COUNTY EMPLOYEES' RETIREMENT SYSTEM

This act specifies that an active member of the County Employees' Retirement System who dies after December 31, 2002, and before becoming vested will receive a death benefit of $10,000 and the amount equal to the member's accumulated contributions to the fund. These provisions are similar to provisions contained in HCS/SCS/SB 625 (2012) and HCS#2/SCS/SB 729 (2012).

SECTIONS 50.1130 & 50.1140

COLLEGE AND UNIVERSITY RETIREMENT PROGRAM

This act modifies provisions relating to the defined contribution retirement plan for employees of certain higher education institutions under the College and University Retirement Program (CURP). The employer contribution rate for institutions will no longer correspond to the rates used by the Missouri State Employees' Retirement System. The employer contribution rate will be set at seven percent of payroll. Institutions can require new employees to contribute up to four percent of their salary into the defined contribution plan. The employee contributions will be considered deferred compensation under the United States tax code. New hires will no longer be able to transfer into the Missouri State Employees' Retirement System after six years. The provisions of this act regarding changes to CURP do not take effect until July 1, 2013. These provisions are similar to SB 756 (2012).

SECTIONS 104.1205 & 104.1215

MIKE HAMMANN