Bill Number

Description

HB 1139

Establishes the "2012 State Employee Retirement Incentive Program" for eligible employees who leave state employment after December 1, 2012 and retire between January 1, 2013 and March 1, 2013. The incentive pays employees, with at least 10 years of service, an amount equal to $1,000 per year of creditable service up to a maximum of 20 years, or $20,000. The incentive will be paid in 5 equal installments beginning March 2013 and each March thereafter until all 5 installments have been paid. Although written for MOSERS members, the bill does contain a provision that allows the "Highway Commission of the Missouri Department of Transportation and the Missouri State Highway Patrol" to elect to provide its employees who retire under this section the same benefits.

HB 1331

This proposed bill addresses the transfer of funds between MPERS and MOSERS as it relates to previously transferred reciprocal service. This bill provides clarification regarding the transfer of funds that was not anticipated when HB 282 passed in 2011.

SB 492

The proposed bill modifies the annual interest rate paid on employee contributions for members of the 2011 Tier. Instead of a flat 4% annually, the interest crediting rate shall be equal to the investment rate that is published by the United States Department of Treasury, or its successor agency, for 52-week treasury bills for the relevant auction that is nearest to the preceding July first, or a successor treasury bill investment rate as approved by the board if the 52-week treasury bill is no longer issued.

SB 625

This proposed bill addresses the transfer of funds between MPERS and MOSERS as it relates to previously transferred reciprocal service. This bill provides clarification regarding the transfer of funds that was not anticipated when HB 282 passed in 2011.