Spring 2024 Legislative Update

More than 2,500 bills and resolutions have been filed for the 2024 legislative session, which began on Wednesday, January 3, 2024. PSRS/PEERS is currently tracking more than 100 bills. To become law, a bill must pass through the Missouri House and Senate before it goes to the governor for his signature. Governor Parson has until July 14, 2024, to act upon legislation.

As the legislature returns next week from spring break, the topics of working after retirement and the Systems’ investment policy are currently mentioned in active bills. See how they could potentially impact the Systems and our members below.

Investment Policy

House Bill 1937 and Senate Bill 1113 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 the Systems’ current investment policies. We are monitoring legislation that could change the investment policies of public pension plans in Missouri.

Working After Retirement

House Bill 2906, Senate Bill 727 and Senate Bill 1286 have language that would:

• Give local school board the ability to set working after retirement compensation limits for certain individuals
• Allow all members receiving disability retirement benefits from the Systems to work after retirement for a covered employer without impacting their benefits
• Change the penalty for exceeding a working after retirement limit from the retirement benefit for any month during which the limit was exceeded to either the amount earned in excess of the limit or the retirement benefit for any month when the limit was exceeded, whichever is less.

As of the date of this post, none of these bills have successfully passed out of both chambers 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.

The legislative session ends on Friday, May 17, 2024.