JEFFERSON CITY — Senator Joseph Keaveny, D-St. Louis, filed Senate Bill 980 this week, which aims to increase disclosure and financial discipline by providing information statements for pension plan members and updating the pension plan delinquency statute.
Senator Keaveny explained the bill is about ensuring the future of benefits promised to hard-working public employees.
“Public workers across Missouri have earned their defined benefit pensions. It is our duty as government officials to help protect the promise the state has given to them,” said Sen. Keaveny. “As a body, we can push forward the ideals of good governance, transparency, and financial disclosure. Missouri retirees deserve as much.”
The bill provides an annual information statement to plan members which includes fiscal health indicators. This statement helps retirees and workers plan their retirement futures in a more robust manner. Further, the delinquency status is updated. The delinquency status is in place to catch pension plans in jeopardy. No plan, however, has been deemed delinquent. By catching plans with a higher funding ratio that have also failed to receive two actuarially determined payments from the sponsoring entity.
The bill also has support from the Missouri State Treasurer Clint Zweifel, who also serves on the Board of Trustees for the Missouri State Employee’s Retirement System and has made retirement security an ongoing priority for his administration.
“When workers rely on employer-sponsored retirement plans, there is no room for error, and Senate Bill 980 adds a necessary layer of protection for retirees and taxpayers while strengthening the defined benefit plans in our state,” Treasurer Zweifel said. “I look forward to working with Senator Keaveny on this bill as we continue to ensure Missourians receive the government accountability and fiscal discipline they deserve.”
For more information on Senate Bill 980, visit Sen. Keaveny’s official Senate website at www.senate.mo.gov/keaveny.