MO HB1682

Applies the Year 2000 plan to all state employees, highway patrol members, legislators, and statewide elected officials hired on or after January 1, 2015, excluding those previously covered under section 104.1091.

Sets normal retirement eligibility at age 67 with 5 years of service, or age 55 with combined age and service totaling 90 years for most employees; highway patrol at age 60 or age 55 with 5 years of service.

Reduces pension benefits to 1% of final average pay per year of service (previously higher rates); caps legislative member annuities at 50% of pay and statewide elected officials at 25% of pay.

Limits cost-of-living adjustments (COLA) to 2% annually instead of the standard 5% maximum.

Requires employees to contribute 3% of pay to the pension plan (employer-picked up) and establishes a concurrent defined contribution plan with 3% employer contribution and 1% employee contribution (employer-picked up).