SB 492 Modifies retirement benefits for new members of the general assembly and statewide elected officials and modifies interest paid on retirement refunds
Sponsor: Crowell
LR Number: 4489S.06P Fiscal Note available
Committee: Veterans' Affairs, Emerging Issues, Pensions and Urban Affairs
Last Action: 4/12/2012 - Referred H Retirement Committee Journal Page: H1042
Title: SS#2 SB 492 Calendar Position:
Effective Date: August 28, 2012

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Current Bill Summary


SS#2/SB 492 - 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.

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 is similar to SCS/HB 1331 (2012) and SCS/SB 625 (2012).

MIKE HAMMANN