MO HB1

Establishes new retirement requirements for state employees hired on or after January 1, 2011, under the Year 2000 Plan, including normal retirement at age 67 with 10 years of service or age 55 with combined age and service equaling 90.

Requires new employees to contribute 4 percent of pay to the retirement system, with employer picking up contributions; contributions are credited to individual accounts with 4 percent annual interest.

Sets early retirement eligibility for new employees at age 62 with 10 years of service (except highway patrol), and increases minimum service requirements from 5 years to 10 years for vested benefits.

Establishes new retirement eligibility for judges hired on or after January 1, 2011, requiring age 67 with 12 years of judicial service, or age 62 with 20 years of service, with mandatory retirement at age 70.

Creates four retirement annuity payout options for both new employees and judges, allowing them to choose reduced annuities with survivor benefits or fixed-period payment options.