SB 877 - Current law provides that a member of the Public School Retirement System of Missouri with 32 years or more of service, regardless of age, be provided a retirement allowance with a multiplier of 2.55% of the member's final average salary for each year of the membership service. This act modifies this provision by providing that the multiplier factor for the normal retirement allowance of certain members with creditable service, regardless of age, be as follows:

(1) 2.53% for those members with 31 years or more of service, but less than 32 years of service;

(2) 2.56% for those members with 32 years or more of service, but less than 33 years of service; and

(3) 2.6% for those members with 33 years of service or more.

This act is substantially similar to SB 556 (2023) and is similar to a provision in the perfected SS/SB 898 (2024) and in SCS/HCS/HB 2431 (2024).

KATIE O'BRIEN