HB 597 -- State Employee Deferred Compensation Program

Sponsor:  Bruns

Beginning September 1, 2009, this bill makes enrollment in the
state deferred compensation program automatic for each eligible
new employee hired, except an employee of a state college or
university.  Contributions to the program will be effective on or
after the first day of the month following the date of hire, and
the contributions must be at least $25 per month.  An employee
may change his or her contribution amount or opt out of the
program at any time.  The contribution rate for employees
automatically enrolled will automatically adjust based on any
increases in the state matching contribution, currently $35 per
month.

A member's surviving spouse will automatically be designated as
the primary beneficiary, unless the surviving spouse consented in
writing to allow the participating member to designate someone
else as the beneficiary.  The automatic beneficiary designation
does not apply to designations made prior to September 1, 2009.

The State Treasurer may credit funds for qualified participants
through a local payroll system.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:25 am