The bill proposes the repeal of sections 105.684 and 169.540 of the Revised Statutes of Missouri and enacts three new sections, including 169.542, which outlines provisions for retirement benefits specifically for certain teacher retirement systems. Notably, it allows for a one-time supplemental payment to retired members or beneficiaries, contingent upon state appropriations. The bill stipulates that this supplemental payment can be made no later than September 30, 2027, and will be equal to the lesser of the gross amount of the regular pension benefit for the month prior to the payment or $2,000. Additionally, the bill establishes that no plan can implement benefit increases that would raise the plan's actuarial accrued liability unless certain funded ratio conditions are met. It also clarifies that the state of Missouri will not contribute funds to finance pension benefits, except for specific employer contributions and the appropriated funds for the one-time supplemental payment. The board of trustees is tasked with determining eligibility and the amount of the supplemental payment, ensuring that it is in addition to regular monthly pension benefits.

Statutes affected:
Introduced (4541H.01): 105.684, 169.540, 169.542