COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.:0577S.01I Bill No.:SB 257 Subject:Boards, Commissions, Committees, and Councils; Education, Elementary and
Secondary; Retirement - Schools; Retirement Systems and Benefits - General;
Saint Louis City; Teachers
Type:Original Date:March 23, 2025Bill Summary:This proposal modifies the board of trustees of the public school retirement
system of the City of St. Louis.
FISCAL SUMMARY
ESTIMATED NET EFFECT ON GENERAL REVENUE FUNDFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on General
Revenue $0$0$0
ESTIMATED NET EFFECT ON OTHER STATE FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on Other State
Funds $0$0$0
Numbers within parentheses: () indicate costs or losses. L.R. No. 0577S.01I
Bill No. SB 257
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ESTIMATED NET EFFECT ON FEDERAL FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on All Federal
Funds $0$0$0
ESTIMATED NET EFFECT ON FULL TIME EQUIVALENT (FTE)FUND AFFECTEDFY 2026FY 2027FY 2028Total 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 2026FY 2027FY 2028Local Government$0$0$0 L.R. No. 0577S.01I
Bill No. SB 257
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March 23, 2025
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FISCAL ANALYSIS
ASSUMPTION
Officials from the Joint Committee on Public Employee Retirement (JCPER) state the
JCPER’s review of this legislation indicates it will not affect retirement plan benefits as defined
in Section 105.660(9).
Officials from the Public School Retirement System of the City of St. Louis (PSRSST) state
this proposal contains provisions that concern the PSRSSTL. This proposal changes portions of
RSMo. 169.450 which increases the number of Board Trustees from 11 to 13. These two new
Trustees would be appointed by the Missouri Public Charter School Association.
In reviewing the proposal, the System believes there is some financial impact. Trustees do not
receive compensation, but administrative costs would increase slightly primarily due to the cost
of additional postage for mailing materials to new Trustees. Also, new Trustees are required to
complete six hours of continuing education annually when first appointed and then two hours
annually on an ongoing basis. This would mean an increase in travel expenses for the new
Trustees to attend programs and be able to complete the required continuing education. Overall,
costs would likely increase by about $10,000 annually.
Any increase in expenses is concerning as the System is already facing decreased funding due to
legislation that has been in place since 2017. In 2017 a law was passed, Senate Bill 62, that
capped the amount paid by contributing employers and decreases that amount slowly over time.
At the same time, that 2017 law increased the amount of benefits being paid out of the
Retirement System.
As a result, the System’s market value funded ratio has dropped to 64.3% and the System has
been placed on the Watchlist by the Joint Committee on Public Employee Retirement in 2023
and 2024.
Oversight only reflects the impact to state agencies and local political subdivisions. Based on
the response provided by PSRSSTL, Oversight assumes the employer (St. Louis Public Schools
and Charter Schools) contributions are capped and will not be impacted by additional costs
incurred by the retirement system. Therefore, Oversight will reflect a zero impact on the fiscal
note. L.R. No. 0577S.01I
Bill No. SB 257
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FISCAL IMPACT – State GovernmentFY 2026
(10 Mo.)
FY 2027FY 2028$0$0$0FISCAL IMPACT – Local GovernmentFY 2026
(10 Mo.)
FY 2027FY 2028$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
The proposed legislation appears to have no direct fiscal impact.
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
St. Louis Public Schools Retirement System
Julie MorffJessica HarrisDirectorAssistant DirectorMarch 23, 2025March 23, 2025