SB 756 - This act modifies provisions relating to the defined contribution retirement plan for employees of certain higher education institutions. The employer contribution rate for institutions will no longer correspond to the rates used by the Missouri State Employees' Retirement System. The employer contribution rate will be set at seven percent of payroll. Institutions can require new employees to contribute up to four percent of their salary into the defined contribution plan. The employee contributions will be considered deferred compensation under the United States tax code. New hires will no longer be able to transfer into the Missouri State Employees' Retirement System after six years. The provisions of this act do not take effect until July 1, 2013.
This act is similar to HB 1741 (2012).
MIKE HAMMANN