Missouri HB 2633: Modifies provisions relating to school teacher and employee retirement allowances

Bill Text

SECOND REGULAR SESSION
HOUSE BILL NO. 2633
99TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE DINKINS.
6647H.01I D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To repeal section 169.070, RSMo, and to enact in lieu thereof one new section relating to school
employee retirement, with an emergency clause.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Section 169.070, RSMo, is repealed and one new section enacted in lieu
2 thereof, to be known as section 169.070, to read as follows:
169.070. 1. The retirement allowance of a member whose age at retirement is sixty years
2 or more and whose creditable service is five years or more, or whose sum of age and creditable
3 service equals eighty years or more, or who has attained age fifty-five and whose creditable
4 service is twenty-five years or more or whose creditable service is thirty years or more regardless
5 of age, may be the sum of the following items, not to exceed one hundred percent of the
6 member's final average salary:
7 (1) Two and five-tenths percent of the member's final average salary for each year of
8 membership service;
9 (2) Six-tenths of the amount payable for a year of membership service for each year of
10 prior service not exceeding thirty years.
11
12 In lieu of the retirement allowance otherwise provided in subdivisions (1) and (2) of this
13 subsection, a member may elect to receive a retirement allowance of:
14 (3) Two and four-tenths percent of the member's final average salary for each year of
15 membership service, if the member's creditable service is twenty-nine years or more but less than
16 thirty years, and the member has not attained age fifty-five;
EXPLANATION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is intended
to be omitted from the law. Matter in bold-face type in the above bill is proposed language.

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17 (4) Two and thirty-five-hundredths percent of the member's final average salary for each
18 year of membership service, if the member's creditable service is twenty-eight years or more but
19 less than twenty-nine years, and the member has not attained age fifty-five;
20 (5) Two and three-tenths percent of the member's final average salary for each year of
21 membership service, if the member's creditable service is twenty-seven years or more but less
22 than twenty-eight years, and the member has not attained age fifty-five;
23 (6) Two and twenty-five-hundredths percent of the member's final average salary for
24 each year of membership service, if the member's creditable service is twenty-six years or more
25 but less than twenty-seven years, and the member has not attained age fifty-five;
26 (7) Two and two-tenths percent of the member's final average salary for each year of
27 membership service, if the member's creditable service is twenty-five years or more but less than
28 twenty-six years, and the member has not attained age fifty-five;
29 (8) [Between July 1, 2001, and July 1, 2014,] Two and fifty-five hundredths percent of
30 the member's final average salary for each year of membership service, if the member's creditable
31 service is thirty-one years or more regardless of age.
32 2. In lieu of the retirement allowance provided in subsection 1 of this section, a member
33 whose age is sixty years or more on September 28, 1975, may elect to have the member's
34 retirement allowance calculated as a sum of the following items:
35 (1) Sixty cents plus one and five-tenths percent of the member's final average salary for
36 each year of membership service;
37 (2) Six-tenths of the amount payable for a year of membership service for each year of
38 prior service not exceeding thirty years;
39 (3) Three-fourths of one percent of the sum of subdivisions (1) and (2) of this subsection
40 for each month of attained age in excess of sixty years but not in excess of age sixty-five.
41 3. (1) In lieu of the retirement allowance provided either in subsection 1 or 2 of this
42 section, collectively called "option 1", a member whose creditable service is twenty-five years
43 or more or who has attained the age of fifty-five with five or more years of creditable service may
44 elect in the member's application for retirement to receive the actuarial equivalent of the
45 member's retirement allowance in reduced monthly payments for life during retirement with the
46 provision that:
47 Option 2. Upon the member's death the reduced retirement allowance shall be continued
48 throughout the life of and paid to such person as has an insurable interest in the life of the
49 member as the member shall have nominated in the member's election of the option, and
50 provided further that if the person so nominated dies before the retired member, the retirement
51 allowance will be increased to the amount the retired member would be receiving had the retired
52 member elected option 1;

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53 OR
54 Option 3. Upon the death of the member three-fourths o