SB 680 - This act provides that statewide elected officials and members of the General Assembly serving for the first time on or after January 1, 2017, who have not been employed in a position covered by the Missouri Department of Transportation and Highway Patrol Employees' Retirement System or the Missouri State Employees' Retirement System, shall not be eligible to participate in the Year 2000 Retirement Plan. Such elected officials shall participate in a 401(a) defined contribution plan established by the act.
Each plan participant and employer shall contribute four percent of the participant's pay to the participant's account. Employers must also pickup and pay the participant's contributions in accordance with federal law.
Newly elected officials shall remain eligible for life insurance and health benefits, but will not be eligible for disability income benefits otherwise available for participants in the Year 2000 Retirement Plan.
Elected officials who subsequently become employed in a position covered by either the Missouri Department of Transportation and Highway Patrol Employees' Retirement System or the Missouri State Employees' Retirement System shall participate in the designated plan, but shall not receive service credit for time served as an elected official.
This act is similar to SB 94 (2015), SB 925 (2014), and to HB 475 (2013).