MO HB940

Caps pensionable pay for state employees first hired on or after August 28, 2015, limiting monthly pay used for retirement calculations to one-twelfth of the governor's annual salary

Creates new section 104.1031 establishing automatic survivor benefits when retirement-eligible members die before formally retiring, effective August 28, 2015

Members who die while eligible for retirement are deemed to have retired on the first of the month following death and elected "option 3" survivor benefit payments

Surviving spouses or children under 21 receive benefits under existing survivor benefit provisions (sections 104.140, 104.420, or 104.1030) instead of the new automatic provisions

Applies to Missouri State Employees' Retirement System and Missouri Department of Transportation and Highway Patrol Employees' Retirement System