MO SB756

Board of trustees of Missouri state employees' retirement system shall establish a defined contribution plan for outside employees with immediate vesting and select a third-party administrator and investment products

Employer contribution rate for outside employees shall equal one percent of payroll less than the normal cost contribution rate, changing to seven percent of payroll on and after July 1, 2013

Institutions may prospectively require outside employees hired on or after July 1, 2013, to contribute an additional amount up to four percent of pay, with institutions picking up and paying such contributions under federal tax code section 414(h)(2)

Outside employees participating in the defined contribution plan for at least six years may elect to become members of the Missouri state employees' retirement system, but receive no credited service for prior participation in the defined contribution plan

Employees who first become outside employees on or after July 1, 2013, are not eligible to elect membership in the Missouri state employees' retirement system under these provisions