SB 288 - This act changes provisions regarding the defined contribution retirement plan for employees of certain higher education institutions. On or after July 1, 2014, the employer contribution rate used by institutions for outside employees shall be equal to seven percent of payroll. Institutions may also require outside employees hired on or after July 1, 2014, to contribute an additional amount of pay, not to exceed four percent.
Each institution requiring employee contributions shall pick up and pay such contribution pursuant to federal law.
Employees who first become outside employees on or after July 1, 2014, will not be able to transfer into the Missouri State Employees' Retirement System.
This act is identical to provisions contained in HCS/SCS/SB 86 (2013), HB 353 (2013), and HB 1741 (2012).