SB 298
Creates new provisions relating to retirement savings plans for private-sector employees
Sponsor:
LR Number:
1366S.01I
Committee:
Last Action:
2/24/2021 - Hearing Conducted S Health and Pensions Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2021

Current Bill Summary

SB 298 - This act establishes new provisions relating to retirement savings plans for private-sector employees.

THE MISSOURI WORKPLACE RETIREMENT SAVINGS PLAN

(Sections 285.1010-285.105 and 285.1050-285.1055)

The act creates the Missouri Workplace Retirement Savings Plan, which is a multi-employer retirement plan. The plan is to be designed, developed, and implemented by the Missouri Workplace Retirement Savings Board in accordance with the limitations and requirements set forth by the act. For each employee that is enrolled in the program, 5% of his or her salary or wages are automatically contributed to the plan, unless another amount is otherwise requested by the employee. The Board is permitted to provide for an annual increase in the contribution amount of each employee. Such increase shall not be by more than 1% per year. The plan is required to be fully implemented no later than September 1, 2022.

An annual audit is required to be conducted of the Missouri Workplace Retirement Savings Plan, the Missouri Workplace Retirement Savings Board, and the trust in which the assets of the plan are held. Such audit shall be completed by a certified public accountant and be submitted to the Governor, Treasurer, President Pro Tem of the Senate, and Speaker of the House of Representatives.

THE MISSOURI WORKPLACE RETIREMENT SAVINGS BOARD

(Sections 285.1005, 285.1020, and 285.1040)

The act creates the Missouri Workplace Retirement Savings Board, of which the State Treasurer shall be the chair. With the exception of the Treasurer, all members of the Board are appointed by the Governor, the President Pro Tem of the Senate, or the Speaker of the House of Representatives. Such members shall serve at the pleasure of the appointing authority, but in no event longer than four years.

The Board is required to conduct outreach to individuals, employers, stakeholders, and the public in general about the program. Such outreach shall take the form of informing of the benefits of tax-favored retirement saving and other information, as specified in the act.

The Board is permitted to enter into intergovernmental memoranda of understanding with the state and any agency of the state for the purpose of services needed to implement the plan.

LIABILITY OF EMPLOYERS AND THE BOARD

(Sections 285.1025 - 285.1030)

The act provides that no employer shall be liable, or bear responsibility, for an employee's decision to participate in the plan or for any result, decision, or action as a result of an employee participating in the plan.

Furthermore, the act exempts certain public entities from liability for any loss, deficiency, failure to realize gain, or other adverse consequences incurred as a result of participation in the plan by an employee.

NONDISCLOSURE OF INDIVIDUAL ACCOUNT INFORMATION

(Section 285.1035)

The act provides that certain individual account information under the plan shall be confidential and may only be disclosed as otherwise required under state or federal law, or at the request of the individual.

This act is substantially similar to provisions in the perfected HCS/HB 814 (2021) and HCS/HB 1229 (2021).

SCOTT SVAGERA

Amendments

No Amendments Found.