| 1 | 1 | | FIRSTREGULARSESSION |
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| 2 | 2 | | HOUSEBILLNO.1329 |
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| 3 | 3 | | 103RDGENERALASSEMBLY |
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| 4 | 4 | | INTRODUCEDBYREPRESENTATIVEANDERSON. |
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| 5 | 5 | | 2863H.01I JOSEPHENGLER,ChiefClerk |
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| 6 | 6 | | ANACT |
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| 7 | 7 | | Torepealsections105.684and169.540,RSMo,andtoenactinlieuthereofthreenew |
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| 8 | 8 | | sectionsrelatingtoretirementbenefitsforcertainteacherretirementsystems. |
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| 9 | 9 | | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: |
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| 10 | 10 | | SectionA.Sections105.684and169.540,RSMo,arerepealedandthreenewsections |
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| 11 | 11 | | 2enactedinlieuthereof,tobeknownassections105.684,169.540,and169.542,toreadas |
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| 12 | 12 | | 3follows: |
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| 13 | 13 | | 105.684.1.Notwithstandinganylawtothecontrary,noplanshalladoptor |
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| 14 | 14 | | 2implementanyadditionalbenefitincrease,supplement,enhancement,lumpsumbenefit |
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| 15 | 15 | | 3paymentstoparticipants,orcost-of-livingadjustmentbeyondcurrentplanprovisionsineffect |
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| 16 | 16 | | 4priortoAugust28,2007,whichwould,inaggregatewithanyotherproposedplanprovisions, |
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| 17 | 17 | | 5increasetheplan'sactuarialaccruedliabilitywhenvaluedbyanactuaryusingthesame |
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| 18 | 18 | | 6methodsandassumptionsasusedinthemostrecentperiodicvaluation,unlesstheplan's |
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| 19 | 19 | | 7actuarydeterminesthatthefundedratioofthemostrecentperiodicactuarialvaluationand |
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| 20 | 20 | | 8priortosuchadoptionorimplementationisatleasteightypercentandwillnotbelessthan |
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| 21 | 21 | | 9seventy-fivepercentaftersuchadoptionorimplementation, exceptforthesystemgoverned |
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| 22 | 22 | | 10bysections169.410to169.542,whichmayadministeraone-timesupplementalpayment |
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| 23 | 23 | | 11assetforthinsection169.542,subjecttostateappropriations. Methodsandassumptions |
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| 24 | 24 | | 12usedinvaluingsuchproposedchangemaybemodifiedifthenatureissuchthatalternative |
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| 25 | 25 | | 13assumptionsareclearlywarranted. |
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| 26 | 26 | | 14 2.Theunfundedactuarialaccruedliabilitiesassociatedwithbenefitchanges |
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| 27 | 27 | | 15describedinthissectionshallbeamortizedoveraperiodnottoexceedtwentyyearsfor |
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| 28 | 28 | | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis |
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| 29 | 29 | | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 16purposesofdeterminingthecontributionsassociatedwiththeadoptionorimplementationof |
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| 30 | 30 | | 17anysuchbenefitincrease,supplement,orenhancement. |
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| 31 | 31 | | 18 3.Anyplanwithafundedratiobelowsixtypercentshallhavetheactuarypreparean |
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| 32 | 32 | | 19acceleratedcontributionschedulebasedonadescendingamortizationperiodforinclusionin |
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| 33 | 33 | | 20theactuarialvaluation. |
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| 34 | 34 | | 21 4.Nothinginthissectionshallapplytoanyplanestablishedunderchapter70or |
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| 35 | 35 | | 22chapter476. |
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| 36 | 36 | | 23 5.Nothinginthissectionshallpreventaplanfromadoptingandimplementingany |
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| 37 | 37 | | 24provisionnecessarytomaintainaplan'sstatusasaqualifiedtrustpursuantto26U.S.C. |
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| 38 | 38 | | 25Section401(a). |
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| 39 | 39 | | 169.540.ThestateofMissourishallcontributenofundsdirectlyorindirectlyto |
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| 40 | 40 | | 2financetheplantopaypensionbenefitsbyappropriationbillsorotherwise,except: |
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| 41 | 41 | | 3 (1)Thosefundswhichthedistrictmayreceivefromtimetotimeunderalaworlaws |
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| 42 | 42 | | 4providingforageneralapportionmentofschoolmoneysthroughoutallthestate[andexcept]; |
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| 43 | 43 | | 5 (2)Employercontributionsformembersemployedbytheboardofregentswhich |
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| 44 | 44 | | 6shallbemadebythestateofMissouri; and |
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| 45 | 45 | | 7 (3)Statefundsappropriatedforaone-timesupplementalpaymentassetforthin |
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| 46 | 46 | | 8section169.542. |
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| 47 | 47 | | 169.542.1.Theboardoftrusteesshalladministeranddistributeaone-time |
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| 48 | 48 | | 2supplementalpaymentofapensionbenefit,asdefinedinsection169.410,toaretired |
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| 49 | 49 | | 3memberorbeneficiaryasprovidedinthissection. |
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| 50 | 50 | | 4 2.Subjecttoappropriations,thesupplementalpaymentshallbepayablenolater |
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| 51 | 51 | | 5thanSeptember30,2026,andtotheextentpracticable,onadateordatesthatcoincide |
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| 52 | 52 | | 6withtheregularpensionbenefitpayabletoeachretiredmemberorbeneficiary. |
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| 53 | 53 | | 7 3.Theamountofthesupplementalpaymentshallbeequaltothelesserof: |
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| 54 | 54 | | 8 (1)Thegrossamountoftheregularpensionbenefittowhichtheretiredmember |
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| 55 | 55 | | 9orbeneficiaryisotherwiseentitledforthecalendarmonthimmediatelypriortothe |
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| 56 | 56 | | 10calendarmonthinwhichthesupplementalpaymentisissued;or |
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| 57 | 57 | | 11 (2)Twothousanddollars. |
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| 58 | 58 | | 12 4.Theboardoftrusteesshallmakeapplicabletaxwithholdingandanyother |
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| 59 | 59 | | 13legallyrequireddeductionsbeforedisbursingthesupplementarypayment. |
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| 60 | 60 | | 14 5.Asupplementarypaymentunderthissectionshallbeinadditionto,andnotin |
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| 61 | 61 | | 15lieuof,aregularmonthlypensionbenefittowhichtheeligibleretiredmemberor |
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| 62 | 62 | | 16beneficiaryisotherwiseentitled. |
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| 63 | 63 | | 17 6.Inordertobeeligibleforasupplementalpayment,apersonshallbe,forthe |
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| 64 | 64 | | 18calendarmonthimmediatelypriortothecalendarmonthinwhichtheboardoftrustees |
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| 65 | 65 | | HB1329 2 19issuestheone-timesupplementalpayment,eligibletoreceiveastandardretirement |
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| 66 | 66 | | 20pensionbenefitundersections169.410to169.542. |
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| 67 | 67 | | 21 7.Theboardoftrusteesshalldeterminetheeligibilityfor,andtheamountand |
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| 68 | 68 | | 22timingof,asupplementalpaymentandthemannerinwhichthepaymentshallbemade. |
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| 69 | 69 | | 23 8.Thestateshallappropriatetotheretirementsystemgovernedbysections |
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| 70 | 70 | | 24169.410to169.542anamountequaltothecostoftheone-timesupplementalpayment |
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| 71 | 71 | | 25requiredbythissection.Ifthestatedoesnottransfertheappropriatedamount |
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| 72 | 72 | | 26describedbythissubsection,theboardoftrusteesshallnotissuetheone-time |
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| 73 | 73 | | 27supplementalpaymentrequiredbythissection. |
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| 74 | 74 | | âś” |
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| 75 | 75 | | HB1329 3 |
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