MO SB929

Statewide elected officials serving for the first time on or after January 1, 2015, must participate in a defined contribution retirement plan and are ineligible for the year 2000 plan.

The Missouri state employees' retirement system governing board must establish the defined contribution plan as a profit sharing plan under Internal Revenue Code section 401(a) with individual accounts and immediate vesting.

Employer contribution rate is determined by the general assembly during appropriation but cannot be less than one percent of annual pay for each participating employee.

Participants may direct investment of their individual accounts among investment options selected by the board and may contribute additional money above the employer contribution rate subject to Internal Revenue Code limits.

The system and its employees are immune from suit and liability for investment decisions made by participants or for administration of the defined contribution plan.