HB 1798 -- State Employee Deferred Compensation Program

Sponsor:  Bruns

Beginning September 1, 2010, this bill makes enrollment in the
state deferred compensation program automatic for each eligible
new employee, except for 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.

A member's surviving spouse will automatically be designated as
the primary beneficiary beginning September 1, 2010, 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 that date.

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

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:12 pm