investment 12
1820	1820	of the plan; 13
1821	1821	(4) The plan design or the benefits paid to 14
1822	1822	participants; or 15
1823	1823	(5) Any loss, failure to realize any ga in, or any 16
1824	1824	other adverse consequences including, but not limited to, 17
1825	1825	any adverse tax consequences or loss of favorable tax 18
1826	1826	treatment, public assistance, or other benefits, incurred by 19
1827	1827	any person solely and directly as a result of participating 20
1828	1828	in the plan. 21
1829	1829	285.1030. 1. The state of Missouri; the board; each 1
1830	1830	member of the board; any other state official, state board, 2
1831	1831	commission, and agency; any member, officer, and employee 3
1832	1832	thereof; and the plan: 4
1833	1833	(1) Shall not guarantee any interest rate or other 5
1834	1834	rate of return on or investment performance of any 6
1835	1835	contribution or account balance; and 7
1836	1836	(2) Shall not be liable or responsible for any loss, 8
1837	1837	deficiency, failure to realize any gain, or any other 9
1838	1838	adverse consequences includ ing, but not limited to, any 10
1839	1839	adverse tax consequences or loss of favorable tax treatment, 11 SCS HCS HB 155 59
1840	1840	public assistance, or other benefits, incurred by any person 12
1841	1841	as a result of participating in the plan. 13
1842	1842	2. The debts, contracts, and obligations of the plan 14
1843	1843	or the board are not the debts, contracts, and obligations 15
1844	1844	of the state, and neither the faith and credit nor the 16
1845	1845	taxing power of the state is pledged directly or indirectly 17
1846	1846	to the payment of the debts, contracts, and obligations of 18
1847	1847	the plan or the board. 19
1848	1848	3. Nothing in sections 285.1000 to 285.1055 shall be 20
1849	1849	construed to guarantee any interest rate or other rate of 21
1850	1850	return on or investment performance of any contribution or 22
1851	1851	account balance. 23
1852	1852	285.1035. 1. Individual account inf ormation relating 1
1853	1853	to accounts under the plan and relating to individual 2
1854	1854	participants including, but not limited to, names, 3
1855	1855	addresses, telephone numbers, email addresses, personal 4
1856	1856	identification information, investments, contributions, and 5
1857	1857	earnings shall be confidential and shall be maintained as 6
1858	1858	confidential, provided that such information may be 7
1859	1859	disclosed: 8
1860	1860	(1) To the extent necessary to administer the plan in 9
1861	1861	a manner consistent with sections 285.1000 to 285.1055, 10
1862	1862	ERISA, the Internal Revenue Code, or any other federal or 11
1863	1863	Missouri law; or 12
1864	1864	(2) If the individual who provides the information or 13
1865	1865	who is the subject of the information expressly agrees in 14
1866	1866	writing to the disclosure of the information. 15
1867	1867	2. Information required to be confi dential under 16
1868	1868	subsection 1 of this section shall be considered a "closed 17
1869	1869	record" as that term is defined in section 610.010, 18
1870	1870	regardless as to whether such information has been disclosed 19
1871	1871	as allowed by subsection 1 of this section. 20 SCS HCS HB 155 60
1872	1872	285.1040. The board may enter into an 1
1873	1873	intergovernmental agreement or memorandum of understanding 2
1874	1874	with the state of Missouri, another state or states, and any 3
1875	1875	agency thereof to receive outreach, technical assistance, 4
1876	1876	enforcement and compliance services, c ollection or 5
1877	1877	dissemination of information pertinent to the plan, subject 6
1878	1878	to such obligations of confidentiality as may be agreed or 7
1879	1879	required by law, or other services or assistance. The state 8
1880	1880	of Missouri, another state or states, and any agency thereo f 9
1881	1881	that enters into such agreements or memoranda of 10
1882	1882	understanding shall collaborate to provide the outreach, 11
1883	1883	assistance, information, and compliance or other services or 12
1884	1884	assistance to the board. The memoranda of understanding may 13
1885	1885	cover the sharing of costs incurred in gathering and 14
1886	1886	disseminating information and the reimbursement of costs for 15
1887	1887	any enforcement activities or assistance. 16
1888	1888	285.1045. 1. There is hereby created in the state 1
1889	1889	treasury the "Show-Me MyRetirement Savings Admi nistrative 2
1890	1890	Fund", which shall consist of moneys collected under this 3
1891	1891	section. The state treasurer shall be custodian of the 4
1892	1892	fund. In accordance with sections 30.170 and 30.180, the 5
1893	1893	state treasurer may approve disbursements. Subject to 6
1894	1894	appropriation, moneys in the fund shall be distributed by 7
1895	1895	the state treasurer solely for the administration of 8
1896	1896	sections 285.1000 to 285.1055. 9
1897	1897	2. Notwithstanding the provisions of section 33.080 to 10
1898	1898	the contrary, any moneys remaining in the fund at the end of 11
1899	1899	the biennium shall not revert to the credit of the general 12
1900	1900	revenue fund. 13
1901	1901	3. The state treasurer shall invest moneys in the fund 14
1902	1902	in the same manner as other funds are invested. Any 15 SCS HCS HB 155 61
1903	1903	interest and moneys earned on such investments shall be 16
1904	1904	credited to the fund. 17
1905	1905	4. The Show-Me MyRetirement Savings administrative 18
1906	1906	fund shall consist of: 19
1907	1907	(1) Moneys appropriated to the administrative fund by 20
1908	1908	the general assembly; 21
1909	1909	(2) Moneys transferred to the administrative fund from 22
1910	1910	the federal government, other state agencies, or local 23
1911	1911	governments; 24
1912	1912	(3) Moneys from the payment of application, account, 25
1913	1913	administrative, or other fees and the payment of other 26
1914	1914	moneys due to the board; 27
1915	1915	(4) Any gifts, donations, or grants made to the state 28
1916	1916	of Missouri for deposit in the administrative fund; 29
1917	1917	(5) Moneys collected for the administrative fund from 30
1918	1918	contributions to, or investment returns or assets of, the 31
1919	1919	plan or other moneys collected by or for the plan or 32
1920	1920	pursuant to arrangements establis hed under the plan to the 33
1921	1921	extent permitted under federal and Missouri law; and 34
1922	1922	(6) Earnings on moneys in the administrative fund. 35
1923	1923	5. To the extent consistent with ERISA, the tax 36
1924	1924	qualification rules, and other federal law, the board shall 37
1925	1925	accept any grants, gifts, appropriations, or other moneys 38
1926	1926	from the state; any unit of federal, state, or local 39
1927	1927	government; or any other person, firm, partnership, 40
1928	1928	corporation, or other entity solely for deposit into the 41
1929	1929	administrative fund, whether for in vestment or 42
1930	1930	administrative expenses. 43
1931	1931	6. To enable or facilitate the start -up and continuing 44
1932	1932	operation, maintenance, administration, and management of 45
1933	1933	the program until the plan accumulates sufficient balances 46
1934	1934	and can generate sufficient funding t hrough fees assessed on 47 SCS HCS HB 155 62
1935	1935	program accounts for the plan to become financially self - 48
1936	1936	sustaining: 49
1937	1937	(1) The board may borrow from the state of Missouri; 50
1938	1938	any unit of federal, state, or local government; or any 51
1939	1939	other person, firm, partnership, corporation , or other 52
1940	1940	entity working capital funds and other funds as may be 53
1941	1941	necessary for this purpose, provided that such funds are 54
1942	1942	borrowed in the name of the plan and board only and that any 55
1943	1943	such borrowings shall be payable solely from the revenues of 56
1944	1944	the plan; and 57
1945	1945	(2) The board may enter into long -term procurement 58
1946	1946	contracts with one or more financial providers that provide 59
1947	1947	a fee structure that would assist the plan in avoiding or 60
1948	1948	minimizing the need to borrow or to rely upon general assets 61
1949	1949	of the state. 62
1950	1950	7. Subject to appropriation, the state of Missouri may 63
1951	1951	pay administrative costs associated with the creation, 64
1952	1952	maintenance, operation, and management of the plan and trust 65
1953	1953	until sufficient assets are available in the administrative 66
1954	1954	fund for that purpose. Thereafter, all administrative costs 67
1955	1955	of the administrative fund, including any repayment of start - 68
1956	1956	up funds provided by the state of Missouri, shall be repaid 69
1957	1957	only out of moneys on deposit therein. However, private 70
1958	1958	funds or federal fundi ng received in order to implement the 71
1959	1959	program until the administrative fund is self -sustaining 72
1960	1960	shall not be repaid unless those funds were offered 73
1961	1961	contingent upon the promise of such repayment. 74
1962	1962	8. The board may use the moneys in the administrative 75
1963	1963	fund solely to pay the administrative costs and expenses of 76
1964	1964	the plan and the administrative costs and expenses the board 77
1965	1965	incurs in the performance of its duties under sections 78
1966	1966	285.1000 to 285.1055. 79 SCS HCS HB 155 63
1967	1967	9. The state treasurer's office shall follow th e 80
1968	1968	competitive bids procedure adopted by the office of 81
1969	1969	administration for the following: 82
1970	1970	(1) The contracting or hiring of a contractor with the 83
1971	1971	relevant skills, knowledge, and expertise determined by the 84
1972	1972	board for managing the program, every five years; and 85
1973	1973	(2) At the state treasurer's discretion, the 86
1974	1974	contracting or hiring of a contractor who has qualified 87
1975	1975	staff with the relevant skills, knowledge, and expertise as 88
1976	1976	determined by the state treasurer's office when the number 89
1977	1977	of the participants in the plan reaches fifty thousand 90
1978	1978	participants. 91
1979	1979	The office of administration is authorized to provide the 92
1980	1980	state treasurer's office with the necessary assistance and 93
1981	1981	services as may be needed. 94
1982	1982	285.1050. 1. The board shall keep an accurate account 1
1983	1983	of all the activities, operations, receipts, and 2
1984	1984	expenditures of the plan, the trust, and the board. Each 3
1985	1985	year, a full audit of the books and accounts of the board 4
1986	1986	pertaining to those activities, operations, receipts and 5
1987	1987	expenditures, personnel, services, or facilities shall be 6
1988	1988	conducted by a certified public accountant and shall 7
1989	1989	include, but not be limited to, direct and indirect costs 8
1990	1990	attributable to the use of outside consultants, independent 9
1991	1991	contractors, and any other perso ns who are not state 10
1992	1992	employees for the administration of the plan. For the 11
1993	1993	purposes of the audit, the auditors shall have access to the 12
1994	1994	properties and records of the plan and board and may 13
1995	1995	prescribe methods of accounting and the rendering of 14
1996	1996	periodic reports in relation to projects undertaken by the 15
1997	1997	plan. 16 SCS HCS HB 155 64
1998	1998	2. By August first of each year, the board shall 17
1999	1999	submit to the governor, the state treasurer, the president 18
2000	2000	pro tempore of the senate, and the speaker of the house of 19
2001	2001	representatives a publ ic report on the operation of the plan 20
2002	2002	and trust and activities of the board, including an audited 21
2003	2003	financial report, prepared in accordance with generally 22
2004	2004	accepted accounting principles, detailing the activities, 23
2005	2005	operations, receipts, and expenditures of the plan and board 24
2006	2006	during the preceding calendar year. The report shall also 25
2007	2007	include a summary of the benefits provided by the plan, the 26
2008	2008	number of participants, average account balance, the number 27
2009	2009	of participating employers, the contribution formul as and 28
2010	2010	amounts of contributions made by participants and by each 29
2011	2011	participating employer, the withdrawals, the account 30
2012	2012	balances, total assets under management, investments, 31
2013	2013	investment returns, fees and expenses associated with the 32
2014	2014	investments and with the administration of the plan, 33
2015	2015	projected activities of the plan for the current calendar 34
2016	2016	year, and any other information regarding the plan and its 35
2017	2017	operations that the board may determine to provide. 36
2018	2018	285.1055. 1. The board shall establish the plan so 1
2019	2019	that individuals are able to begin contributing under the 2
2020	2020	plan on or before September 1, 2025. 3
2021	2021	2. The board may, in its discretion, phase in the plan 4
2022	2022	so that the ability to contribute first applies on different 5
2023	2023	dates for different classes of individuals, including 6
2024	2024	employees of employers of different sizes or types and 7
2025	2025	individuals who are not employees; provided that, any such 8
2026	2026	staged or phased-in implementation schedule shall be 9
2027	2027	substantially completed on or before September 1, 2025. 10
2028	2028	[104.130. Upon the death of a retired 1
2029	2029	member, the board shall pay to such member's 2
2030	2030	designated beneficiaries or to his estate a 3 SCS HCS HB 155 65
2031	2031	death benefit equal to the excess, if any, of 4
2032	2032	the accumulated contributions of the member at 5
2033	2033	retirement over the total amount of retirement 6
2034	2034	benefits received by such member prior to his 7
2035	2035	death.] 8
2036	2036	