MO SB288

Establishes a defined contribution plan for "outside employees" of higher education institutions with immediate vesting and a third-party administrator selected by the board of trustees

Sets employer contribution rate for outside employees at one percent less than the normal cost contribution rate for regular employees before July 1, 2014; increases to seven percent of payroll effective July 1, 2014

Allows institutions to prospectively require outside employees hired on or after July 1, 2014, to contribute up to four percent of pay, with institutions picking up and paying employee contributions

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, but service in the defined contribution plan receives no credited service credit

Prohibits outside employees hired on or after July 1, 2014, from electing to switch to the state employees' retirement system