SB 477 - This act requires the boards of the Missouri State Employees' Retirement System (MOSERS) and the Missouri Department of Transportation and Highway Patrol Employees' Retirement System (MPERS) to create a defined contribution retirement plan. These plans are for any person who is hired for the first time as a state employee or who serves as a judge for the first time on or after January 1, 2014. This retirement plan would provide individual accounts for each employee. The amount of benefits provided to each employee are based solely on the amount allocated to the employee's account, and these benefits vest immediately.
Each state employer is required to pay an annual contribution rate for each employee in the defined contribution plan. This contribution rate is determined by the General Assembly in the appropriations process.
The act provides certain liability immunity for MOSERS and MPERS boards and systems regarding investments.
State employees who are members of the closed plan, the year 2000 plan, or the judicial retirement system have the option to participate in the new defined contribution plan.
This act is similar to SB 896 (2010).