Bill > SB1557

This bill modifies provisions related to retirement contributions and benefits for certain state employees, specifically those who became employees on or after January 1, 2011, and are part of the "year 2000 plan." Key changes include adjustments to normal and early retirement eligibility requirements, such as requiring a higher age or a greater combination of age and years of service for most employees, though some exceptions exist for highway patrol members, general assembly members, and statewide elected officials. The bill also clarifies that employee contributions are picked up by the employer and treated as employer contributions for tax purposes, and it outlines specific rules for refunds of contributions for former employees, including conditions for non-vested members and the forfeiture of service credit upon receiving a refund, which can be restored by returning the refunded amount plus interest. Additionally, the bill revises the options for retirement annuities, adjusting the percentages and conditions for survivor benefits, and introduces new retirement eligibility criteria for members not serving as statewide elected officials or in the general assembly, effective January 1, 2018, which generally maintain a five-year credited service requirement but alter other retirement conditions.

Government Affairs

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=872602