EXPLANATION-Matter enclosed in bold-faced brackets [thus] in this bill is not enacted
and is intended to be omitted in the law.
FIRST REGULAR SESSION
SENATE COMMITTEE SUBSTITUTE FOR
HOUSE COMMITTEE SUBSTITUTE FOR
HOUSE BILL NO. 155
102ND GENERAL ASSEMBLY
0715S.06C KRISTINA MARTIN, Secretary
AN ACT
To repeal sections 86.253, 86.254, 86.280, 86.283, 86.287, 104.130, 104.380, 104.1039, 169.070,
169.331, 169.560, and 169.596, RSMo, and to enact in lieu thereof twenty-four new
sections relating to retirement systems.
Be it enacted by the General Assembly of the State of Missouri, as follows:
Section A. Sections 86.253 , 86.254, 86.280, 86.283, 1
86.287, 104.130, 104.380, 104.1039, 169.070, 169.331, 169.560, 2
and 169.596, RSMo, are repealed and twenty -four new sections 3
enacted in lieu thereof, to be known as sections 86.253, 86.254, 4
86.280, 86.283, 86.287, 104.380, 104.1039 , 168.082, 169.070, 5
169.331, 169.560, 169.596, 285.1000, 285.1005, 285.1010, 6
285.1015, 285.1020, 285.1025, 285.1030, 285.1035, 285.1040, 7
285.1045, 285.1050, and 285.1055, to read as follows:8
86.253. 1. Upon termination of employment as a police 1
officer and actual retirement for service, a member shall 2
receive a service retirement allowance which shall be an 3
amount equal to two percent of the member's average final 4
compensation multiplied by the number of years of the 5
member's creditable service , up to twenty-five years, plus 6
an amount equal to four percent of the member's average 7
final compensation for each year of creditable service in 8
excess of twenty-five years but not in excess of thirty 9
years; plus an additional five percent of the memb er's 10 SCS HCS HB 155 2
average final compensation for any creditable service in 11
excess of thirty years. Notwithstanding the foregoing, the 12
service retirement allowance of a member who does not earn 13
any creditable service after August 11, 1999, shall not 14
exceed an amount equal to seventy percent of the member's 15
average final compensation, and the service retirement 16
allowance of a member who earns creditable service on or 17
after August 12, 1999, shall not exceed an amount equal to 18
seventy-five percent of the member's average final 19
compensation; provided, however, that the service retirement 20
allowance of a member who is participating in the DROP 21
pursuant to section 86.251 on August 12, 1999, who returns 22
to active participation in the system pursuant to section 23
86.251, and who terminates employment as a police officer 24
and actually retires for reasons other than death or 25
disability before earning at least two years of creditable 26
service after such return shall be the sum of (1) the 27
member's service retirement allo wance as of the date the 28
member entered DROP and (2) an additional service retirement 29
allowance based solely on the creditable service earned by 30
the member following the member's return to active 31
participation. The member's total years of creditable 32
service shall be taken into account for the purpose of 33
determining whether the additional allowance attributable to 34
such additional creditable service is two percent, four 35
percent or five percent of the member's average final 36
compensation. 37
2. If, at any time since first becoming a member of 38
the retirement system, the member has served in the Armed 39
Forces of the United States, and has subsequently been 40
reinstated as a policeman within ninety days after the 41
member's discharge, the member shall b e granted credit for 42 SCS HCS HB 155 3
such service as if the member's service in the police 43
department of such city had not been interrupted by the 44
member's induction into the Armed Forces of the United 45
States. If earnable compensation is needed for such period 46
in computation of benefits it shall be calculated on the 47
basis of the compensation payable to the officers of the 48
member's rank during the period of the member's absence. 49
Notwithstanding any provision of sections 86.200 to 86.366 50
to the contrary, the retir ement system governed by sections 51
86.200 to 86.366 shall be operated and administered in 52
accordance with the applicable provisions of the Uniformed 53
Services Employment and Reemployment Rights Act of 1994, as 54
amended. 55
3. The service retirement all owance of each present 56
and future retired member who terminated employment as a 57
police officer and actually retired from service after 58
attaining age fifty-five or after completing twenty years of 59
creditable service shall be increased annually at a rate not 60
to exceed three percent as approved by the board of trustees 61
beginning with the first increase in the second October 62
following the member's retirement and subsequent increases 63
in each October thereafter, provided that each increase is 64
subject to a determination by the board of trustees that the 65
consumer price index (United States City Average Index) as 66
published by the United States Department of Labor shows an 67
increase of not less than the approved rate during the 68
latest twelve-month period for which the index is available 69
at the date of determination; and provided further, that if 70
the increase is in excess of the approved rate for any year, 71
such excess shall be accumulated as to any retired member 72
and increases may be granted in subsequen t years subject to 73
a maximum of three percent for each full year from October 74 SCS HCS HB 155 4
following the member's retirement but not to exceed a total 75
percentage increase of thirty percent. In no event shall 76
the increase described under this subsection be applied to 77
the amount, if any, paid to a member or surviving spouse of 78
a deceased member for services as a special consultant under 79
subsection 5 of this section [or, if applicable, subsection 80
6 of this section]. If the board of trustees determines 81
that the index has decreased for any year, the benefits of 82
any retired member that have been increased shall be 83
decreased but not below the member's initial benefit. No 84
annual increase shall be made of less than one percent and 85
no decrease of less than three pe rcent except that any 86
decrease may be limited in amount by the initial benefit. 87
4. In addition to any other retirement allowance 88
payable under this section and section 86.250, a member, 89
upon termination of employment as police officer and actual 90
service retirement, may request payment of the total amount 91
of the member's mandatory contributions to the retirement 92
system without interest. Upon receipt of such request, the 93
board shall pay the retired member such total amount of the 94
member's mandatory contributions to the retirement system to 95
be paid pursuant to this subsection within sixty days after 96
such retired member's date of termination of employment as a 97
police officer and actual retirement. 98
5. Any person who is receiving retirement benefits 99
from the retirement system, upon application to the board of 100
trustees, shall be made, constituted, appointed and employed 101
by the board of trustees as a special consultant on the 102
problems of retirement, aging and other matters, for the 103
remainder of the person's life or, in the case of a deceased 104
member's surviving spouse, until [the earlier of] the 105
person's death [or remarriage], and upon request of the 106 SCS HCS HB 155 5
board of trustees shall give opinions and be available to 107
give opinions in writing or o rally, in response to such 108
requests, as may be required. For such services the special 109
consultant shall be compensated monthly, in an amount which, 110
when added to any monthly retirement benefits being received 111
from the retirement system, including any cost-of-living 112
increases under subsection 3 of this section, shall total 113
six hundred fifty dollars a month. This employment shall in 114
no way affect any person's eligibility for retirement 115
benefits under this chapter, or in any way have the effect 116
of reducing retirement benefits, notwithstanding any 117
provisions of law to the contrary. 118
86.254. 1. Beginning July 1, 1994, in addition to any 1
other annuity, benefits, or retirement allowance provided 2
pursuant to sections 86.200 to 86.36 6, each present and 3
future retired member after attaining the age of sixty years 4
shall, upon application to the board of trustees, be made, 5
constituted, appointed and employed by the board of trustees 6
as an advisor on the problems of retirement, aging and other 7
matters, for the remainder of the retired member's life, and 8
upon request of the board of trustees shall give opinions in 9
writing or orally in response to such requests as may be 10
required. 11
2. For the performance of duties required in 12
subsection 1 of this section, each retired member employed 13
as an advisor by the board of trustees shall be compensated 14
monthly in an amount of ten dollars per month multiplied by 15
the number of years the retired member is past the age of 16
sixty years. The compensation provided by this subsection 17
shall be adjusted annually. No funding shall be required 18
prior to the effective date of this benefit. 19 SCS HCS HB 155 6
3. Beginning October 1, 1999, in addition to any other 20
benefit provided to any surviving spouse pursu ant to 21
sections 86.200 to 86.366, each present and future surviving 22
spouse of a member after attaining the age of sixty years 23
shall upon application to the board of trustees, be made, 24
constituted, appointed and employed by the board of trustees 25
as an advisor on the problems of retirement, aging and other 26
matters for the remainder of the surviving spouse's life [or 27
until the surviving spouse remarries, whichever is earlier ], 28
and upon request of the board of trustees shall give 29
opinions in writing or orally in response to such requests 30
as may be required. 31
4. For the performance of duties required in 32
subsection 3 of this section, each surviving spouse of a 33
member employed as an advisor by the board of trustees shall 34
be compensated monthly in an amount of ten dollars per month 35
multiplied by the number of years the surviving spouse is 36
past the age of sixty years. The compensation provided by 37
this subsection shall be adjusted annually. 38
86.280. Upon the receipt of proper pr oofs of the death 1
of a member in service and provided no other benefits are 2
payable under the retirement system, there shall be paid the 3
following benefits: 4
(1) Effective October 1, 1999, a pension to the 5
surviving spouse until the surviving spou se dies [or 6
remarries, whichever is earlier ], of forty percent of the 7
deceased member's average final compensation plus fifteen 8
percent of such compensation to, or for the benefit of, each 9
unmarried dependent child of the deceased member, who is 10
either under the age of eighteen, or who, regardless of age, 11
is totally and permanently mentally or physically disabled 12 SCS HCS HB 155 7
and incapacitated from engaging in gainful occupation 13
sufficient to support himself or herself; 14
(2) Any surviving spouse or unmarrie d dependent child 15
receiving benefits pursuant to the provisions of this 16
section immediately prior to October 1, 1999, shall, upon 17
application to the board of trustees, be made, constituted, 18
appointed and employed by the board of trustees as a special 19
consultant on the problems of retirement, aging and other 20
matters while the surviving spouse or unmarried dependent 21
child is receiving such benefits, and upon request of the 22
board of trustees shall give opinions in writing or orally 23
in response to such requests as may be required. Beginning 24
October 1, 1999, for such services as may be required, the 25
surviving spouse shall receive additional monthly 26
compensation in an amount equal to fifteen percent of the 27
deceased member's average final compensation , and there 28
shall be payable an additional monthly compensation of one 29
hundred dollars or five percent of the member's average 30
final compensation, whichever is greater, for each unmarried 31
dependent child of the member. The additional monthly 32
compensation payable to a surviving spouse pursuant to this 33
subdivision shall be adjusted for any cost -of-living 34
increases that apply, pursuant to subdivision (8) of this 35
section, to the benefit the surviving spouse was receiving 36
prior to October 1, 1999; 37
(3) If no surviving spouse benefits are payable 38
pursuant to subdivisions (1) and (2) of this section, such 39
total pension as would have been paid pursuant to 40
subdivisions (1) and (2) of this section had there been a 41
surviving spouse shall be divided a mong the unmarried 42
dependent children under age eighteen and such unmarried 43
dependent children, regardless of age, who are totally and 44 SCS HCS HB 155 8
permanently mentally or physically disabled and 45
incapacitated from engaging in a gainful occupation 46
sufficient to support themselves. The benefit shall be 47
divided equally among the eligible dependent children, and 48
the share of a child who is no longer eligible shall be 49
divided equally among the remaining eligible dependent 50
children; provided that not more than one -half of the 51
surviving spouse's benefit shall be paid for one child; 52
(4) If there is no surviving spouse or dependent 53
children, the return of accumulated contributions to the 54
designated beneficiary as set forth in section 86.293; 55
(5) No benefits pursuant to this section shall be paid 56
to a child over eighteen years of age who is totally and 57
permanently disabled if such child is a patient or resident 58
of a public-supported institution, nor shall such benefits 59
be paid unless such disability oc curred prior to such child 60
reaching the age of eighteen; 61
(6) Wherever any dependent child designated by the 62
board of trustees to receive benefits pursuant to this 63
section is in the care of the surviving spouse of the 64
deceased member, such benefit s may be paid to such surviving 65
spouse for the child; 66
(7) Any benefit payable to, or for the benefit of, a 67
child or children under the age of eighteen years pursuant 68
to subdivisions (1) to (3) of this section shall continue to 69
be paid beyond the age of eighteen years through the age of 70
twenty-two years if the child is a full -time student at a 71
regularly accredited college, business school, nursing 72
school, school for technical or vocational training, or 73
university, but such extended benefit shal l cease whenever 74
the child ceases to be a student. A college or university 75
shall be deemed to be regularly accredited which maintains 76 SCS HCS HB 155 9
membership in good standing in a national or regional 77
accrediting agency recognized by any state college or 78
university; 79
(8) The benefits payable pursuant to this section to 80
the surviving spouse of a member who died in service after 81
attaining the age of fifty -five or completing twenty years 82
of creditable service shall be increased in the same 83
percentages and pursuant to the same method as is provided 84
in section 86.253 for adjustments in the service retirement 85
allowance of a retired member ; 86
(9) In the event a surviving spouse receiving death 87
benefits as a result of a prior marriage to a deceased 88
member subsequently remarries another member who also 89
predeceases the surviving spouse, the surviving spouse shall 90
receive a single death benefit pension, which, upon 91
application to the board of trustees, shall be computed 92
under subdivision (1) of this sectio n using the highest of 93
the average final compensations of the deceased members to 94
which the surviving spouse was previously married; 95
(10) Beginning on August 28, 2023, any surviving 96
spouse that had, prior to August 28, 2023, become ineligible 97
for benefits under subdivisions (1) and (2) of this section 98
as a result of remarrying shall, upon application to the 99
board of trustees, have reinstated all future benefits under 100
subdivisions (1) and (2) of this section. Any such 101
reinstatement shall be as to future benefits only and shall 102
not be retroactive prior to August 28, 2023 . 103
86.283. Upon receipt of proper proofs of the death of 1
a retired member who retired while in service, including 2
retirement for service, ordinary disabilit y or accidental 3
disability, and provided no other benefits are payable from 4 SCS HCS HB 155 10
the retirement system, there shall be paid the following 5
benefits: 6
(1) Effective October 1, 1999, a pension to the 7
surviving spouse until the surviving spouse dies [or 8
remarries, whichever is earlier ], of forty percent of the 9
deceased member's average final compensation plus fifteen 10
percent of such compensation to, or for the benefit of, each 11
unmarried dependent child of the deceased member, who is 12
either under the age of eighteen, or who, regardless of age, 13
is totally and permanently mentally or physically disabled 14
and incapacitated from engaging in a gainful occupation 15
sufficient to support himself or herself; 16
(2) Any surviving spouse or unmarried dependent child 17
receiving benefits pursuant to this section immediately 18
prior to October 1, 1999, shall upon application to the 19
board of trustees be made, constituted, appointed and 20
employed by the board of trustees as a special consultant on 21
the problems of retirement, aging and other matters while 22
the surviving spouse or unmarried dependent child is 23
receiving such benefits, and upon request of the board of 24
trustees shall give opinions in writing or orally in 25
response to such requests as may be required. Beginning 26
October 1, 1999, for such services as may be required, a 27
surviving spouse shall receive additional monthly 28
compensation equal to the amount which when added to the 29
benefits the surviving spouse was receiving pursuant to this 30
section prior to October 1, 1999, determined without regard 31
to any increase applied to such benefits prior to October 1, 32
1999, pursuant to subdivision (8) of this section, will 33
increase the surviving spouse's total monthly payment 34
pursuant to this section to forty perc ent of the deceased 35
member's average final compensation, and there shall be 36 SCS HCS HB 155 11
payable an additional monthly compensation of one hundred 37
dollars or five percent of the member's average final 38
compensation, whichever is greater, for each unmarried 39
dependent child of the member. The additional monthly 40
compensation payable to a surviving spouse pursuant to this 41
subdivision shall be adjusted for any cost -of-living 42
increases that apply to the benefit the surviving spouse was 43
receiving prior to October 1, 1 999; 44
(3) If no surviving spouse benefits are payable 45
pursuant to subdivisions (1) and (2) of this section, such 46
total pension as would have been paid pursuant to 47
subdivisions (1) and (2) of this section had there been a 48
surviving spouse, determin ed without regard to any increase 49
which would have applied to the surviving spouse's benefits 50
pursuant to subdivision (8) of this section, shall be 51
divided among the unmarried dependent children under age 52
eighteen and unmarried dependent children, rega rdless of 53
age, who are totally and permanently mentally or physically 54
disabled and incapacitated from engaging in a gainful 55
occupation sufficient to support themselves. The benefit 56
shall be divided equally among the eligible dependent 57
children, and the share of a child who is no longer eligible 58
shall be divided equally among the remaining eligible 59
dependent children; provided that not more than one -half of 60
the surviving spouse's benefits shall be paid for one child; 61
(4) No benefits pursuant t o this section shall be paid 62
to a child over eighteen years of age who is totally and 63
permanently disabled if such child is a patient or resident 64
of a public-supported institution, nor shall such benefits 65
be paid unless such disability occurred prior t o such child 66
reaching the age of eighteen; 67 SCS HCS HB 155 12
(5) Whenever any dependent child designated by the 68
board of trustees to receive benefits pursuant to this 69
section is in the care of the surviving spouse of the 70
deceased member, such benefits may be paid to such surviving 71
spouse for the child; 72
(6) In the event of the death of a retired member 73
receiving accidental disability benefits before such 74
benefits have been paid for five years, the member's 75
surviving spouse until the surviving spouse dies [or 76
remarries, whichever is earlier ], shall receive an 77
additional pension of ten percent of the deceased member's 78
final average compensation; 79
(7) Any benefit payable to, or for the benefit of, a 80
child or children under the age of eighteen years pu rsuant 81
to subdivisions (1) to (3) of this section shall continue to 82
be paid beyond the age of eighteen years through the age of 83
twenty-two years if the child is a full -time student at a 84
regularly accredited college, business school, nursing 85
school, school for technical or vocational training, or 86
university, but such extended benefit shall cease whenever 87
the child ceases to be a student. A college or university 88
shall be deemed to be regularly accredited which maintains 89
membership in good standing i n a national or regional 90
accrediting agency recognized by any state college or 91
university; 92
(8) The benefits payable pursuant to this section to 93
the surviving spouse of a retired member who received or was 94
entitled to receive a service retirement allowance shall be 95
increased in the same percentages and pursuant to the same 96
method as is provided in section 86.253 for adjustments in 97
the service retirement allowance of a retired member ; 98 SCS HCS HB 155 13
(9) In the event a surviving spouse receiving death 99
benefits as a result of a prior marriage to a deceased 100
member subsequently remarries another member who also 101
predeceases the surviving spouse, the surviving spouse shall 102
receive a single death benefit pension, which, upon 103
application to the board of trust ees, shall be computed 104
under subdivision (1) of this section using the highest of 105
the average final compensations of the deceased members to 106
which the surviving spouse was previously married; 107
(10) Beginning on August 28, 2023, any surviving 108
spouse that had, prior to August 28, 2023, become ineligible 109
for benefits under subdivisions (1), (2), and (6) of this 110
section as a result of remarrying shall, upon application to 111
the board of trustees, have reinstated all future benefits 112
under subdivisions (1), (2), and (6) of this section. Any 113
such reinstatement shall be as to future benefits only and 114
shall not be retroactive prior to August 28, 2023 . 115
86.287. Upon the receipt by the board of trustees of 1
evidence and proof that the d eath of a member was the 2
natural and proximate result of an accident occurring at 3
some definite time and place while the member was in the 4
actual performance of duty and not caused by negligence on 5
the part of the member, there shall be paid in lieu of the 6
benefits pursuant to sections 86.280 to 86.283: 7
(1) Effective October 1, 1999, a pension to the 8
surviving spouse until the surviving spouse dies [or 9
remarries, whichever is earlier ], of seventy-five percent of 10
the deceased member's average f inal compensation plus 11
fifteen percent of such compensation to, or for the benefit 12
of, each unmarried dependent child of the deceased member, 13
who is either under the age of eighteen, or who, regardless 14
of age, is totally and permanently disabled and 15 SCS HCS HB 155 14
incapacitated from engaging in a gainful occupation 16
sufficient to support himself or herself; 17
(2) Any surviving spouse or unmarried dependent child 18
receiving benefits pursuant to this section immediately 19
prior to October 1, 1999, shall upon applica tion to the 20
board of trustees be made, constituted, appointed and 21
employed by the board of trustees as a special consultant on 22
the problems of retirement, aging and other matters while 23
the surviving spouse or unmarried dependent child is 24
receiving such benefits, and upon request of the board of 25
trustees shall give opinions in writing or orally in 26
response to such requests as may be required. Beginning 27
October 1, 1999, for such services as may be required, a 28
surviving spouse shall receive additiona l monthly 29
compensation equal to the amount which when added to the 30
benefits the surviving spouse was receiving pursuant to this 31
section prior to October 1, 1999, will increase the 32
surviving spouse's total monthly benefit payment pursuant to 33
this section to seventy-five percent of the deceased 34
member's average final compensation, and there shall be 35
payable an additional monthly compensation of one hundred 36
dollars or five percent of the member's average final 37
compensation, whichever is greater, for e ach unmarried 38
dependent child of the member; 39
(3) If no surviving spouse benefits are payable 40
pursuant to subdivisions (1) and (2) of this section, such 41
total pension as would have been paid pursuant to 42
subdivisions (1) and (2) of this section had there been a 43
surviving spouse shall be divided among the unmarried 44
dependent children under age eighteen and such unmarried 45
dependent children, regardless of age, who are totally and 46
permanently disabled and incapacitated from engaging in a 47 SCS HCS HB 155 15
gainful occupation sufficient to support themselves. The 48
benefit shall be divided equally among the eligible 49
dependent children, and the share of a child who is no 50
longer eligible shall be divided equally among the remaining 51
eligible dependent children; provid ed that not more than one - 52
half of the surviving spouse's benefit shall be paid for one 53
child; 54
(4) If there is no surviving spouse or unmarried 55
dependent children of either class mentioned in subdivision 56
(3) of this section, then an amount equal t o the surviving 57
spouse's benefit shall be paid to the member's dependent 58
father or dependent mother to continue until remarriage or 59
death; 60
(5) No benefits pursuant to this section shall be paid 61
to a child over eighteen years of age who is totally and 62
permanently disabled if such child is a patient or resident 63
of a public-supported institution, nor shall such benefits 64
be paid unless such disability occurred prior to such child 65
reaching the age of eighteen; 66
(6) Wherever any dependent child designated by the 67
board of trustees to receive benefits pursuant to this 68
section is in the care of the surviving spouse of the 69
deceased member, such benefits may be paid to such surviving 70
spouse for the child; 71
(7) Any benefit payable to, or for the benefit of, a 72
child or children under the age of eighteen years pursuant 73
to subdivisions (1) to (3) of this section shall continue to 74
be paid beyond the age of eighteen years through the age of 75
twenty-two years in those cases where the child is a f ull- 76
time student at a regularly accredited college, business 77
school, nursing school, school for technical or vocational 78
training, or university, but such extended benefit shall 79 SCS HCS HB 155 16
cease whenever the child ceases to be a student. A college 80
or university shall be deemed to be regularly accredited 81
which maintains membership in good standing in a national or 82
regional accrediting agency recognized by any state college 83
or university; 84
(8) In the event a surviving spouse receiving death 85
benefits as a result of a prior marriage to a deceased 86
member subsequently remarries another member who also 87
predeceases the surviving spouse, the surviving spouse shall 88
receive a single death benefit pension, which, upon 89
application to the board of trustees, shall b e computed 90
under subdivision (1) of this section using the highest of 91
the average final compensations of the deceased members to 92
which the surviving spouse was previously married; 93
(9) Beginning on August 28, 2023, any surviving spouse 94
that had, prior to August 28, 2023, become ineligible for 95
benefits under subdivisions (1) and (2) of this section as a 96
result of remarrying shall, upon application to the board of 97
trustees, have reinstated all future benefits under 98
subdivisions (1) and (2) of thi s section. Any such 99
reinstatement shall be as to future benefits only and shall 100
not be retroactive prior to August 28, 2023 . 101
104.380. 1. If a retired member is elected to any 1
state office or is appointed to any state office or is 2
employed by a department in a position normally requiring 3
the performance by the person of duties during not less than 4
one thousand forty hours per year, the member shall not 5
receive an annuity for any month or part of a month for 6
which the member serv es as an officer or employee [, but] 7
except, notwithstanding the provisions of section 105.684 to 8
the contrary, those retired members serving as a member of 9 SCS HCS HB 155 17
the general assembly under section 104.370 or an elected 10
state official under section 104.371. 11
2. Upon reemployment under subsection 1 of this 12
section, the member shall be considered to be a new employee 13
with no previous creditable service and must accrue 14
creditable service continuously for at least one year in 15
order to receive any addition al annuity. Any retired member 16
who again becomes an employee and who accrues additional 17
creditable service and later retires shall receive an 18
additional amount of monthly annuity calculated to include 19
only the creditable service and the average compen sation 20
earned by the member since such employment or creditable 21
service earned as a member of the general assembly. Years 22
of membership service and twelfths of a year are to be used 23
in calculating any additional annuity except for creditable 24
service earned as a member of the general assembly, and such 25
additional annuity shall be based on the type of service 26
accrued. In either event, the original annuity and the 27
additional annuity, if any, shall be paid commencing with 28
the end of the first month a fter the month during which the 29
member's term of office has been completed, or the member's 30
employment terminated. If a retired member is employed by a 31
department in a position that does not normally require the 32
person to perform duties during at leas t one thousand forty 33
hours per year, the member shall not be considered an 34
employee as defined pursuant to section 104.010. A retired 35
member who becomes reemployed as an employee on or after 36
August 28, 2001, in a position covered by the Missouri 37
department of transportation and highway patrol employees' 38
retirement system shall not be eligible to receive 39
retirement benefits or additional creditable service from 40
the state employees' retirement system. Annual benefit 41 SCS HCS HB 155 18
increases paid under section 104 .415 shall not accrue while 42
a retired member is employed as described in this section 43
except, notwithstanding the provisions of section 105.684 to 44
the contrary, those retired members serving as a member of 45
the general assembly under section 104.370 or an elected 46
state official under section 104.371 . Any future annual 47
benefit increases paid after the member terminates such 48
employment will be paid in the same month as the member's 49
original annual benefit increases were paid. Benefits paid 50
under subsection 3 of section 104.374 are not applicable to 51
any additional annuity paid under this section. 52
104.1039. If a retiree is employed as an employee by a 1
department, the retiree shall not receive an annuity payment 2
for any calendar month in which the retiree is so employed 3
except, notwithstanding the provisions of section 105.684 to 4
the contrary, those retirees serving as a member of the 5
general assembly or as a statewide elected official under 6
section 104.1084. While reemployed the retiree shall be 7
considered to be a new employee with no previous credited 8
service and must accrue credited service continuously for at 9
least one year in order to receive any additional annuity. 10
Such retiree shall receive an additional annuity in addition 11
to the original annuity, calculated based only on the 12
credited service and the pay earned by such retiree during 13
reemployment and paid in accordance with the annuity option 14
originally elected; provided such retiree who ceases to 15
receive an annuity pursuant to this section shall not 16
receive such additional annuity if such retiree is employed 17
by a department in a position that is covered by a state - 18
sponsored defined benefit retirement plan not created 19
pursuant to this chapter. The original annuity and any 20
additional annuity shall be paid commencing as of the end of 21 SCS HCS HB 155 19
the first month after the month during which the retiree's 22
reemployment terminates. Cost-of-living adjustments paid 23
under section 104.1045 shall not accrue while a retiree is 24
employed as described in this section except, 25
notwithstanding the provisions of section 105.684 to the 26
contrary, those retirees serving as a member of the general 27
assembly or as a statewide elected official under section 28
104.1084. Any future cost-of-living adjustments paid after 29
the retiree terminates such employment will be paid in the 30
same month as the retiree's original annual benefit 31
increases were paid. 32
168.082. Any person who was employed as a speech 1
implementer before A ugust 1, 2022, that is employed in a 2
position on or after August 28, 2023, as a speech -language 3
pathology assistant, shall be considered a speech 4
implementer for purposes of certification that the 5
department of elementary and secondary education requir ed 6
such person to hold before August 1, 2022, and for purposes 7
of consideration of Social Security coverage. Such person 8
shall not be considered a speech implementer, as described 9
in this section, when such person dies, retires, or no 10
longer works in a speech-language pathology assistant 11
position. The term "speech-language pathology assistant" as 12
used in this section shall have the same meaning as such 13
term is defined in section 345.015. 14
169.070. 1. The retirement allowance of a member 1
whose age at retirement is sixty years or more and whose 2
creditable service is five years or more, or whose sum of 3
age and creditable service equals eighty years or more, or 4
who has attained age fifty -five and whose creditable service 5
is twenty-five years or more or whose creditable service is 6
thirty years or more regardless of age, may be the sum of 7 SCS HCS HB 155 20
the following items, not to exceed one hundred percent of 8
the member's final average salary: 9
(1) Two and five-tenths percent of the mem ber's final 10
average salary for each year of membership service; 11
(2) Six-tenths of the amount payable for a year of 12
membership service for each year of prior service not 13
exceeding thirty years. 14
In lieu of the retirement allowance otherwise provid ed in 15
subdivisions (1) and (2) of this subsection, a member may 16
elect to receive a retirement allowance of: 17
(3) Two and four-tenths percent of the member's final 18
average salary for each year of membership service, if the 19
member's creditable servi ce is twenty-nine years or more but 20
less than thirty years, and the member has not attained age 21
fifty-five; 22
(4) Two and thirty-five-hundredths percent of the 23
member's final average salary for each year of membership 24
service, if the member's credi table service is twenty -eight 25
years or more but less than twenty -nine years, and the 26
member has not attained age fifty -five; 27
(5) Two and three-tenths percent of the member's final 28
average salary for each year of membership service, if the 29
member's creditable service is twenty -seven years or more 30
but less than twenty -eight years, and the member has not 31
attained age fifty-five; 32
(6) Two and twenty-five-hundredths percent of the 33
member's final average salary for each year of membership 34
service, if the member's creditable service is twenty -six 35
years or more but less than twenty -seven years, and the 36
member has not attained age fifty -five; 37 SCS HCS HB 155 21
(7) Two and two-tenths percent of the member's final 38
average salary for each year of membership se rvice, if the 39
member's creditable service is twenty -five years or more but 40
less than twenty-six years, and the member has not attained 41
age fifty-five; 42
(8) [Between July 1, 2001, and July 1, 2014, ] Two and 43
fifty-five hundredths percent of the memb er's final average 44
salary for each year of membership service, if the member's 45
creditable service is [thirty-one] thirty-two years or more 46
regardless of age. 47
2. In lieu of the retirement allowance provided in 48
subsection 1 of this section, a membe r whose age is sixty 49
years or more on September 28, 1975, may elect to have the 50
member's retirement allowance calculated as a sum of the 51
following items: 52
(1) Sixty cents plus one and five -tenths percent of 53
the member's final average salary for ea ch year of 54
membership service; 55
(2) Six-tenths of the amount payable for a year of 56
membership service for each year of prior service not 57
exceeding thirty years; 58
(3) Three-fourths of one percent of the sum of 59
subdivisions (1) and (2) of this subsection for each month 60
of attained age in excess of sixty years but not in excess 61
of age sixty-five. 62
3. (1) In lieu of the retirement allowance provided 63
either in subsection 1 or 2 of this section, collectively 64
called "option 1", a member who se creditable service is 65
twenty-five years or more or who has attained the age of 66
fifty-five with five or more years of creditable service may 67
elect in the member's application for retirement to receive 68
the actuarial equivalent of the member's retireme nt 69 SCS HCS HB 155 22
allowance in reduced monthly payments for life during 70
retirement with the provision that: 71
Option 2. 72
Upon the member's death the reduced retirement 73
allowance shall be continued throughout the life 74
of and paid to such person as has an insurable 75
interest in the life of the member as the member 76
shall have nominated in the member's election of 77
the option, and provided further that if the 78
person so nominated dies before the retired 79
member, the retirement allowance will be 80
increased to the amount th e retired member would 81
be receiving had the retired member elected 82
option 1; or 83
Option 3. 84
Upon the death of the member three -fourths of 85
the reduced retirement allowance shall be 86
continued throughout the life of and paid to 87
such person as has an insu rable interest in the 88
life of the member and as the member shall have 89
nominated in an election of the option, and 90
provided further that if the person so nominated 91
dies before the retired member, the retirement 92
allowance will be increased to the amount the 93
retired member would be receiving had the member 94
elected option 1; or 95
Option 4. 96
Upon the death of the member one -half of the 97
reduced retirement allowance shall be continued 98
throughout the life of, and paid to, such person 99
as has an insurable in terest in the life of the 100
member and as the member shall have nominated in 101 SCS HCS HB 155 23
an election of the option, and provided further 102
that if the person so nominated dies before the 103
retired member, the retirement allowance shall 104
be increased to the amount the re tired member 105
would be receiving had the member elected option 106
1; or 107
Option 5. 108
Upon the death of the member prior to the member 109
having received one hundred twenty monthly 110
payments of the member's reduced allowance, the 111
remainder of the one hundred tw enty monthly 112
payments of the reduced allowance shall be paid 113
to such beneficiary as the member shall have 114
nominated in the member's election of the option 115
or in a subsequent nomination. If there is no 116
beneficiary so nominated who survives the member 117
for the remainder of the one hundred twenty 118
monthly payments, the total of the remainder of 119
such one hundred twenty monthly payments shall 120
be paid to the surviving spouse, surviving 121
children in equal shares, surviving parents in 122
equal shares, or estat e of the last person, in 123
that order of precedence, to receive a monthly 124
allowance in a lump sum payment. If the total 125
of the one hundred twenty payments paid to the 126
retired individual and the beneficiary of the 127
retired individual is less than the tot al of the 128
member's accumulated contributions, the 129
difference shall be paid to the beneficiary in a 130
lump sum; or 131
Option 6. 132 SCS HCS HB 155 24
Upon the death of the member prior to the member 133
having received sixty monthly payments of the 134
member's reduced allowance, the remainder of the 135
sixty monthly payments of the reduced allowance 136
shall be paid to such beneficiary as the member 137
shall have nominated in the member's election of 138
the option or in a subsequent nomination. If 139
there is no beneficiary so nominated who 140
survives the member for the remainder of the 141
sixty monthly payments, the total of the 142
remainder of such sixty monthly payments shall 143
be paid to the surviving spouse, surviving 144
children in equal shares, surviving parents in 145
equal shares, or estate of th e last person, in 146
that order of precedence, to receive a monthly 147
allowance in a lump sum payment. If the total 148
of the sixty payments paid to the retired 149
individual and the beneficiary of the retired 150
individual is less than the total of the 151
member's accumulated contributions, the 152
difference shall be paid to the beneficiary in a 153
lump sum. 154
(2) The election of an option may be made only in the 155
application for retirement and such application must be 156
filed prior to the date on which the retiremen t of the 157
member is to be effective. If either the member or the 158
person nominated to receive the survivorship payments dies 159
before the effective date of retirement, the option shall 160
not be effective, provided that: 161
(a) If the member or a person r etired on disability 162
retirement dies after acquiring twenty -five or more years of 163
creditable service or after attaining the age of fifty -five 164 SCS HCS HB 155 25
years and acquiring five or more years of creditable service 165
and before retirement, except retirement with dis ability 166
benefits, and the person named by the member as the member's 167
beneficiary has an insurable interest in the life of the 168
deceased member, the designated beneficiary may elect to 169
receive either survivorship benefits under option 2 or a 170
payment of the accumulated contributions of the member. If 171
survivorship benefits under option 2 are elected and the 172
member at the time of death would have been eligible to 173
receive an actuarial equivalent of the member's retirement 174
allowance, the designated benef iciary may further elect to 175
defer the option 2 payments until the date the member would 176
have been eligible to receive the retirement allowance 177
provided in subsection 1 or 2 of this section; 178
(b) If the member or a person retired on disability 179
retirement dies before attaining age fifty -five but after 180
acquiring five but fewer than twenty -five years of 181
creditable service, and the person named as the member's 182
beneficiary has an insurable interest in the life of the 183
deceased member, the designated b eneficiary may elect to 184
receive either a payment of the member's accumulated 185
contributions, or survivorship benefits under option 2 to 186
begin on the date the member would first have been eligible 187
to receive an actuarial equivalent of the member's 188
retirement allowance, or to begin on the date the member 189
would first have been eligible to receive the retirement 190
allowance provided in subsection 1 or 2 of this section. 191
4. If the total of the retirement or disability 192
allowance paid to an individual b efore the death of the 193
individual is less than the accumulated contributions at the 194
time of retirement, the difference shall be paid to the 195
beneficiary of the individual, or to the surviving spouse, 196 SCS HCS HB 155 26
surviving children in equal shares, surviving parents in 197
equal shares, or estate of the individual in that order of 198
precedence. If an optional benefit as provided in option 2, 199
3 or 4 in subsection 3 of this section had been elected, and 200
the beneficiary dies after receiving the optional benefit, 201
and if the total retirement allowance paid to the retired 202
individual and the beneficiary of the retired individual is 203
less than the total of the contributions, the difference 204
shall be paid to the surviving spouse, surviving children in 205
equal shares, surviving parents in equal shares, or estate 206
of the beneficiary, in that order of precedence, unless the 207
retired individual designates a different recipient with the 208
board at or after retirement. 209
5. If a member dies and his or her financial 210
institution is unable to accept the final payment or 211
payments due to the member, the final payment or payments 212
shall be paid to the beneficiary of the member or, if there 213
is no beneficiary, to the surviving spouse, surviving 214
children in equal shares, surviving paren ts in equal shares, 215
or estate of the member, in that order of precedence, unless 216
otherwise stated. If the beneficiary of a deceased member 217
dies and his or her financial institution is unable to 218
accept the final payment or payments, the final payment o r 219
payments shall be paid to the surviving spouse, surviving 220
children in equal shares, surviving parents in equal shares, 221
or estate of the member, in that order of precedence, unless 222
otherwise stated. 223
6. If a member dies before receiving a retirem ent 224
allowance, the member's accumulated contributions at the 225
time of the death of the member shall be paid to the 226
beneficiary of the member or, if there is no beneficiary, to 227
the surviving spouse, surviving children in equal shares, 228 SCS HCS HB 155 27
surviving parents in equal shares, or to the estate of the 229
member, in that order of precedence; except that, no such 230
payment shall be made if the beneficiary elects option 2 in 231
subsection 3 of this section, unless the beneficiary dies 232
before having received benefits pur suant to that subsection 233
equal to the accumulated contributions of the member, in 234
which case the amount of accumulated contributions in excess 235
of the total benefits paid pursuant to that subsection shall 236
be paid to the surviving spouse, surviving child ren in equal 237
shares, surviving parents in equal shares, or estate of the 238
beneficiary, in that order of precedence. 239
7. If a member ceases to be a public school employee 240
as herein defined and certifies to the board of trustees 241
that such cessation i s permanent, or if the membership of 242
the person is otherwise terminated, the member shall be paid 243
the member's accumulated contributions with interest. 244
8. Notwithstanding any provisions of sections 169.010 245
to 169.141 to the contrary, if a member c eases to be a 246
public school employee after acquiring five or more years of 247
membership service in Missouri, the member may at the option 248
of the member leave the member's contributions with the 249
retirement system and claim a retirement allowance any time 250
after reaching the minimum age for voluntary retirement. 251
When the member's claim is presented to the board, the 252
member shall be granted an allowance as provided in sections 253
169.010 to 169.141 on the basis of the member's age, years 254
of service, and the provisions of the law in effect at the 255
time the member requests the member's retirement to become 256
effective. 257
9. The retirement allowance of a member retired 258
because of disability shall be nine -tenths of the allowance 259
to which the member's credi table service would entitle the 260 SCS HCS HB 155 28
member if the member's age were sixty, or fifty percent of 261
one-twelfth of the annual salary rate used in determining 262
the member's contributions during the last school year for 263
which the member received a year of creditab le service 264
immediately prior to the member's disability, whichever is 265
greater, except that no such allowance shall exceed the 266
retirement allowance to which the member would have been 267
entitled upon retirement at age sixty if the member had 268
continued to teach from the date of disability until age 269
sixty at the same salary rate. 270
10. Notwithstanding any provisions of sections 169.010 271
to 169.141 to the contrary, from October 13, 1961, the 272
contribution rate pursuant to sections 169.010 to 169.141 273
shall be multiplied by the factor of two -thirds for any 274
member of the system for whom federal Old Age and Survivors 275
Insurance tax is paid from state or local tax funds on 276
account of the member's employment entitling the person to 277
membership in the system . The monetary benefits for a 278
member who elected not to exercise an option to pay into the 279
system a retroactive contribution of four percent on that 280
part of the member's annual salary rate which was in excess 281
of four thousand eight hundred dollars but not in excess of 282
eight thousand four hundred dollars for each year of 283
employment in a position covered by this system between July 284
1, 1957, and July 1, 1961, as provided in subsection 10 of 285
this section as it appears in RSMo, 1969, shall be the sum 286
of: 287
(1) For years of service prior to July 1, 1946, six - 288
tenths of the full amount payable for years of membership 289
service; 290
(2) For years of membership service after July 1, 291
1946, in which the full contribution rate was paid, full 292 SCS HCS HB 155 29
benefits under the formula in effect at the time of the 293
member's retirement; 294
(3) For years of membership service after July 1, 295
1957, and prior to July 1, 1961, the benefits provided in 296
this section as it appears in RSMo, 1959; except that if the 297
member has at least thirty years of creditable service at 298
retirement the member shall receive the benefit payable 299
pursuant to that section as though the member's age were 300
sixty-five at retirement; 301
(4) For years of membership service after July 1, 302
1961, in which the two-thirds contribution rate was paid, 303
two-thirds of the benefits under the formula in effect at 304
the time of the member's retirement. 305
11. The monetary benefits for each other member for 306
whom federal Old Age and Survivors Insurance tax is or was 307
paid at any time from state or local funds on account of the 308
member's employment entitling the member to membership in 309
the system shall be the sum of: 310
(1) For years of service prior to July 1, 1946, six - 311
tenths of the full amount payable fo r years of membership 312
service; 313
(2) For years of membership service after July 1, 314
1946, in which the full contribution rate was paid, full 315
benefits under the formula in effect at the time of the 316
member's retirement; 317
(3) For years of membersh ip service after July 1, 318
1957, in which the two -thirds contribution rate was paid, 319
two-thirds of the benefits under the formula in effect at 320
the time of the member's retirement. 321
12. Any retired member of the system who was retired 322
prior to September 1, 1972, or beneficiary receiving 323
payments under option 1 or option 2 of subsection 3 of this 324 SCS HCS HB 155 30
section, as such option existed prior to September 1, 1972, 325
will be eligible to receive an increase in the retirement 326
allowance of the member of two perce nt for each year, or 327
major fraction of more than one -half of a year, which the 328
retired member has been retired prior to July 1, 1975. This 329
increased amount shall be payable commencing with January, 330
1976, and shall thereafter be referred to as the memb er's 331
retirement allowance. The increase provided for in this 332
subsection shall not affect the retired member's eligibility 333
for compensation provided for in section 169.580 or 169.585, 334
nor shall the amount being paid pursuant to these sections 335
be reduced because of any increases provided for in this 336
section. 337
13. If the board of trustees determines that the cost 338
of living, as measured by generally accepted standards, 339
increases two percent or more in the preceding fiscal year, 340
the board shall increase the retirement allowances which the 341
retired members or beneficiaries are receiving by two 342
percent of the amount being received by the retired member 343
or the beneficiary at the time the annual increase is 344
granted by the board with the provision th at the increases 345
provided for in this subsection shall not become effective 346
until the fourth January first following the member's 347
retirement or January 1, 1977, whichever later occurs, or in 348
the case of any member retiring on or after July 1, 2000, 349
the increase provided for in this subsection shall not 350
become effective until the third January first following the 351
member's retirement, or in the case of any member retiring 352
on or after July 1, 2001, the increase provided for in this 353
subsection shall not become effective until the second 354
January first following the member's retirement. Commencing 355
with January 1, 1992, if the board of trustees determines 356 SCS HCS HB 155 31
that the cost of living has increased five percent or more 357
in the preceding fiscal year, the boar d shall increase the 358
retirement allowances by five percent. The total of the 359
increases granted to a retired member or the beneficiary 360
after December 31, 1976, may not exceed eighty percent of 361
the retirement allowance established at retirement or as 362
previously adjusted by other subsections. If the cost of 363
living increases less than five percent, the board of 364
trustees may determine the percentage of increase to be made 365
in retirement allowances, but at no time can the increase 366
exceed five percent pe r year. If the cost of living 367
decreases in a fiscal year, there will be no increase in 368
allowances for retired members on the following January 369
first. 370
14. The board of trustees may reduce the amounts which 371
have been granted as increases to a memb er pursuant to 372
subsection 13 of this section if the cost of living, as 373
determined by the board and as measured by generally 374
accepted standards, is less than the cost of living was at 375
the time of the first increase granted to the member; except 376
that, the reductions shall not exceed the amount of 377
increases which have been made to the member's allowance 378
after December 31, 1976. 379
15. Any application for retirement shall include a 380
sworn statement by the member certifying that the spouse of 381
the member at the time the application was completed was 382
aware of the application and the plan of retirement elected 383
in the application. 384
16. Notwithstanding any other provision of law, any 385
person retired prior to September 28, 1983, who is receiving 386
a reduced retirement allowance under option 1 or option 2 of 387
subsection 3 of this section, as such option existed prior 388 SCS HCS HB 155 32
to September 28, 1983, and whose beneficiary nominated to 389
receive continued retirement allowance payments under the 390
elected option dies or has died, shall upon application to 391
the board of trustees have his or her retirement allowance 392
increased to the amount he or she would have been receiving 393
had the option not been elected, actuarially adjusted to 394
recognize any excessive benefits whic h would have been paid 395
to him or her up to the time of application. 396
17. Benefits paid pursuant to the provisions of the 397
public school retirement system of Missouri shall not exceed 398
the limitations of Section 415 of Title 26 of the United 399
States Code except as provided pursuant to this subsection. 400
Notwithstanding any other law to the contrary, the board of 401
trustees may establish a benefit plan pursuant to Section 402
415(m) of Title 26 of the United States Code. Such plan 403
shall be created solely for the purpose described in Section 404
415(m)(3)(A) of Title 26 of the United States Code. The 405
board of trustees may promulgate regulations necessary to 406
implement the provisions of this subsection and to create 407
and administer such benefit plan. 408
18. Notwithstanding any other provision of law to the 409
contrary, any person retired before, on, or after May 26, 410
1994, shall be made, constituted, appointed and employed by 411
the board as a special consultant on the matters of 412
education, retirement and agin g, and upon request shall give 413
written or oral opinions to the board in response to such 414
requests. As compensation for such duties the person shall 415
receive an amount based on the person's years of service so 416
that the total amount received pursuant to sections 169.010 417
to 169.141 shall be at least the minimum amounts specified 418
in subdivisions (1) to (4) of this subsection. In 419
determining the minimum amount to be received, the amounts 420 SCS HCS HB 155 33
in subdivisions (3) and (4) of this subsection shall be 421
adjusted in accordance with the actuarial adjustment, if 422
any, that was applied to the person's retirement allowance. 423
In determining the minimum amount to be received, beginning 424
September 1, 1996, the amounts in subdivisions (1) and (2) 425
of this subsection shall be adjusted in accordance with the 426
actuarial adjustment, if any, that was applied to the 427
person's retirement allowance due to election of an optional 428
form of retirement having a continued monthly payment after 429
the person's death. Notwithstanding any other provision of 430
law to the contrary, no person retired before, on, or after 431
May 26, 1994, and no beneficiary of such a person, shall 432
receive a retirement benefit pursuant to sections 169.010 to 433
169.141 based on the person's years of service less tha n the 434
following amounts: 435
(1) Thirty or more years of service, one thousand two 436
hundred dollars; 437
(2) At least twenty-five years but less than thirty 438
years, one thousand dollars; 439
(3) At least twenty years but less than twenty -five 440
years, eight hundred dollars; 441
(4) At least fifteen years but less than twenty years, 442
six hundred dollars. 443
19. Notwithstanding any other provisions of law to the 444
contrary, any person retired prior to May 26, 1994, and any 445
designated beneficiary of such a retired member who was 446
deceased prior to July 1, 1999, shall be made, constituted, 447
appointed and employed by the board as a special consultant 448
on the matters of education, retirement or aging and upon 449
request shall give written or oral opinions to the board in 450
response to such requests. Beginning September 1, 1996, as 451
compensation for such service, the member shall have added, 452 SCS HCS HB 155 34
pursuant to this subsection, to the member's monthly annuity 453
as provided by this section a dollar amount equal to t he 454
lesser of sixty dollars or the product of two dollars 455
multiplied by the member's number of years of creditable 456
service. Beginning September 1, 1999, the designated 457
beneficiary of the deceased member shall as compensation for 458
such service have adde d, pursuant to this subsection, to the 459
monthly annuity as provided by this section a dollar amount 460
equal to the lesser of sixty dollars or the product of two 461
dollars multiplied by the member's number of years of 462
creditable service. The total compensation provided by this 463
section including the compensation provided by this 464
subsection shall be used in calculating any future cost -of- 465
living adjustments provided by subsection 13 of this section. 466
20. Any member who has retired prior to July 1, 1998, 467
and the designated beneficiary of a deceased retired member 468
shall be made, constituted, appointed and employed by the 469
board as a special consultant on the matters of education, 470
retirement and aging, and upon request shall give written or 471
oral opinions to the board in response to such requests. As 472
compensation for such duties the person shall receive a 473
payment equivalent to eight and seven -tenths percent of the 474
previous month's benefit, which shall be added to the 475
member's or beneficiary's monthly annuity and which shall 476
not be subject to the provisions of subsections 13 and 14 of 477
this section for the purposes of the limit on the total 478
amount of increases which may be received. 479
21. Any member who has retired shall be made, 480
constituted, appointed and employed by the board as a 481
special consultant on the matters of education, retirement 482
and aging, and upon request shall give written or oral 483
opinions to the board in response to such request. As 484 SCS HCS HB 155 35
compensation for such duties, the beneficiar y of the retired 485
member, or, if there is no beneficiary, the surviving 486
spouse, surviving children in equal shares, surviving 487
parents in equal shares, or estate of the retired member, in 488
that order of precedence, shall receive as a part of 489
compensation for these duties a death benefit of five 490
thousand dollars. 491
22. Any member who has retired prior to July 1, 1999, 492
and the designated beneficiary of a retired member who was 493
deceased prior to July 1, 1999, shall be made, constituted, 494
appointed and employed by the board as a special consultant 495
on the matters of education, retirement and aging, and upon 496
request shall give written or oral opinions to the board in 497
response to such requests. As compensation for such duties, 498
the person shall have ad ded, pursuant to this subsection, to 499
the monthly annuity as provided by this section a dollar 500
amount equal to five dollars times the member's number of 501
years of creditable service. 502
23. Any member who has retired prior to July 1, 2000, 503
and the designated beneficiary of a deceased retired member 504
shall be made, constituted, appointed and employed by the 505
board as a special consultant on the matters of education, 506
retirement and aging, and upon request shall give written or 507
oral opinions to the boar d in response to such requests. As 508
compensation for such duties, the person shall receive a 509
payment equivalent to three and five -tenths percent of the 510
previous month's benefit, which shall be added to the member 511
or beneficiary's monthly annuity and wh ich shall not be 512
subject to the provisions of subsections 13 and 14 of this 513
section for the purposes of the limit on the total amount of 514
increases which may be received. 515 SCS HCS HB 155 36
24. Any member who has retired prior to July 1, 2001, 516
and the designated ben eficiary of a deceased retired member 517
shall be made, constituted, appointed and employed by the 518
board as a special consultant on the matters of education, 519
retirement and aging, and upon request shall give written or 520
oral opinions to the board in respon se to such requests. As 521
compensation for such duties, the person shall receive a 522
dollar amount equal to three dollars times the member's 523
number of years of creditable service, which shall be added 524
to the member's or beneficiary's monthly annuity and w hich 525
shall not be subject to the provisions of subsections 13 and 526
14 of this section for the purposes of the limit on the 527
total amount of increases which may be received. 528
169.331. 1. Notwithstanding any other provision of 1
sections 169.270 to 169.400 to the contrary, a retired 2
certificated teacher receiving a retirement benefit from the 3
retirement system established pursuant to sections 169.270 4
to 169.400 may, without losing his or her retirement 5
benefit, teach full time for up t o [two] four years for a 6
school district covered by such retirement system; provided 7
that the school district has a shortage of certified 8
teachers, as determined by the school district. The total 9
number of such retired certificated teachers shall not 10
exceed, at any one time, [fifteen] thirty certificated 11
teachers. 12
2. The employer's contribution rate shall be paid by 13
the hiring school district and the employee's contribution 14
rate shall be paid by the employee. 15
3. Any additional actuarial costs resulting from the 16
hiring of a retired certificated teacher pursuant to the 17
provisions of this section shall be paid by the hiring 18
school district. 19 SCS HCS HB 155 37
4. In order to hire teachers pursuant to the 20
provisions of this section, the school distric t shall: 21
(1) Show a good faith effort to fill positions with 22
nonretired certificated teachers; 23
(2) Post the vacancy for at least one month; 24
(3) Have not offered early retirement incentives for 25
either of the previous two years; 26
(4) Solicit applications through the local newspaper, 27
other media, or teacher education programs; 28
(5) Determine there is an insufficient number of 29
eligible applicants for the advertised position; and 30
(6) Declare a critical shortage of certificat ed 31
teachers that is active for one year. 32
5. Any person hired pursuant to this section shall be 33
included in the State Director of New Hires for purposes of 34
income and eligibility verification pursuant to 42 U.S.C. 35
Section 1320b-7. 36
169.560. 1. Any person retired and currently 1
receiving a retirement allowance pursuant to sections 2
169.010 to 169.141, other than for disability, may be 3
employed in any capacity for an employer included in the 4
retirement system created by those se ctions on either a part - 5
time or temporary-substitute basis not to exceed a total of 6
five hundred fifty hours in any one school year, and through 7
such employment may earn up to fifty percent of the annual 8
compensation payable under the employer's salary schedule 9
for the position or positions filled by the retiree, given 10
such person's level of experience and education, without a 11
discontinuance of the person's retirement allowance. If the 12
employer does not utilize a salary schedule, or if the 13
position in question is not subject to the employer's salary 14
schedule, a retiree employed in accordance with the 15 SCS HCS HB 155 38
provisions of this subsection may earn up to fifty percent 16
of the annual compensation paid to the person or persons who 17
last held such position or positions. If the position or 18
positions did not previously exist, the compensation limit 19
shall be determined in accordance with rules duly adopted by 20
the board of trustees of the retirement system; provided 21
that, it shall not exceed fifty percent of the annual 22
compensation payable for the position by the employer that 23
is most comparable to the position filled by the retiree. 24
In any case where a retiree fills more than one position 25
during the school year, the fifty -percent limit on permitted 26
earning shall be based solely on the annual compensation of 27
the highest paid position occupied by the retiree for at 28
least one-fifth of the total hours worked during the year. 29
Such a person shall not contribute to the retirement system 30
or to the public education employee retirement system 31
established by sections 169.600 to 169.715 because of 32
earnings during such period of employment. If such a person 33
is employed in any capacity by such an employer in excess of 34
the limitations set forth in this subsect ion, the person 35
shall not be eligible to receive the person's retirement 36
allowance for any month during which the person is so 37
employed. In addition, such person shall contribute to the 38
retirement system if the person satisfies the retirement 39
system's membership eligibility requirements. In addition 40
to the conditions set forth above, this subsection shall 41
apply to any person retired and currently receiving a 42
retirement allowance under sections 169.010 to 169.141, 43
other than for disability, who is employed by a third party 44
or is performing work as an independent contractor, if such 45
person is performing work for an employer included in the 46
retirement system as a temporary or long -term substitute 47 SCS HCS HB 155 39
teacher or in any other position that would normal ly require 48
that person to be duly certificated under the laws governing 49
the certification of teachers in Missouri if such person was 50
employed by the district. The retirement system may require 51
the employer, the third -party employer, the independent 52
contractor, and the retiree subject to this subsection to 53
provide documentation showing compliance with this 54
subsection. If such documentation is not provided, the 55
retirement system may deem the retiree to have exceeded the 56
limitations provided in this subsection. 57
2. Notwithstanding any other provision of this 58
section, any person retired and currently receiving a 59
retirement allowance in accordance with sections 169.010 to 60
169.141, other than for disability, may be employed by an 61
employer included in the retirement system created by those 62
sections in a position that does not normally require a 63
person employed in that position to be duly certificated 64
under the laws governing the certification of teachers in 65
Missouri, and through such employme nt may earn, beginning on 66
August 28, 2023, and ending on June 30, 2028, up to [sixty 67
percent of the minimum teacher's salary as set forth in 68
section 163.172] one hundred thirty-three percent of the 69
annual earnings exemption amount applicable to a Socia l 70
Security recipient before the calendar year of attainment of 71
full retirement age under 20 CFR 404.430, and, after June 72
30, 2028, up to the annual earnings exemption amount 73
applicable to a Social Security recipient before the 74
calendar year of attainm ent of full retirement age under 20 75
CFR 404.430, without a discontinuance of the person's 76
retirement allowance from the retirement system. The Social 77
Security annual earnings exemption amount applied shall be 78
the exemption amount in effect for the cal endar year in 79 SCS HCS HB 155 40
which the school year begins . Such person shall not 80
contribute to the retirement system or to the public 81
education employee retirement system established by sections 82
169.600 to 169.715 because of earnings during such period of 83
employment, and such person shall not earn membership 84
service for such employment. The employer's contribution 85
rate shall be paid by the hiring employer into the public 86
education employee retirement system established by sections 87
169.600 to 169.715. If such a person is employed in any 88
capacity by an employer in excess of the limitations set 89
forth in this subsection, the person shall not be eligible 90
to receive the person's retirement allowance for any month 91
during which the person is so employed. In addition, such 92
person shall become a member of and contribute to any 93
retirement system described in this subsection if the person 94
satisfies the retirement system's membership eligibility 95
requirements. The provisions of this subsection shall not 96
apply to any person retired and currently receiving a 97
retirement allowance in accordance with sections 169.010 to 98
169.141 employed by a public community college or employer 99
under subsection 4 of section 169.130 . 100
169.596. 1. Notwithstanding any other provision of 1
this chapter to the contrary, a retired certificated teacher 2
receiving a retirement benefit from the retirement system 3
established pursuant to sections 169.010 to 169.141 may, 4
without losing his or her retirement benefit, teach full 5
time for up to [two] four years for a school district 6
covered by such retirement system; provided that the school 7
district has a shortage of certified teachers, as determined 8
by the school district, and provided that no such retired 9
certificated teacher shall be employed as a superintendent. 10
The total number of such retired certificated teachers shall 11 SCS HCS HB 155 41
not exceed, at any one time, the [lesser of ten] greater of 12
one percent of the total [teacher] certificated teachers and 13
noncertificated staff for that school district, or five 14
certificated teachers. 15
2. Notwithstanding any other provision of this chapter 16
to the contrary, a person receiving a retirement benefit 17
from the retirement system established pursuant to sections 18
169.600 to 169.715 ma y, without losing his or her retirement 19
benefit, be employed full time for up to [two] four years 20
for a school district covered by such retirement system; 21
provided that the school district has a shortage of 22
noncertificated employees, as determined by t he school 23
district. The total number of such retired noncertificated 24
employees shall not exceed, at any one time, the lesser of 25
ten percent of the total noncertificated staff for that 26
school district, or five employees. 27
3. The employer's contrib ution rate shall be paid by 28
the hiring school district. 29
4. In order to hire teachers and noncertificated 30
employees pursuant to the provisions of this section, the 31
school district shall: 32
(1) Show a good faith effort to fill positions with 33
nonretired certificated teachers or nonretired 34
noncertificated employees; 35
(2) Post the vacancy for at least one month; 36
(3) Have not offered early retirement incentives for 37
either of the previous two years; 38
(4) Solicit applications through the local newspaper, 39
other media, or teacher education programs; 40
(5) Determine there is an insufficient number of 41
eligible applicants for the advertised position; and 42 SCS HCS HB 155 42
(6) Declare a critical shortage of certificated 43
teachers or noncertificat ed employees that is active for one 44
year. 45
5. Any person hired pursuant to this section shall be 46
included in the State Directory of New Hires for purposes of 47
income and eligibility verification pursuant to 42 U.S.C. 48
Section 1320b-7. 49
285.1000. For purposes of sections 285.1000 to 1
285.1055, the following terms shall mean: 2
(1) "Administrative fund" or "Show -Me MyRetirement 3
Savings administrative fund", the Show -Me MyRetirement 4
Savings administrative fund described in secti on 285.1045; 5
(2) "Association", any legal association of 6
individuals, corporations, limited liability companies, 7
partnerships, associations, or other entities that has been 8
in continuous existence for at least one year; 9
(3) "Board", the Show-Me MyRetirement Savings board 10
established under section 285.1005; 11
(4) "Eligible employee", an individual who is employed 12
by a participating employer, who has wages or other 13
compensation that is allocable to the state, and who is 14
eighteen years of age or older. "Eligible employee" shall 15
not include any of the following: 16
(a) Any employee covered under the federal Railway 17
Labor Act, 45 U.S.C. Section 151; 18
(b) Any employee on whose behalf an employer makes 19
contributions to a multiempl oyer pension trust fund under 29 20
U.S.C. Section 186; or 21
(c) Any individual who is an employee of: 22
a. The federal government; 23
b. Any state government in the United States; or 24 SCS HCS HB 155 43
c. Any county, municipal corporation, or political 25
subdivision of any state in the United States; 26
(5) "Eligible employer", a person or entity engaged in 27
a business, industry, profession, trade, or other enterprise 28
in the state of Missouri, whether for profit or not for 29
profit, provided that such a pers on or entity employs no 30
more than fifty employees. A person or entity that 31
qualifies as an eligible employer but that later employs 32
more than fifty employees shall be permitted to remain an 33
eligible employer for a period of five years, beginning on 34
the date on which the person or entity first employs more 35
than fifty employees. After such five-year period has 36
ended, the person or entity shall immediately cease to 37
qualify as an eligible employer and shall be prohibited from 38
further participation in the plan unless the employer no 39
longer has more than fifty employees. An employer includes 40
an association and its members. For purposes of this 41
subdivision, an eligible employer shall not include: 42
(a) The federal government; 43
(b) The state of Missouri; 44
(c) Any county, municipal corporation, or political 45
subdivision of the state of Missouri; or 46
(d) Five years after the commencement of the program, 47
an employer that maintains a specified tax -favored 48
retirement plan, other than t he Show-Me MyRetirement Savings 49
plan, for its employees or that has effectively done so in 50
form and operation at any time within the current or two 51
preceding calendar years. If an employer does not maintain 52
a specified tax-favored retirement plan, oth er than the Show- 53
Me MyRetirement Savings plan, for a portion of a calendar 54
year ending on or after the effective date of sections 55
285.1000 to 285.1055 and adopts such a plan effective for 56 SCS HCS HB 155 44
the remainder of that calendar year, the employer shall not 57
be treated as an eligible employer for that remainder of the 58
year; 59
(6) "ERISA", the Employee Retirement Income Security 60
Act of 1974, as amended, 29 U.S.C. Section 1001 et seq.; 61
(7) "Internal Revenue Code", the Internal Revenue Code 62
of 1986, as amended; 63
(8) "Participant", an eligible employee or other 64
individual who has a balance credited to his or her account 65
under the plan; 66
(9) "Participating employer", an eligible employer 67
that is participating in the plan provided for by sectio ns 68
285.1000 to 285.1055; 69
(10) "Plan" or "Show-Me MyRetirement Savings plan", 70
the multiple-employer retirement savings plan established by 71
sections 285.1000 to 285.1055, which shall be treated as a 72
single plan under Title I of ERISA and is describ ed in 73
Sections 401(a), 401(k), and 413(c) of the Internal Revenue 74
Code of 1986, as amended, in which multiple employers may 75
choose to participate regardless of whether any relationship 76
exists between and among the employers other than their 77
participation in the plan. Based on the context, the term 78
"plan" may also refer to multiple plans if multiple plans 79
are established under sections 285.1000 to 285.1055; 80
(11) "Self-employed individual", an individual who is 81
eighteen years of age or older, i s self-employed, and has 82
self-employment income or other compensation from self - 83
employment that is allocable to the state of Missouri; 84
(12) "Specified tax-favored retirement plan", a 85
retirement plan that is tax -qualified under, or is described 86
in and satisfies the requirements of, Section 401(a), 87
401(k), 403(a), 403(b), 408(k)(Simplified Employee Pension), 88 SCS HCS HB 155 45
or 408(p)(SIMPLE-IRA) of the Internal Revenue Code of 1986, 89
as amended; 90
(13) "Total fees and expenses", all fees, costs, and 91
expenses including, but not limited to, administrative 92
expenses, investment expenses, investment advice expenses, 93
accounting costs, actuarial costs, legal costs, marketing 94
expenses, education expenses, trading costs, insurance 95
annuitization costs, and other mi scellaneous costs; 96
(14) "Trust", the trust in which the assets of the 97
plan are held. 98
285.1005. 1. The "Show-Me MyRetirement Savings Board" 1
is hereby established in the office of the state treasurer. 2
2. The board shall consist of the following members, 3
with the state treasurer, or his or her designee, serving as 4
chair: 5
(1) The state treasurer, or his or her designee; 6
(2) An individual who has skill, knowledge, and 7
experience in the field of retirement savings and 8
investments, to be appointed by the governor with the advice 9
and consent of the senate; 10
(3) An individual who has skill, knowledge, and 11
experience relating to small business, to be appointed by 12
the governor with the advice and consent of the senate; 13
(4) Three members of the house of representatives, to 14
be appointed by the speaker of the house of representatives, 15
to include one representative from the minority party; and 16
(5) Three members of the senate, to be appointed by 17
the president pro tempore of the senate, to include one 18
senator from the minority party. 19
3. The governor, the president pro tempore of the 20
senate, and the speaker of the house of representatives 21 SCS HCS HB 155 46
shall make the respective initial appointments to the boar d 22
for terms of office beginning on January 1, 2024. 23
4. Members of the board appointed by the governor, the 24
president pro tempore of the senate, and the speaker of the 25
house of representatives shall serve at the pleasure of the 26
appointing authority. 27
5. The term of office of each member of the board 28
shall be four years. Any member is eligible to be 29
reappointed. If there is a vacancy for any reason, the 30
appropriate appointing authority shall make an appointment, 31
to become immediately effe ctive, for the unexpired term. 32
6. All members of the board shall serve without 33
compensation and shall be reimbursed from the administrative 34
fund for necessary travel expenses incurred in carrying out 35
the duties of the board. 36
7. A majority of the voting members of the board shall 37
constitute a quorum for the transaction of business. 38
285.1010. 1. The board, subject to the authority 1
granted under sections 285.1000 to 285.1055, shall design, 2
develop, and implement the plan and, to that end, may 3
conduct market, legal, and feasibility analyses. 4
2. The members of the board shall be fiduciaries of 5
the plan under ERISA, and the board shall have the following 6
powers, authorities, and duties: 7
(1) To establish, implem ent, and maintain the plan, in 8
each case acting on behalf of the state of Missouri, 9
including, in its discretion, more than one plan; 10
(2) To cause the plan, trust, and arrangements and 11
accounts established under the plan to be designed, 12
established, and operated: 13
(a) In accordance with best practices for retirement 14
savings vehicles; 15 SCS HCS HB 155 47
(b) To encourage participation, saving, sound 16
investment practices, and appropriate selection of default 17
investments; 18
(c) To maximize simplicity a nd ease of administration 19
for eligible employers; 20
(d) To minimize costs, including by collective 21
investment and economies of scale; and 22
(e) To promote portability of benefits; 23
(3) To arrange for collective, common, and pooled 24
investment of assets of the plan and trust, including 25
investments in conjunction with other funds with which 26
assets are permitted to be collectively invested, to save 27
costs through efficiencies and economies of scale; 28
(4) To develop and disseminate educati onal information 29
designed to educate participants and citizens about the 30
benefits of planning and saving for retirement and to help 31
participants and citizens decide the level of participation 32
and savings strategies that may be appropriate, including 33
information in furtherance of financial capability and 34
financial literacy; 35
(5) To adopt rules and regulations necessary or 36
advisable for the implementation of sections 285.1000 to 37
285.1055 and the administration and operation of the plan 38
consistent with the Internal Revenue Code and regulations 39
thereunder, including to ensure that the plan satisfies all 40
criteria for favorable federal tax -qualified treatment, and 41
complies, to the extent necessary, with ERISA and any other 42
applicable federal or M issouri law. Any rule or portion of 43
a rule, as that term is defined in section 536.010, that is 44
created under the authority delegated in this section shall 45
become effective only if it complies with and is subject to 46
all of the provisions of chapter 53 6 and, if applicable, 47 SCS HCS HB 155 48
section 536.028. This section and chapter 536 are 48
nonseverable and if any of the powers vested with the 49
general assembly pursuant to chapter 536 to review, to delay 50
the effective date, or to disapprove and annul a rule are 51
subsequently held unconstitutional, then the grant of 52
rulemaking authority and any rule proposed or adopted after 53
August 28, 2023, shall be invalid and void; 54
(6) To arrange for and facilitate compliance with the 55
plan or arrangements established thereun der with all 56
applicable requirements for the plan under the Internal 57
Revenue Code, ERISA, and any other applicable federal or 58
Missouri law and accounting requirements, and to provide or 59
arrange for assistance to eligible employers, eligible 60
employees, and self-employed individuals in complying with 61
applicable law and tax -related requirements in a cost - 62
effective manner. The board may establish any processes 63
deemed reasonably necessary or advisable to verify whether a 64
person or entity is an eligible employer, including 65
reference to online data and possible use of questions in 66
employer tax filings; 67
(7) To employ or retain a plan administrator; 68
executive director; staff; trustee; record -keeper; 69
investment managers; investment advisors; and ot her 70
administrative, professional, and expert advisors and 71
service providers, none of whom shall be members of the 72
board and all of whom shall serve at the pleasure of the 73
board, which shall determine their duties and compensation. 74
The board may authorize the executive director and other 75
officials to oversee requests for proposals or other public 76
competitions and enter into contracts on behalf of the board 77
or conduct any business necessary for the efficient 78
operation of the plan or the board; 79 SCS HCS HB 155 49
(8) To establish procedures for the timely and fair 80
resolution of participant and other disputes related to 81
accounts or program operation and, if necessary, determine 82
the eligibility of an employer, employee, or other 83
individual to participate in the plan; 84
(9) To develop and implement an investment policy that 85
defines the plan's investment objectives, consistent with 86
the objectives of the plan, and that provides for policies 87
and procedures consistent with those investment objectives; 88
(10) (a) To designate appropriate default investments 89
that include a mix of asset classes, such as target date and 90
balanced funds; 91
(b) To seek to minimize participant fees and expenses 92
of investment and administration; 93
(c) To strive to design and implement investment 94
options available to holders of accounts established as part 95
of the plan and other plan features that are intended to 96
achieve maximum possible income replacement balanced with an 97
appropriate level of risk, consistent with the i nvestment 98
objectives under the investment policy. The investment 99
options may encompass a range of risk and return 100
opportunities and allow for a rate of return commensurate 101
with an appropriate level of risk in view of the investment 102
objectives under the policy. The menu of investment options 103
shall be determined taking into account the nature and 104
objectives of the plan, the desirability of limiting 105
investment choices under the plan to a reasonable number, 106
based on behavioral research findings, and the extensive 107
investment choices available to participants in the event 108
that funds roll over to an individual retirement account 109
(IRA) outside the program; and 110 SCS HCS HB 155 50
(d) In accordance with subdivision (7) of this 111
subsection, the board, to the extent it deems necessary or 112
advisable, in carrying out its responsibilities and 113
exercising its powers under sections 285.1000 to 285.1055, 114
shall employ or retain appropriate entities or personnel to 115
assist or advise it or to whom to delegate the carrying out 116
of such responsibilities and exercising of such powers; 117
(11) To discharge its duties and see that the members 118
of the board discharge their duties with respect to the plan 119
solely in the interests of the participants as follows: 120
(a) For the exclusive purpose of providing benefits to 121
participants and defraying reasonable expenses of 122
administering the plan; and 123
(b) With the care, skill, prudence, and diligence 124
under the circumstances then prevailing that a prudent 125
person acting in a like capacity and familiar with those 126
matters would use in the conduct of an enterprise of a like 127
character and with like aims; 128
(12) To cause expenses incurred to initiate, 129
implement, maintain, and administer the plan to be paid from 130
contributions to, or investment returns or assets of the 131
plan or other moneys collected by or for the plan or 132
pursuant to arrangements established under the plan to the 133
extent permitted under federal and Missouri law; 134
(13) To collect application, account, or 135
administrative fees and to accept any grants, gifts, 136
legislative appropriations, loans, and other moneys from the 137
state of Missouri; any unit of federal, state, or local 138
government; or any other person, firm, or entity to defray 139
the costs of administering and operating the plan; 140
(14) To make and enter into competitively procured 141
contracts, agreements, or arrangements with; to collaborate 142 SCS HCS HB 155 51
and cooperate with; and to retain, employ, and contract with 143
or for any of the following to the extent necessar y or 144
desirable for the effective and efficient design, 145
implementation, and administration of the plan consistent 146
with the purposes set forth in sections 285.1000 to 285.1055 147
and to maximize outreach to eligible employers and eligible 148
employees: 149
(a) Services of private and public financial 150
institutions, depositories, consultants, actuaries, counsel, 151
auditors, investment advisors, investment administrators, 152
investment management firms, other investment firms, third - 153
party administrators, other p rofessionals and service 154
providers, and state public retirement systems; 155
(b) Research, technical, financial, administrative, 156
and other services; and 157
(c) Services of other state agencies to assist the 158
board in the exercise of its powers and d uties; 159
(15) To develop and implement an outreach plan to gain 160
input and disseminate information regarding the plan and 161
retirement savings in general; 162
(16) To cause moneys to be held and invested and 163
reinvested under the plan; 164
(17) To ensure that all contributions under the plan 165
shall be used only to: 166
(a) Pay benefits to participants under the plan; 167
(b) Pay the costs of administering the plan; and 168
(c) Make investments for the benefit of the plan, and 169
ensure that no assets of the plan or trust are transferred 170
to the general revenue fund or to any other fund of the 171
state or are otherwise encumbered or used for any purpose 172
other than those specified in this paragraph or section 173
285.1045; 174 SCS HCS HB 155 52
(18) To make provisions for the payment of costs of 175
administration and operation of the program and trust; 176
(19) To evaluate the need for, and procure as needed, 177
insurance against any and all loss in connection with the 178
property, assets, or activities of the program, incl uding 179
fiduciary liability coverage; 180
(20) To evaluate the need for, and procure as needed, 181
pooled private insurance; 182
(21) To indemnify, including procurement of insurance 183
as needed for this purpose, each member of the board from 184
personal loss or liability resulting from a member's action 185
or inaction as a member of the board and as a fiduciary; 186
(22) To collaborate with, and evaluate the role of, 187
financial advisors or other financial professionals, 188
including in assisting and providing guidance for covered 189
employees; and 190
(23) To carry out the powers and duties of the program 191
under sections 285.1000 to 285.1055 and exercise any and all 192
other powers as are appropriate to effect the purposes, 193
objectives, and provisions of such sec tions pertaining to 194
the program. 195
3. A board member, program administrator, or other 196
staff of the board shall not: 197
(1) Directly or indirectly, have any interest in the 198
making of any investment under the program or in any gains 199
or profits accruing from any such investment; 200
(2) Borrow any program-related funds or deposits, or 201
use any such funds or deposits in any manner, for himself or 202
herself or as an agent or partner of others; or 203
(3) Become an endorser, surety, or obligor on 204
investments made under the program. 205 SCS HCS HB 155 53
4. Each board member shall be subject to the 206
provisions of sections 105.452 and 105.454. 207
285.1015. 1. The board shall, consistent with federal 1
law and regulation, adopt and implement the plan, which 2
shall remain in compliance with federal law and regulations 3
once implemented and shall be called the "Show -Me 4
MyRetirement Savings Plan". 5
2. In accordance with terms and conditions specified 6
and regulations promulgated by the board, the pl an shall: 7
(1) Be set forth in documents prescribing the terms 8
and conditions of the plan; 9
(2) Be available on a voluntary basis to eligible 10
employers and self-employed individuals; 11
(3) Be available to eligible members of an association 12
who may elect to participate in the plan if the association 13
or its members do not maintain a plan or a specified tax - 14
favored retirement plan, other than the Show -Me MyRetirement 15
Savings plan; 16
(4) Enroll self-employed individuals who wish to 17
participate; 18
(5) Provide participants the option to terminate their 19
participation at any time; 20
(6) Allow voluntary pre-tax or designated Roth 401(k) 21
contributions; 22
(7) Allow voluntary employer contributions; 23
(8) Be overseen by the boa rd and its designees; 24
(9) Be administered and managed by one or more 25
trustees, other fiduciaries, custodians, third -party 26
administrators, investment managers, record -keepers, or 27
other service providers; 28
(10) Provide on a uniform basis, if an d when the board 29
so determines, in its discretion, for an increase of each 30 SCS HCS HB 155 54
participant's contribution rate, by a minimum increment of 31
one percent of salary or wages per year, for each additional 32
year the participant is employed or is participating in t he 33
plan up to the maximum percentage of such participant's 34
salary or wages that may be contributed to the plan under 35
federal law. Any such increases shall apply to 36
participants, as determined by the board, by default or only 37
if initiated by affirmati ve participant election; 38
(11) Provide for direct deposit of contributions into 39
investments under the plan. To the extent consistent with 40
ERISA, the investment alternatives under the plan shall be 41
limited to an automatic investment for participant s who do 42
not actively and affirmatively elect a particular investment 43
option, which unless the board provides otherwise, shall be 44
a diversified target date fund, including a series of such 45
diversified funds to apply to different participants 46
depending on their choice or their target retirement dates, 47
a principal-protected option, and at least four additional 48
investment alternatives as may be selected by the board in 49
its discretion. To the extent consistent with ERISA, the 50
investment options may, a t the discretion of the board, 51
include a principal-protection fund as a temporary "security 52
corridor" option that applies as the sole initial investment 53
before participants may choose other investments or as the 54
initial default investment for a specifi ed period of time or 55
up to a specified dollar amount of contributions or account 56
balance; 57
(12) Be professionally managed; 58
(13) Provide for reports on the status of each 59
participant's account to be provided to each participant at 60
least quarterly and make best efforts to provide 61 SCS HCS HB 155 55
participants frequent or continual online access to 62
information on the status of their accounts; 63
(14) When possible and practicable, use existing 64
employer and public infrastructure to facilitate 65
contributions, record keeping, and outreach and use pooled 66
or collective investment arrangements; 67
(15) Provide that each account holder owns the 68
contributions to or earnings on amounts contributed to his 69
or her account under the plan and that the state and 70
employers have no proprietary interest in those 71
contributions or earnings; 72
(16) Be designed and implemented in a manner 73
consistent with federal law to the extent that it applies; 74
(17) Make provisions for the participation in the plan 75
of individuals who are not employees, if allowed under 76
federal law; 77
(18) Establish rules and procedures governing the 78
distribution of funds from the plan, including such 79
distributions as may be permitted or required by the plan 80
and any applicable provisio ns of ERISA, the tax - 81
qualification rules, and the other tax laws, with the 82
objectives of maximizing financial security in retirement, 83
protecting spousal rights, and assisting participants to 84
effectively manage the decumulation of their savings and to 85
receive payment of their benefits under the plan. The board 86
shall have the authority, in its discretion, to provide for 87
one or more reasonably priced distribution options to 88
provide a source of fixed regular retirement income, 89
including income for lif e or for the participant's life 90
expectancy, or for joint lives and life expectancies, as 91
applicable; 92 SCS HCS HB 155 56
(19) Establish rules and procedures promoting 93
portability of benefits, including the ability to make roll - 94
overs or transfers to and from the plan that are exempt from 95
federal income tax, provided that any roll -over is initiated 96
by participants; and 97
(20) Encourage choices by employers in the state to 98
adopt a specified tax -favored retirement plan, including the 99
plan. 100
285.1020. The board shall adopt rules to implement the 1
plan that: 2
(1) Establish the processes for enrollment and 3
contributions under the plan, including withholding by 4
participating employers of employee payroll deduction 5
contributions from wages an d remittance for deposit to the 6
plan; voluntary contributions by others, including self - 7
employed individuals and independent contractors, through 8
payroll deduction or otherwise; the making of default 9
contributions using default investments; and partici pant 10
selection of alternative contribution rates or amounts and 11
alternative investments from among the options offered under 12
the plan; 13
(2) Conduct outreach to individuals, employers, other 14
stakeholders, and the public regarding the plan. The rules 15
shall specify the contents, frequency, timing, and means of 16
required disclosures from the plan to eligible employees, 17
participants, and self -employed individuals, eligible 18
employers, participating employers, and other interested 19
parties. These disclosures shall include, but not be 20
limited to: 21
(a) The benefits associated with tax -favored 22
retirement saving; 23 SCS HCS HB 155 57
(b) The potential advantages and disadvantages 24
associated with participating in the plan; 25
(c) Instructions for enrolling and making 26
contributions; 27
(d) The potential availability of a saver's tax 28
credit, including the eligibility conditions for the credit 29
and instructions on how to claim it; 30
(e) A disclaimer that employees seeking tax, 31
investment, or other financ ial advice should contact 32
appropriate professional advisors, and that participating 33
employers are not in a position to provide such advice and 34
are not liable for decisions individuals make in relation to 35
the plan; 36
(f) The potential implications o f account balances 37
under the plan for the application of asset limits under 38
certain public assistance programs; 39
(g) A disclaimer that the account owner is solely 40
responsible for investment performance, including market 41
gains and losses, and that plan accounts and rates of return 42
are not guaranteed by any employer, the state, the board, 43
any board member or state official, or the plan; 44
(h) Any additional information about retirement and 45
saving and other information designed to promote finan cial 46
literacy and capability, which may take the form of links 47
to, or explanations of how to obtain, such information; and 48
(i) Instructions on how to obtain additional 49
information about the plan; and 50
(3) Ensure that the assets of the trust a nd plan shall 51
at all times be preserved, invested, and expended only for 52
the purposes set forth in sections 285.1000 to 285.1055, and 53
that no property rights therein shall exist in favor of the 54
state, except as provided under section 285.1045. 55 SCS HCS HB 155 58
285.1025. An eligible employer, a participating 1
employer, or other employer is not and shall not be liable 2
for or bear responsibility for: 3
(1) An employee's decision as to which investments to 4
choose; 5
(2) Participants' or the board's investment decisions; 6
(3) The administration, investment, investment 7
returns, or investment performance of the plan including, 8
but not limited to, any interest rate or other rate of 9
return on any contribution or account balance, prov ided that 10
the eligible employer, participating employer, or other 11
employer is not involved in the administration or investment 12
of the plan; 13
(4) The plan design or the benefits paid to 14
participants; or 15
(5) Any loss, failure to realize any ga in, or any 16
other adverse consequences including, but not limited to, 17
any adverse tax consequences or loss of favorable tax 18
treatment, public assistance, or other benefits, incurred by 19
any person solely and directly as a result of participating 20
in the plan. 21
285.1030. 1. The state of Missouri; the board; each 1
member of the board; any other state official, state board, 2
commission, and agency; any member, officer, and employee 3
thereof; and the plan: 4
(1) Shall not guarantee any interest rate or other 5
rate of return on or investment performance of any 6
contribution or account balance; and 7
(2) Shall not be liable or responsible for any loss, 8
deficiency, failure to realize any gain, or any other 9
adverse consequences includ ing, but not limited to, any 10
adverse tax consequences or loss of favorable tax treatment, 11 SCS HCS HB 155 59
public assistance, or other benefits, incurred by any person 12
as a result of participating in the plan. 13
2. The debts, contracts, and obligations of the plan 14
or the board are not the debts, contracts, and obligations 15
of the state, and neither the faith and credit nor the 16
taxing power of the state is pledged directly or indirectly 17
to the payment of the debts, contracts, and obligations of 18
the plan or the board. 19
3. Nothing in sections 285.1000 to 285.1055 shall be 20
construed to guarantee any interest rate or other rate of 21
return on or investment performance of any contribution or 22
account balance. 23
285.1035. 1. Individual account inf ormation relating 1
to accounts under the plan and relating to individual 2
participants including, but not limited to, names, 3
addresses, telephone numbers, email addresses, personal 4
identification information, investments, contributions, and 5
earnings shall be confidential and shall be maintained as 6
confidential, provided that such information may be 7
disclosed: 8
(1) To the extent necessary to administer the plan in 9
a manner consistent with sections 285.1000 to 285.1055, 10
ERISA, the Internal Revenue Code, or any other federal or 11
Missouri law; or 12
(2) If the individual who provides the information or 13
who is the subject of the information expressly agrees in 14
writing to the disclosure of the information. 15
2. Information required to be confi dential under 16
subsection 1 of this section shall be considered a "closed 17
record" as that term is defined in section 610.010, 18
regardless as to whether such information has been disclosed 19
as allowed by subsection 1 of this section. 20 SCS HCS HB 155 60
285.1040. The board may enter into an 1
intergovernmental agreement or memorandum of understanding 2
with the state of Missouri, another state or states, and any 3
agency thereof to receive outreach, technical assistance, 4
enforcement and compliance services, c ollection or 5
dissemination of information pertinent to the plan, subject 6
to such obligations of confidentiality as may be agreed or 7
required by law, or other services or assistance. The state 8
of Missouri, another state or states, and any agency thereo f 9
that enters into such agreements or memoranda of 10
understanding shall collaborate to provide the outreach, 11
assistance, information, and compliance or other services or 12
assistance to the board. The memoranda of understanding may 13
cover the sharing of costs incurred in gathering and 14
disseminating information and the reimbursement of costs for 15
any enforcement activities or assistance. 16
285.1045. 1. There is hereby created in the state 1
treasury the "Show-Me MyRetirement Savings Admi nistrative 2
Fund", which shall consist of moneys collected under this 3
section. The state treasurer shall be custodian of the 4
fund. In accordance with sections 30.170 and 30.180, the 5
state treasurer may approve disbursements. Subject to 6
appropriation, moneys in the fund shall be distributed by 7
the state treasurer solely for the administration of 8
sections 285.1000 to 285.1055. 9
2. Notwithstanding the provisions of section 33.080 to 10
the contrary, any moneys remaining in the fund at the end of 11
the biennium shall not revert to the credit of the general 12
revenue fund. 13
3. The state treasurer shall invest moneys in the fund 14
in the same manner as other funds are invested. Any 15 SCS HCS HB 155 61
interest and moneys earned on such investments shall be 16
credited to the fund. 17
4. The Show-Me MyRetirement Savings administrative 18
fund shall consist of: 19
(1) Moneys appropriated to the administrative fund by 20
the general assembly; 21
(2) Moneys transferred to the administrative fund from 22
the federal government, other state agencies, or local 23
governments; 24
(3) Moneys from the payment of application, account, 25
administrative, or other fees and the payment of other 26
moneys due to the board; 27
(4) Any gifts, donations, or grants made to the state 28
of Missouri for deposit in the administrative fund; 29
(5) Moneys collected for the administrative fund from 30
contributions to, or investment returns or assets of, the 31
plan or other moneys collected by or for the plan or 32
pursuant to arrangements establis hed under the plan to the 33
extent permitted under federal and Missouri law; and 34
(6) Earnings on moneys in the administrative fund. 35
5. To the extent consistent with ERISA, the tax 36
qualification rules, and other federal law, the board shall 37
accept any grants, gifts, appropriations, or other moneys 38
from the state; any unit of federal, state, or local 39
government; or any other person, firm, partnership, 40
corporation, or other entity solely for deposit into the 41
administrative fund, whether for in vestment or 42
administrative expenses. 43
6. To enable or facilitate the start -up and continuing 44
operation, maintenance, administration, and management of 45
the program until the plan accumulates sufficient balances 46
and can generate sufficient funding t hrough fees assessed on 47 SCS HCS HB 155 62
program accounts for the plan to become financially self - 48
sustaining: 49
(1) The board may borrow from the state of Missouri; 50
any unit of federal, state, or local government; or any 51
other person, firm, partnership, corporation , or other 52
entity working capital funds and other funds as may be 53
necessary for this purpose, provided that such funds are 54
borrowed in the name of the plan and board only and that any 55
such borrowings shall be payable solely from the revenues of 56
the plan; and 57
(2) The board may enter into long -term procurement 58
contracts with one or more financial providers that provide 59
a fee structure that would assist the plan in avoiding or 60
minimizing the need to borrow or to rely upon general assets 61
of the state. 62
7. Subject to appropriation, the state of Missouri may 63
pay administrative costs associated with the creation, 64
maintenance, operation, and management of the plan and trust 65
until sufficient assets are available in the administrative 66
fund for that purpose. Thereafter, all administrative costs 67
of the administrative fund, including any repayment of start - 68
up funds provided by the state of Missouri, shall be repaid 69
only out of moneys on deposit therein. However, private 70
funds or federal fundi ng received in order to implement the 71
program until the administrative fund is self -sustaining 72
shall not be repaid unless those funds were offered 73
contingent upon the promise of such repayment. 74
8. The board may use the moneys in the administrative 75
fund solely to pay the administrative costs and expenses of 76
the plan and the administrative costs and expenses the board 77
incurs in the performance of its duties under sections 78
285.1000 to 285.1055. 79 SCS HCS HB 155 63
9. The state treasurer's office shall follow th e 80
competitive bids procedure adopted by the office of 81
administration for the following: 82
(1) The contracting or hiring of a contractor with the 83
relevant skills, knowledge, and expertise determined by the 84
board for managing the program, every five years; and 85
(2) At the state treasurer's discretion, the 86
contracting or hiring of a contractor who has qualified 87
staff with the relevant skills, knowledge, and expertise as 88
determined by the state treasurer's office when the number 89
of the participants in the plan reaches fifty thousand 90
participants. 91
The office of administration is authorized to provide the 92
state treasurer's office with the necessary assistance and 93
services as may be needed. 94
285.1050. 1. The board shall keep an accurate account 1
of all the activities, operations, receipts, and 2
expenditures of the plan, the trust, and the board. Each 3
year, a full audit of the books and accounts of the board 4
pertaining to those activities, operations, receipts and 5
expenditures, personnel, services, or facilities shall be 6
conducted by a certified public accountant and shall 7
include, but not be limited to, direct and indirect costs 8
attributable to the use of outside consultants, independent 9
contractors, and any other perso ns who are not state 10
employees for the administration of the plan. For the 11
purposes of the audit, the auditors shall have access to the 12
properties and records of the plan and board and may 13
prescribe methods of accounting and the rendering of 14
periodic reports in relation to projects undertaken by the 15
plan. 16 SCS HCS HB 155 64
2. By August first of each year, the board shall 17
submit to the governor, the state treasurer, the president 18
pro tempore of the senate, and the speaker of the house of 19
representatives a publ ic report on the operation of the plan 20
and trust and activities of the board, including an audited 21
financial report, prepared in accordance with generally 22
accepted accounting principles, detailing the activities, 23
operations, receipts, and expenditures of the plan and board 24
during the preceding calendar year. The report shall also 25
include a summary of the benefits provided by the plan, the 26
number of participants, average account balance, the number 27
of participating employers, the contribution formul as and 28
amounts of contributions made by participants and by each 29
participating employer, the withdrawals, the account 30
balances, total assets under management, investments, 31
investment returns, fees and expenses associated with the 32
investments and with the administration of the plan, 33
projected activities of the plan for the current calendar 34
year, and any other information regarding the plan and its 35
operations that the board may determine to provide. 36
285.1055. 1. The board shall establish the plan so 1
that individuals are able to begin contributing under the 2
plan on or before September 1, 2025. 3
2. The board may, in its discretion, phase in the plan 4
so that the ability to contribute first applies on different 5
dates for different classes of individuals, including 6
employees of employers of different sizes or types and 7
individuals who are not employees; provided that, any such 8
staged or phased-in implementation schedule shall be 9
substantially completed on or before September 1, 2025. 10
[104.130. Upon the death of a retired 1
member, the board shall pay to such member's 2
designated beneficiaries or to his estate a 3 SCS HCS HB 155 65
death benefit equal to the excess, if any, of 4
the accumulated contributions of the member at 5
retirement over the total amount of retirement 6
benefits received by such member prior to his 7
death.] 8
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