COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.:5137H.01I Bill No.:HB 2469 Subject:Retirement Systems And Benefits - General; Retirement - State; Retirement -
Schools; Employees - Employers
Type:Original Date:February 23, 2024Bill Summary:This proposal modifies provisions relating to retirement systems.
FISCAL SUMMARY
ESTIMATED NET EFFECT ON GENERAL REVENUE FUNDFUND AFFECTEDFY 2025FY 2026FY 2027General Revenue$0Up to ($8,700,000)$0Total Estimated Net
Effect on General
Revenue $0Up to ($8,700,000)$0
*Oversight will show a cost to the state to appropriate funds for a supplemental pension benefit
for members of the Public Schools Retirement Systems of the City of St. Louis.
ESTIMATED NET EFFECT ON OTHER STATE FUNDSFUND AFFECTEDFY 2025FY 2026FY 2027Total Estimated Net
Effect on Other State
Funds $0$0$0
Numbers within parentheses: () indicate costs or losses. L.R. No. 5137H.01I
Bill No. HB 2469
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ESTIMATED NET EFFECT ON FEDERAL FUNDSFUND AFFECTEDFY 2025FY 2026FY 2027Total Estimated Net
Effect on All Federal
Funds $0$0$0
ESTIMATED NET EFFECT ON FULL TIME EQUIVALENT (FTE)FUND AFFECTEDFY 2025FY 2026FY 2027Total Estimated Net
Effect on FTE 000
☒ Estimated Net Effect (expenditures or reduced revenues) expected to exceed $250,000 in any
of the three fiscal years after implementation of the act or at full implementation of the act.
☐ Estimated Net Effect (savings or increased revenues) expected to exceed $250,000 in any of
the three fiscal years after implementation of the act or at full implementation of the act.
ESTIMATED NET EFFECT ON LOCAL FUNDSFUND AFFECTEDFY 2025FY 2026FY 2027Local Government$0$0$0 L.R. No. 5137H.01I
Bill No. HB 2469
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FISCAL ANALYSIS
ASSUMPTION
Officials from the Joint Committee on Public Employee Retirement (JCPER) this proposal
has no direct fiscal impact to the Joint Committee on Public Employee Retirement. The JCPER’s
review of this proposal indicates that its provisions may constitute a “substantial proposed
change” in future plan benefits as defined in section 105.660(10). It is impossible to accurately
determine the fiscal impact of this legislation without an actuarial cost statement prepared in
accordance with section 105.665. Pursuant to section 105.670, an actuarial cost statement must
be filed with the Chief Clerk of the House of Representatives, the Secretary of the Senate, and
the Joint Committee on Public Employee Retirement as public information for at least five
legislative days prior to final passage.
Officials from Public Schools Retirement Systems of the City of St. Louis (PSRSSTL) state
the Retirement System believes that an additional monthly pension benefit would cost the State
approximately $8.7 Million. However, the exact amount cannot be known until a cost statement
is prepared. The Retirement System believes that this proposal constitutes a “substantial
proposed change” within the meaning of §§ 105.660 and 105.670, meaning that a cost statement
is required before final legislative action may be taken on the measure.
Officials from Office of Administration - Budget and Planning (B&P) state this proposal
provides for the State of Missouri, subject to appropriation, to make a one-time supplemental
payment to the Public Schools Retirement System of the City of St. Louis. This language caps
the cost of the payment at a maximum amount of $2,000 per retiree or beneficiary. B&P defers
to PSRS-STL for specific cost estimates.
Oversight assumes the one-time supplemental payment will be provided only if the General
Assembly appropriates an amount equal to the cost incurred to provide such payment. The
supplemental payment shall be payable no later than September 30, 2025 (FY 2026). Therefore,
Oversight will show an impact to general revenue up to the cost as estimated by PSRSSTL in FY
2026.
FISCAL IMPACT – State GovernmentFY 2025
(10 Mo.)
FY 2026FY 2027GENERAL REVENUECost – to provide a one-supplemental
payment to PSRSSTL - §169.542$0
Up to
($8,700,000)$0
ESTIMATED NET EFFECT ON
GENERAL REVENUE$0
Up to
($8,700,000)$0 L.R. No. 5137H.01I
Bill No. HB 2469
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FISCAL IMPACT – Local GovernmentFY 2025
(10 Mo.)
FY 2026FY 2027$0$0$0
FISCAL IMPACT – Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
FISCAL DESCRIPTION
This bill allows retirees from the St. Louis Public School Retirement System to receive a one-
time supplemental payment equal to the lesser of the person's gross amount of the regular
pension benefit or $2,000. Subject to appropriation the supplemental payment shall be payable
no later than September 30, 2025.
This legislation is not federally mandated, would not duplicate any other program and would not
require additional capital improvements or rental space.
SOURCES OF INFORMATION
Joint Committee on Public Employee Retirement
Office of Administration - Budget and Planning
Public Schools Retirement Systems of the City of St. Louis
Julie MorffRoss StropeDirectorAssistant DirectorFebruary 23, 2024February 23, 2024