MO SB1054

Amends Missouri State Employees' Retirement System (MOSERS) to allow automatic refunds of contributions totaling $1,000 or less for non-vested former members who cannot be located, treating such refunds as abandoned property

Changes the timing of deferred compensation elections from monthly to payroll period basis, allowing contributions to begin with the first payroll period after an election is made

Establishes automatic annual increases of 0.5% in deferred compensation contributions starting July 1, 2027, beginning after an employee's one-year anniversary, until reaching 10% of eligible compensation or the federal limit

Applies automatic contribution increases to employees hired/rehired on or after July 1, 2012 who were auto-enrolled at 1%, as well as all employees hired on or after July 1, 2027

Allows employees to opt out of automatic enrollment or change contribution rates at any time in accordance with plan terms