Modifies the employer contribution rate for the Public School Retirement System of the City of St. Louis

HB 404 modifies retirement contribution rates for public school employees in the City of St. Louis. For employees hired before January 1, 2018, the employee deduction rate increases gradually from 5% to 9% over time. New hires on or after January 1, 2018, will have a fixed 9% deduction from pay. Employers will reduce their contribution rate from 16% to 12.5% of total member compensation by 2025, as part of the retirement system’s funding adjustments. These changes directly affect current and future public school employees and their employers in St. Louis.