Missouri State Senate Announcement on the New State Retirement System
The Senate bill proposed also to create a new state retirement system for any person who became a state employee on or after January 1, 2011. To be eligible for normal retirement under this plan, employees were required to be at least 67 years old and have at least 10 years of service, or reach age 55 with the sum of the employees age and service equaling at least 90.
Uniformed members of the highway patrol would be required to reach age 60 or age 55 with 10 years credited service to be eligible for regular retirement.
Employees, except for uniformed members of the highway patrol, would be eligible for early retirement at age 62 with 10 years of service, and must work for the state for 10 years to gain ownership of their benefits. Members of the new state retirement system would also be required to contribute 4 percent of their pay to the retirement till.
The Missouri State Senate would also create a new state retirement system for new judges, as well as create the Missouri State Retirement Investment Board, which would be authorized to manage the investment of the assets of the Missouri State Employees Retirement System (MOSERS) and the Missouri Department of Transportation and Highway Patrol Employees Retirement System (MPERS).
Senate Bill 714 contained several provisions relating to retirement, including a measure that would allow the state auditor to audit any state or local public employee retirement system at least every three years, including the Missouri Public School Retirement System and the new state retirement system.
Missouri Public School Retirement System
Other Missouri public pension systems, except for the Missouri Public School Retirement System (PSRS), the Public Education Employee Retirement (PEERS), and the Missouri Local Government Employees Retirement System (LAGERS), may, upon approval of the system or plan and approval of the board, enter an agreement with the board to provide investment oversight and management.
Senate Bill 714 needed one more yes vote from the Missouri State Senate before moving to the House for similar consideration of the new state retirement system.
Topic: State of the States
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