MO SB1090

Increases the employer contribution rate for outside employees in the defined contribution plan from 1% below the normal cost rate to a fixed 5.5% of payroll

Requires outside employees to contribute 2% of their pay to the defined contribution plan, credited to a separate account within their individual account

Employee contributions will be "picked up" by the employing institution under 26 U.S.C. Section 414(h)(2), treating them as employer contributions for federal income tax purposes

Employees cannot opt to receive the contributed amounts directly instead of having them paid to the defined contribution plan

Effective date: July 1, 2017