MO HB1798

Board of Trustees of the Missouri State Employees' Retirement System shall administer the deferred compensation fund previously managed by the deferred compensation commission.

Beginning September 1, 2010, employees hired on or after that date shall be automatically enrolled to defer compensation with a minimum monthly contribution of $25 or the maximum appropriated state contribution, whichever is greater, unless they elect to opt out or change the contribution amount.

Employees at state colleges and universities are excluded from automatic enrollment but may voluntarily elect to participate in the plan.

Automatic contribution rates shall adjust based on increases to the maximum appropriated state contribution unless the employee changes or opts out of the plan.

Beginning September 1, 2010, married participants' surviving spouses shall automatically be designated as primary beneficiaries unless the spouse consents in writing to a nonspouse beneficiary designation.