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