SB 675 Allows political subdivisions to assign operation of a retirement plan to the Missouri Local Government Employees' Retirement system
Sponsor: Kehoe
LR Number: 5089S.02T Fiscal Note available
Committee: Seniors, Families and Pensions
Last Action: 9/10/2014 - No motion to override Governor's veto Journal Page: S91 / H176
Title: SCS SB 675 Calendar Position:
Effective Date: August 28, 2014
House Handler: Leara

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Current Bill Summary

SCS/SB 675 - A political subdivision that provides a retirement plan to some or all of its employees and that is an employer in the Missouri Local Government Employees' Retirement System (LAGERS) may enter into an agreement with LAGERS assigning all duties and responsibilities of operating the retirement plan to LAGERS.

Under the agreement the Board of LAGERS will become the governing board of the political subdivision's prior plan. The prior plan shall be administered as a frozen prior system and will continue to operate under its existing governing documents. The political subdivision shall retain responsibility for the funding of its prior plan.

This act is identical to HB 1044 (2014).