HB 1628 -- State Employees' Retirement

Sponsor:  Smith (118)

This bill authorizes the board of trustees of the Missouri State
Employees' Retirement System (MOSERS) to assume control over all
assets, liabilities, and duties of the Missouri Department of
Transportation and Highway Patrol Employees' Retirement System
(MPERS) no later than December 31, 2006.  Upon the effective date
of this transfer, the MOSERS board of trustees will administer
MPERS.

At least 90 days prior to January 1, 2008, the MOSERS board will
determine the contribution rates for members of the system.

Between September 1, 2006, and September 1, 2009, the
Superintendent of the State Highway Patrol and the Director of
the Department of Transportation will be members of the board of
trustees of MOSERS.

The Highways and Transportation Commission will be authorized to
sell up to $780 million of pension obligation bonds with the
proceeds going to MOSERS.  Debt retirement of these bonds will be
the sole responsibility of the commission.

The bill also allows any actively employed member of the system
to purchase any prior creditable service as long as it is
completed prior to retirement or termination of employment.  If a
member who purchased service dies prior to retirement, the
surviving spouse can receive a refund of the amount contributed
for the purchase if he or she is not eligible for survivor
benefits.

Missouri House of Representatives
93rd General Assembly, 2nd Regular Session
Last Updated November 29, 2006 at 9:44 am