SB 499 - Under the provisions of this act, the board of trustees of the Missouri State Employees' Retirement System (MOSERS) and the board of trustees of the Missouri Department of Transportation and Highway Patrol Employees' Retirement System (MPERS) shall take all necessary action to effectuate the consolidation of MPERS into MOSERS. Such consolidation shall be completed by no later than September 1, 2022. MOSERS shall assume control over all assets and liabilities and be vested with the powers and duties as may be necessary or proper to enable it, its officers, employees, and agents to carry out fully and effectively the provisions concerning MPERS. MOSERS shall assume control of MPERS and be vested with such powers and duties on January 1, 2020. Additionally, the board of MPERS shall no longer be vested with those powers and duties on such date.
From September 1, 2019 to September 1, 2022, the superintendent of the highway patrol and the director of the Department of Transportation, or their successors, shall be members of the board of trustees of MOSERS and shall have the same duties and responsibilities as other members of the board.
This act is similar to SB 275 (2005) and HB 333 (2005).
KATIE O'BRIEN