HB 282 Summary

• Repeals and re-enacts 32 sections of Missouri law governing public employee retirement systems, including police retirement systems, civilian employee retirement systems, and firefighter retirement systems.

• Modifies pension commencement dates so that base pensions for members retiring after August 28, 2011, commence on the first day of the month following retirement with no proration for the month of retirement.

• Changes how members can purchase creditable service for military service and prior service breaks by using "actuarial cost" methodology rather than accumulated contributions with interest calculations.

• Expands accidental disability retirement benefits for firefighters retiring on or after August 28, 2011, by adding education allowances, supplemental disability pensions, and additional pension amounts based on years of creditable service.

• Modifies deferred compensation plan provisions for state employees hired after July 1, 2012, to automatically enroll them with a one percent employer contribution unless they opt out within 30 days of employment.