Loading chat...
MO SB477
Bill
Status
Introduced
2/28/2013
Primary Sponsor
John Lamping
Click for details
AI Summary
- Creates a defined contribution retirement plan for state employees hired on or after January 1, 2014, and judges beginning service on or after January 1, 2014
- Employer contribution rate determined by the general assembly through appropriation process but minimum of 1 percent of annual pay for each participating employee
- Provides for individual accounts with benefits based solely on account balance and immediate vesting of contributions
- Permits existing employees in closed plan, year 2000 plan, or judicial retirement system to make one-time irrevocable election to switch to the defined contribution plan
- Employees electing the defined contribution plan become ineligible for retirement benefits under year 2000 and judicial retirement plans but retain eligibility for life insurance and long-term disability benefits
Legislative Description
Requires the boards of MOSERS and MPERS to create a defined contribution retirement plan for new employees
Last Action
Second Read and Referred S Seniors, Families and Pensions Committee
3/13/2013
Committee Referrals
Seniors, Families and Pensions3/13/2013
Full Bill Text
No bill text available