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MO SB625
Bill
AI Summary
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Repeals and replaces sections 50.1130, 50.1140, 104.603, and 104.1091 of Missouri Revised Statutes governing public employee retirement systems
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Provides a $10,000 death benefit to designated beneficiaries of active members, plus accumulated contributions for members who die after December 31, 2002 before becoming vested
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Requires 8 years of creditable service for vesting in county retirement funds, with early retirement available at age 55 with annuity reductions of 0.4% per month before age 62 and an additional 0.3% per month before age 60
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Changes interest crediting rate on member contributions from a fixed 4% to the U.S. Treasury 52-week T-bill rate, effective June 30, 2014
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Modifies reciprocal service transfers between MoDOT/Highway Patrol and Missouri State Employees' Retirement Systems to exclude previously transferred service not subject to asset transfer provisions, requiring receiving systems to return present value amounts for such service
Legislative Description
Modifies fund transfers between retirement systems, modifies retirement for certain public officials, and sets interest paid on member contributions at T-Bill rate
Last Action
Signed by Governor
7/10/2012