Legislative Updates

MO Capitol

 

House Committee Substitute for Senate Substitute for Senate Bill 62 was signed by the Governor on July 14, 2017.

 

 

Included in the new law:

  • Terminated Vested Buyout Provision – Allows both the MPERS and MOSERS Boards to choose to establish a buyout program for terminated-vested members of the Closed Plan and Year 2000 Plan with such program authorization expiring May 31, 2018. The Board may set rules for such program.  Any terminated-vested member who participates in such program and then returns to state employment will be considered a new employee and placed in the 2011 Tier.
  • Amendment to Pension Forfeiture Law – Provisions clarifying pension forfeitures related to felonies committed by employees in the course of their employment.
  • Vesting Reduction Provision – Reduces the 10-year vesting period for 2011 Tier members to five years and provides that new terminated-vested members will:
  1. not be eligible to receive service credit for sick leave accruals,
  2. not be awarded a survivor benefit at the time of death but rather at the time when such member would have been eligible for normal retirement, and
  3. have a two-year delay for the first cost-of-living increase payment rather than a one-year delay. 2011 Tier members must be actively employed on or after January 1, 2018, to be covered by this change.

 

For a complete, up-to-date listing of retirement related legislation, please view the Joint Committee on Public Employee Retirement’s website:

www.jcper.org

 

For a complete listing of all activity for the Missouri General Assembly, please view:

www.moga.mo.gov