SB 410 – Requires MOSERS and MPERS to transfer funds between the retirement systems when service is transferred between the systems

• Sponsor: Crowell
• LR Number: 1817S.01I
• Committee: Veterans' Affairs, Emerging Issues, Pensions and Urban Affairs
• Last Action: 3/3/2011 - Second Read and Referred S Veterans' Affairs, Emerging Issues, Pensions and Urban Affairs Committee
• Journal Page: S393
• Effective Date: August 28, 2011

Current Bill Summary

SB 410 - This act requires that the Missouri Department of Transportation and Highway Patrol Employees' Retirement System (MPERS) and the Missouri State Employees' Retirement System (MOSERS) transfer money between the two systems when an employee transfers service between the two systems on or after September 1, 2011. The act specifies the method that the systems are required to use to calculate the amount of the transfer payment. The amount of the money transferred cannot be less than the amount of the employee's accumulated contributions plus interest.

EMILY KALMER