Modifies provisions relating to state retirement for certain state colleges and universities

HB 688 modifies retirement contribution rules for employees at 10 specific Missouri public universities (Harris-Stowe State, Lincoln University, Missouri State, Missouri Southern, Missouri Western, Northwest Missouri State, Southeast Missouri State, State Technical College, Truman State, and University of Central Missouri). The bill requires the retirement board to certify annual contribution rates based on actuarial calculations, and if rates exceed 28.75%, the state must appropriate the difference for these institutions starting August 2025. Contributions must be paid separately into the retirement fund and kept distinct from general state treasury funds. The bill ensures contribution rates remain stable over time and aligns funding with retirement system liabilities.