Senate Bill No. 1 Summary

• Creates new retirement plan provisions for employees hired on or after January 1, 2011, requiring 4% employee contributions with employer pickup and establishing age and service requirements (age 67 with 10 years service, or age 55 with combined age and service equaling 90).

• Establishes Missouri State Retirement Investment Board as an independent body corporate to manage investment assets of state retirement systems, with a board consisting of three ex officio voting members and four governor-appointed members with finance or investment experience.

• Provides investment oversight consolidation of Missouri State Employees' Retirement System and Department of Transportation and Highway Patrol Employees' Retirement System assets under the new investment board, with transition provisions for asset transfers.

• Modifies judicial retirement benefits for judges hired on or after January 1, 2011, requiring 4% contribution and setting retirement eligibility at age 67 with 12 years service or age 62 with 20 years service, with options for reduced annuities with survivor benefits.

• Authorizes other public employee retirement systems to voluntarily apply for investment management services from the new board subject to mutual approval and written agreement.