Missouri SB1258: Modifies the retirement allowance multiplier for certain members of the Public School Retirement System

What the bill says

From the introduced text:

SECOND REGULAR SESSION SENATE BILL NO. 1258 103RD GENERA L ASSEMBLY INTRODUCED BY SENATOR NURRENBERN. 3903S.01I KRISTINA MARTIN, Secretary To repeal section 169.070, RSMo, and to enact in lieu thereof one new section relating to public school retirement systems. Section A. Section 169.070, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 169.070, to read as follows: 169.070. 1.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 or more and whose creditable service is five years or more, or whose sum of age and creditable service equals eighty years or more, or who has attained age fifty-five and whose creditable service is twenty-five years or more or whose creditable service is thirty years or more regardless of age, may be the sum of the following items, not to exceed one hundred percent of the member's final average salary: (1) Two and five-tenths percent of the member's final average salary for each year of membership service; (2) Six-tenths of the amount payable for a year of membership service for each year of prior service not exceeding thirty years. In lieu of the retirement allowance otherwise provided in subdivisions (1) and (2) of this subsection, a member may elect to receive a retirement allowance of: SB 1258 (3) Two and …

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