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MO HB485
Bill
Status
1/13/2015
Primary Sponsor
Andrew Koenig
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AI Summary
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Applies to state employees first hired on or after January 1, 2016, establishing modified retirement rules under the Year 2000 plan with a separate defined contribution component
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Sets normal retirement eligibility at age 67 with 10 years of service, or age 55 when age plus service equals 90; General Assembly members may retire at age 62 with three full biennial assemblies
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Reduces the retirement benefit formula to 1% of final average pay multiplied by years of credited service, and caps annual cost-of-living adjustments at 2% (down from 5%)
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Requires members to contribute 4% of pay to the defined benefit plan, plus an additional 1% to a new defined contribution plan, with the employer contributing 3% to the defined contribution plan
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Excludes uniformed members of the highway patrol from these provisions
Legislative Description
Establishes a hybrid retirement plan and requires all new members of the plan to participate in the defined contribution program for state employees and elected officials who become employed on or after January 1, 2016
Last Action
Public Hearing Completed (H)
3/9/2015