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MO HB691

Bill

Official Source

Status

Engrossed

4/21/2015

Primary Sponsor

Mike Leara

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Effective July 1, 2016, employees hired or rehired will be automatically enrolled in an automatic contribution increase feature for the state deferred compensation plan
  • Automatic increases will begin within 60 days after the fiscal year following the employee's one-year anniversary, with deferrals increasing by 0.5% annually until reaching 5% of salary
  • Employees may adjust the default escalation amount in 0.1% increments or opt out of the automatic increase feature at any time
  • Increases the maximum monthly state matching contribution to the 401(a) plan from $75 to $100 per participant, subject to General Assembly appropriation
  • Extends automatic enrollment provisions to include rehired employees (previously applied only to newly hired employees as of July 1, 2012)

Legislative Description

Changes the laws regarding the Deferred Compensation Plan administered by the Missouri State Employees' Retirement System

Last Action

Second read and referred: Senate General Laws and Pensions(S)

4/23/2015

Committee Referrals

Fiscal Review4/16/2015
Select Committee on Financial Institutions and Taxation3/10/2015
Pensions2/10/2015

Full Bill Text

No bill text available