HB1660 Authorizes optional retirement program for employees of regional colleges and universities.
Sponsor: Summers, Don (2) Effective Date:00/00/0000
CoSponsor: Howerton, Jim (120) LR Number: 3962L.01I
Last Action: COMMITTEE: EDUCATION - HIGHER
03/01/2000 - Executive Session Held (H)
HCS VOTED DO PASS
HB1660
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
ACTIONS HEARINGS CALENDAR
BILL SUMMARIES BILL TEXT
BILL SEARCH HOUSE HOME PAGE

Available Bill Summaries for HB1660 Copyright(c)
* Introduced

Available Bill Text for HB1660
* Introduced *

BILL SUMMARIES

INTRODUCED

HB 1660 -- Optional Retirement Program for Certain Employees of
Certain State Four-Year Colleges and Universities

Co-Sponsors:  Summers, Howerton, Williams (121), Schilling,
Kreider, Hosmer, Barnett, Kasten

This bill permits the establishment of optional retirement
systems for full-time teachers and senior administrative staff
who are appointed after the effective date of the establishment
of the optional plan at Truman State, Northwest Missouri State,
Southeast Missouri State, Southwest Missouri State, Central
Missouri State, and Lincoln universities, and Harris-Stowe,
Missouri Western State, and Missouri Southern State colleges.
Such systems would provide annuity contracts for retirement and
death benefits.  Within 60 days after initial appointment,
employees must decide whether to participate in the Missouri
State Employees' Retirement System (MOSERS) or the optional
system.  Membership in the optional system precludes membership
in MOSERS.  The employer contribution rate is 7% of an
employee's salary; the employee contribution rate is 3%.
Contributions are immediately vested.  Employers must continue
to contribute to the unfunded liability of MOSERS.


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Last Updated October 5, 2000 at 11:34 am