Missouri Senate Newsroom

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FOR IMMEDIATE RELEASE:    April 13, 2010

 

 
Public Retirement Reform Gains Ground in Senate
 
 

 

JEFFERSON CITY—Significant changes could be in store for certain public retirement systems in the state after a bill moved forward in the Senate yesterday.

 

Senate Bill 714 contains several provisions relating to retirement, including a measure that would allow the state auditor to audit any state or local public employee retirement system at least every three years.

 

The bill would also create a different retirement plan for any person who becomes a state employee on or after January 1, 2011. To be eligible for normal retirement under this plan, employees must be at least 67 years old and have at least 10 years of service, or reach age 55 with the sum of the employee’s age and service equaling at least 90. Uniformed members of the highway patrol would be required to reach age 60 or age 55 with 10 years credited service to be eligible for regular retirement.

 

Employees, except for uniformed members of the highway patrol, would be eligible for early retirement at age 62 with 10 years of service, and must work for the state for 10 years to gain ownership of their benefits. Members of the new retirement plan would also be required to contribute 4 percent of their pay to the retirement system.

 

The bill would also create a different retirement plan for new judges, as well as create the Missouri State Retirement Investment Board, which would be authorized to manage the investment of the assets of the Missouri State Employees Retirement System (MOSERS) and the Missouri Department of Transportation and Highway Patrol Employees Retirement System (MPERS). Other Missouri public pension systems, except for the Public School Retirement System (PSRS), the Public Education Employee Retirement (PEERS), and the Missouri Local Government Employees Retirement System (LAGERS), may, upon approval of the system or plan and approval of the board, enter an agreement with the board to provide investment oversight and management.

 

Senate Bill 714 needs one more “yes” vote from the Senate before moving to the House for similar consideration.

 

Listen to The Senate Minute’s report on SB 714.

 

The Second Regular Session of the 95th Missouri General Assembly runs through May 14, 2010. For more information about the Missouri Senate, visit www.senate.mo.gov . To contact the Senate Newsroom, call (573) 751-3824 or e-mail newsroom@senate.mo.gov

 

 

 

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