Modifies the retirement allowance multiplier for certain members of the Public School Retirement System of Missouri

SB 474 would change the formula used to calculate retirement benefits for certain public school employees in Missouri's state retirement system. Specifically, it modifies the "multiplier" factor that determines the amount of monthly retirement allowance paid to eligible members. This adjustment directly affects current and future retirees who are part of the Public School Retirement System of Missouri. The bill is currently pending in the Senate Local Government, Elections and Pensions Committee after being prefaced and read for the first time.