Loading chat...
MO SB372
Bill
Status
Introduced
2/2/2015
Primary Sponsor
Joseph Keaveny
Click for details
AI Summary
- Effective July 1, 2016, Missouri's state employee deferred compensation plan must offer an automatic contribution escalation feature
- Employees hired or rehired on or after July 1, 2016 will be automatically enrolled in the auto-escalation feature, with increases beginning within 60 days after their one-year employment anniversary
- Default automatic increases are set at 0.5% annually, continuing until contributions reach 5% of salary
- Employees may adjust the escalation amount in 0.1% increments or opt out of the auto-escalation feature at any time
- Expands automatic enrollment provisions to include rehired employees (in addition to new hires) effective July 1, 2012
Legislative Description
Modifies provisions relating to the deferred compensation plan
Last Action
S Informal Calendar S Bills for Perfection--SB 372-Keaveny, with SCS (pending)
5/15/2015
Committee Referrals
General Laws and Pensions2/24/2015
Full Bill Text
No bill text available