SB 1054 - This act modifies provisions relating to retirement. TIER 2011 (Section 104.1091)
Currently, a vested former member or a former member who is not vested may request a refund of his or her contributions and interest from the Missouri State Employees' Retirement System (MOSERS) or the Missouri Department of Transportation and Highway Patrol Retirement System (MPERS). This act provides that for a former member who is not vested, the system shall refund such member's contributions and interest credited thereon if the total amount is $1,000 or less, or such other amount as may be permitted under federal law, provided that:
(1) The relevant system's procedures try to locate such member from time to time and after the application of such procedures such refund is returned to the system, the refund shall be considered abandoned property; and
(2) Provisions regarding the payment of contributions from a system's fund following the reversion of accumulated contributions standing to a member's credit that are unclaimed by such member for a period of four years or more to the system's fund shall not apply to these refunds.
DEFERRED COMPENSATION (Section 105.915)
This act provides that the election to defer compensation by the employees of the state of Missouri shall be made at the beginning of the payroll period, rather than the month, for which the compensation is paid and contributions shall begin on the pay period beginning after such election.
Beginning July 1, 2027, this act provides that the deferred compensation plan shall provide for automatic increases for certain employees participating or eligible to participate in the deferred compensation plan. The increase shall commence with the first payroll period following the employee's one year anniversary date of employment or re-employment with the state, whichever is later. The deferral amount shall increase annually by .5% until the amount reaches 10% of compensation or the limitation imposed under federal law, whichever is less. Employees who are automatically increased may elect to change the contribution rate in accordance with the terms of the plan.
KATIE O'BRIEN