HB 875 -- COUNTY EMPLOYEES' RETIREMENT SYSTEM

SPONSOR:  Franz

COMMITTEE ACTION:  Voted "do pass by consent" by the Special
Committee on Retirement by a vote of 8 to 0.

Currently, members of the County Employees' Retirement System who
terminate employment and have a fund balance of $5,000 or less in
their defined contribution account receive a lump sum
distribution automatically.  This bill changes the account
balance to $1,000 or less.

FISCAL NOTE:  No impact on state funds in FY 2008, FY 2009, and
FY 2010.

PROPONENTS:  Supporters say that the bill is needed to reflect
changes in the federal Internal Revenue Service code.  If it
doesn't pass, the county retirement system will not be in
compliance with this code.

Testifying for the bill were Representative Franz; and County
Employees Retirement Fund.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:20 am