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:
- not be eligible to receive service credit for sick leave accruals,
- 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
- 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:
For a complete listing of all activity for the Missouri General Assembly, please view: