Legislative Update
April 27, 2010

On April 20, 2010, the Senate (27 – 5) gave final approval (third read) to Senate Substitute for Senate Bill 714 (SS SB 714) as amended.  SS SB 714 has been second read in the House on April 21.  It still needs to be referred to committee before it can be brought before the House for debate.

The original SB 714 allowed for the State Auditor to audit any state or local public employee retirement system every three years, unless the auditor is otherwise required by law to audit the system more frequently.  PSRS/PEERS testified in favor of this provision.

SS SB 714 establishes a public retirement investment board.  PSRS/PEERS and the Missouri Local Government Employees Retirement System (LAGERS) are specifically excluded from joining this new state entity.  We will continue to monitor SS SB 714 as well as other legislation for any provision that could impact our Systems.

SS SB 714 also revises the defined benefit pension plan for new state employees by raising the employee’s retirement age, increasing the time an employee has to work to become vested and requiring state employees to contribute. PSRS/PEERS are not impacted by this provision.