MO SB1559

Effective July 1, 2027, automatic annual increases of 0.5% will be applied to participating employees' deferred compensation contributions starting after their one-year employment anniversary, continuing until contributions reach 10% of eligible compensation or the federal limit

Employees hired or rehired between July 1, 2012 and July 1, 2027 who were auto-enrolled at 1% contribution will be enrolled in the automatic escalation program

Employees hired or rehired on or after July 1, 2027 will automatically be enrolled in the contribution escalation schedule

Changes the timing requirement for deferral elections from "before the beginning of the month" to "before the beginning of the payroll period" for which compensation is paid

Employees may opt out of automatic increases or change their contribution rate at any time in accordance with plan terms