SB 0324 Creates opt. retirem. plan for certain college employees
Committee:EDUCLR Number:L1218.01I
Last Action:02/06/95 - Referred S Education Committee
Effective Date:SEPTEMBER 1, 19
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Current Bill Summary

SB 324 - This act establishes an alternative retirement program to be offered, in lieu of membership in the Missouri State Employees Retirement System (MOSERS), to employees of Northeast Missouri State University, Northwest Missouri State University, Southeast Missouri State University, Southwest Missouri State University, Central Missouri State University, Harris-Stowe State College, Lincoln University, Missouri Western State College, Missouri Southern State College, and the Coordinating Board for Higher Education.

Employees of the institution who are normally required to work at least one thousand hours a year are eligible for the optional retirement program. Eligible employees have the option of participating in the program or of joining or remaining in MOSERS. Employees now members of MOSERS waive all vested rights in MOSERS if they join the optional program. The option to join this program shall be irrevocable. If an employee in the optional program assumes another state position without the program and MOSERS is available, that employee shall no longer participate in the optional program and shall begin participation in MOSERS.

Each participating institution shall designate at least two, but not more than three companies to which payment of the contributions shall be made for the purchase of annuities. Each institution shall determine its own employer and employee contribution rate for eligible employees. Any employee contribution shall be before-tax under Section 403(b) or Section 414(h) Internal Revenue Code of 1986 as amended. The employer contribution rate may not exceed the percent equal to MOSERS' current rate. No retirement, death or other benefit shall be paid by the state for services credited under the optional program.

No employee may claim or receive retirement benefits from the state while working full-time for the state. This act shall not limit the right of a state employee to receive surviving spouse or surviving dependent benefits of any retired state employee. Persons may join and receive benefits from two or more state retirement systems so long as the employee retires from state employment before receiving such benefits.

This act is similar to SB 654 from 1994, and SB 218 from 1993.