Since the General Assembly began the 2023 legislative session on Wednesday January 4, 2023, more than 2,300 bills have been filed. PSRS/PEERS is currently tracking 256 pieces of legislation. The 2023 legislative session ends on Friday May 12.
For a bill to become law, it must be passed by the Missouri House and Senate, after which it goes to the governor for his signature. Governor Parson has until July 14, 2023 to act upon legislation.
As the legislature returns from their spring break this week, the following bills are active and could have a direct impact on the Systems:
House Bills 496 and 497 (HCS HB 496 and HCS HB 497) each include language that would:
- Restore the 2.55% benefit factor for PSRS members who have 32 or more years of service at retirement
- Increase the salary limit for PSRS retirees working in non-certificated positions to 133% of the annual Social Security earnings limit between August 28, 2023 to June 30, 2028, and then to 100% of the annual Social Security earnings limit thereafter
- Modify the Critical Shortage Employment provision to expand the allowed lifetime limit on time worked from two to four years and increase the potential number of Critical Shortage positions available for PSRS retirees who are teaching
Senate Bill 75 (SS SB 75) includes all the changes discussed above along with a same sex “pop-up,” provision. This would allow certain retirees who nominated a same-sex domestic partner as beneficiary for lifetime monthly benefits under a Joint-and-Survivor benefit plan to have their monthly retirement benefit “pop-up” to the amount they would have received if they had not elected to receive reduced monthly benefits.
House Bill 863 (HCS HB 863) would put into law investment proxy voting policies and further clarify the fiduciary duties of pension systems and their trustees. This language is consistent with current PSRS/PEERS investment policies.
As of the date of this post, none of these bills have passed out of both chambers as required in order to become law. The status of these bills can change daily. Any developments that may impact the Retirement Systems or our members will be shared on this website, in member newsletters and via email.