2017 Legislative Session Summary
The 99th Regular Session of the Missouri Legislature officially ended Friday, May 12 at 6 p.m. We are happy to report there was no legislation passed that had a negative impact on the Public School and Education Employee Retirement Systems of Missouri (PSRS/PEERS).
The PSRS/PEERS Board of Trustees went on record in support of two issues this session: a divorce pop-up provision and a working after retirement provision (HB 304/SB 394 and HB 305/SB 441). Both of those provisions were amended onto CCS HCS SS SB 62. The Missouri General Assembly truly agreed to and finally passed CCS HCS SS SB 62 on May 11, 2017. Governor Greitens has until July 14 to sign or veto legislation.
The divorce pop-up language allows retired PSRS and PEERS members who elected a Joint-and-Survivor benefit plan at retirement (providing a reduced benefit to the member with survivor benefits for a spouse) to have that reduced retirement benefit “pop-up” or increase to the larger Single Life benefit amount, with no survivor benefits, if the member and his or her spouse become divorced on or after September 1, 2017. This is possible only if the divorce decree provides the member with sole retention of all rights to the retirement benefit.
This divorce provision also expands the time period during which a retired member can nominate a successor beneficiary, should he or she remarry to one year.
The working after retirement language expands the Missouri statute regarding limits on working after retirement. In addition to retirees working directly for PSRS/PEERS-covered employers, it also includes any individual employed by a third party, or working as an independent contractor as a substitute teacher or in another position normally requiring educator certification by the Missouri Department of Elementary and Secondary Education (DESE).
PSRS/PEERS would like to thank the numerous educational associations, retired and active members for their involvement this session, and for contacting their respective legislators. We would also like to thank our legislative team, who spent many hours this session working with various elected officials and interested parties on legislation, as well as monitoring numerous committee hearings and floor debates this year.
A complete, detailed update on the 2017 General Assembly Legislative Session will be presented to the PSRS/PEERS Board of Trustees on June 13, 2017 at the June Board of Trustees meeting. We will provide a complete summary of items discussed at this meeting via email and on this website following the meeting.
Information on all legislation tracked this session can be viewed on our 2017 Legislative Tracker.