MO HB1473

Establishes a defined contribution retirement plan for General Assembly members first elected on or after January 1, 2015, as an alternative to the existing defined benefit plan.

Requires employer contributions of at least 10 percent of annual pay into individual participant accounts, with vesting after three full biennial assemblies of service.

Permits participating members to make additional voluntary contributions above the required rate, subject to Internal Revenue Code limits.

Allows current members in the closed plan or year 2000 plan to make a one-time irrevocable election to switch to the defined contribution plan with no future service credit in their original plan.

Shields the board and system employees from liability for participant investment decisions, provided the board exercises prudence in selecting and monitoring investment providers and options.