MO HB353

Establishes a defined contribution plan for outside employees of higher education institutions with immediate vesting and requires the board of trustees to select a third-party administrator and investment products.

Sets the employer contribution rate for outside employees at seven percent of payroll effective July 1, 2014, and allows institutions to require additional employee contributions of up to four percent through governing body resolution.

Permits outside employees who have participated in the defined contribution plan for at least six years to elect membership in the Missouri state employees' retirement system under the year 2000 plan while still employed.

Employees electing to join the retirement system must forfeit future participation in the defined contribution plan and receive no credited service for prior participation in the defined contribution plan.

Restricts the election to join the retirement system to outside employees hired before July 1, 2014, making employees hired on or after that date ineligible for this option.