SB 492 - Retirement Benefits Summary

• General assembly members and statewide elected officials hired on or after January 1, 2013, are ineligible for special retirement benefits under the year 2000 plan and instead receive standard Missouri state employees retirement system coverage.

• Employees hired on or after January 1, 2011, must contribute 4 percent of pay to the retirement system, with the state employer picking up these contributions under federal tax code provisions.

• Interest credited to retirement accounts changes from a fixed 4 percent rate to the U.S. Department of Treasury 52-week treasury bill investment rate effective June 30, 2014, and annually thereafter.

• General assembly members and statewide elected officials hired before January 1, 2013, retain existing retirement eligibility based on age and years of service, with normal retirement annuities calculated at one twenty-fourth of monthly pay multiplied by credited service years.

• Members lose retirement benefits if convicted of a felony committed in connection with their official duties, unless the conviction is later reversed by a court.