Supplement: MO SB877 | 2024 | Regular Session | Summary: Senate Committee Substitute
For additional supplements on Missouri SB877 please see the Bill Drafting List
Bill Title: Modifies the retirement allowance multiplier for certain members of the Public School Retirement System of Missouri
Status: 2024-03-27 - SCS Voted Do Pass S Veterans, Military Affairs and Pensions Committee (3048S.02C) [SB877 Detail]
Download: Missouri-2024-SB877-Summary_Senate_Committee_Substitute.html
Bill Title: Modifies the retirement allowance multiplier for certain members of the Public School Retirement System of Missouri
Status: 2024-03-27 - SCS Voted Do Pass S Veterans, Military Affairs and Pensions Committee (3048S.02C) [SB877 Detail]
Download: Missouri-2024-SB877-Summary_Senate_Committee_Substitute.html
SCS/SB 877 - Current law provides that the normal retirement allowance multiplier for a member of the Public School Retirement System of Missouri is 2.5% of the member's final average salary for each year of the membership service, except if the member has 32 years or more of service, then the multiplier shall be 2.55%. This act provides that for those members with 33 years of service or more the multiplier factor shall be 2.6%.
This act is identical to a provision in the perfected SS/SB 898 (2024) and in SCS/HCS/HB 2431 (2024) and is similar to SB 556 (2023).
KATIE O'BRIEN
