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MO HB878
Bill
Status
Introduced
3/14/2013
Primary Sponsor
Andrew Koenig
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AI Summary
- Employees first hired on or after January 1, 2014, must join the Year 2000 retirement plan and are excluded from coverage under section 104.1091
- Normal retirement eligibility requires age 67 with 5 years of service, or age 55 with combined age and service totaling 90 years; highway patrol members have different thresholds (age 60 or age 55 with 5 years service)
- Retirement annuity calculated at 1% of final average pay multiplied by years of credited service, with cost-of-living adjustments capped at 2% annually instead of 5%
- Members contribute 3% of pay through employer pickup with contributions credited to individual accounts earning annual interest based on 52-week Treasury bill rates
- Employees participate in a defined contribution plan with employer contribution of 3% of payroll and participant contribution of 1% of payroll, both paid by employer under federal tax code section 414(h)(2)
Legislative Description
Establishes a hybrid plan and a defined contribution program for employees and elected officials becoming employed after January 1, 2014
Last Action
Referred: Retirement(H)
4/18/2013
Committee Referrals
Retirement4/18/2013
Full Bill Text
No bill text available