MO HB1139

Establishes the "2012 State Employee Retirement Incentive Program" providing a "years of service incentive benefit" of $1,000 per year of creditable service, up to a maximum of 20 years for eligible retiring employees.

Eligible employees must have at least 10 years of creditable service, be covered under the Missouri state employees' retirement system, terminate employment on or after December 1, 2012, and have their annuity commence between January 1, 2013 and March 1, 2013.

Benefit payments shall be made in five equal installments beginning in March 2013 and continuing each March thereafter until all installments are distributed.

Retiring employees are prohibited from any full-time or part-time employment with any state department, and departments may only fill vacated positions using up to 50 percent of the personal service funds from those positions.

Office of Administration shall administer the program, and the Missouri State Employees' Retirement System must report to the Commissioner of Administration by July 31, 2013, with the Commissioner providing cost-benefit analysis reports by August 31, 2013, and annually for four years thereafter.