SB 411
Allows employees of the Missouri Development Finance Board to join the Missouri State Employees' Retirement System and places a moratorium on certain tax credits
LR Number:
Last Action:
3/17/2011 - Hearing Scheduled But Not Heard S Ways and Means and Fiscal Oversight Committee
Journal Page:
Calendar Position:
Effective Date:
Emergency Clause

Current Bill Summary

SB 411 - This act prohibits the approval of new applications by the Missouri Development Finance Board under the Missouri Downtown and Rural Stimulus Act after August 28, 2011.

This act prohibits the authorization for issuance of Missouri Development Finance Board Bond Guarantee Tax Credits and Infrastructure Development Fund Contribution Tax Credits for the five year period beginning on the effective date of the act.

This act makes any full-time employee of the Missouri Development Finance Board on September 1, 2011 a state employee and member of the Missouri State Employee's Retirement System (MOSERS). However, these employees will not be covered under the Missouri consolidated health care plan (MCHCP), unless the board requests coverage and MCHCP's board approves the request. These employees may purchase credited service toward retirement for their employment with the board under the provisions that allow other nonfederal public employees to purchase service, except these employees will not be required to vest before they may purchase the service.

This act contains an emergency clause for certain sections.

Portions of this act are similar to SB 143 (2011), SB 144 (2011), SB 411 (2009) and HB 1070 (2009).