HB 116 Summary

• Repeals 57 sections of Missouri law related to public accounts and audits, replacing them with updated provisions that modernize audit standards and procedures for state agencies, political subdivisions, and retirement systems

• Expands the State Auditor's authority to conduct audits without advance notice, investigate allegations of improper governmental activities through a hotline system, and subpoena witnesses and documents as needed

• Establishes new two-tier membership structures (Tier I and Tier II) for police and civilian employee retirement systems, with Tier II members (those joining after August 28, 2013) having different vesting schedules, service credit caps, and supplemental benefit amounts than Tier I members

• Creates the "Missouri Senior Services Protection Fund" and directs the State Treasurer to deposit $55.1 million into it by March 15, 2014, to be used for services for low-income seniors and people with disabilities

• Removes requirements that the State Auditor examine retirement system audits every three years and modifies various audit frequency requirements, allowing audits to be conducted at the auditor's discretion rather than on fixed schedules