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HCS/SCS/SB 625 - This act specifies that an active member of the County Employees' Retirement System who dies after December 31, 2002, and before becoming vested will receive a death benefit of $10,000 and the amount equal to the member's accumulated contributions to the fund. Under current law, county treasurers must pay a certain amount into the Missouri Prosecuting Attorneys and Circuit Attorneys' Retirement System Fund. This act modifies the amount the treasurer will pay into the fund depending on the funded ratio of the retirement system. If the funded ratio is greater than 110%, the required amount will decrease. If the funded ratio is less than 90%, the required amount will increase. The required amount will stay the same if the funded ratio is between 90% and 110%. Currently when employees transfer between the Missouri State Employees' Retirement System and the Missouri Department of Transportation and Highway Patrol Employees' Retirement System, the value of the employees' accrued benefits are transferred as well. This act will change the computation of accrued benefits to exclude amounts for previously transferred service not subject to asset transfer. Any prior payments already made that should have been excluded must be returned. Members of the General Assembly and statewide elected officials, who first take office on or after January 1, 2013, will no longer have retirement benefits determined based on a different formula than other state employees who are under the year 2000 plan. Members of the General Assembly and statewide elected officials subject to term limits will vest in the retirement system after 8 years of service. Currently, employees hired after January 1, 2011, and covered under the Missouri State Employees' Retirement System must contribute four percent of their salary into the system. If a member leaves the system before becoming eligible for normal retirement, their contributions are refunded with interest of four percent per year. This act changes the interest rate so that it is equal to the investment rate for the fifty-two week treasury bills issued by the United States Department of Treasury. Currently, the beneficiary of any MOSERS member who made contributions into the MOSERS system will upon the member's death receive a refund of the contribution less any retirement benefits received by the member. This act will include the interest credited to the member's contributions in the refund. Interest credited to the contributions will cease upon retirement or death. This act contains the perfected version of SS/SB 492 (2012) and provisions from HCS/HBs 1741 & 1543 (2012). MIKE HAMMANN
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