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MO HB475
Bill
Status
2/6/2013
Primary Sponsor
Rick Brattin
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AI Summary
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Establishes a defined contribution retirement plan for members of the General Assembly who first serve on or after January 1, 2014, administered by the Missouri State Employees' Retirement System Board of Trustees
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Requires employer contributions of at least 10% of annual pay for participating members, with the specific rate determined by the General Assembly through the appropriation process
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Provides for individual accounts with benefits based solely on allocated amounts, vesting after three full biennial assemblies of service, and allows members to make additional voluntary contributions
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Permits existing members of the closed plan or year 2000 plan to make a one-time irrevocable election to switch to the defined contribution plan, ceasing accrual in their former plan upon election
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Establishes liability protections for the retirement system and its employees regarding investment decisions made by participating members in the defined contribution plan
Legislative Description
Requires a person becoming a member of the General Assembly for the first time on or after January 1, 2014, to be covered under a defined contribution retirement plan
Last Action
Referred: Retirement(H)
5/17/2013