Vote Smart's Synopsis:

Vote to pass a bill that requires state retirement plans be audited at a minimum of every 3 years.

Highlights:

-Establishes that any retirement system providing retirement plan benefits for elected or appointed public officials or employees of the state of Missouri or any political unit of the state may be audited by the state auditor at a minimum of every 3 years; and as otherwise required by law (Sec. 29.212). -Specifies that the administration and operation of the fund will consist of 5 members on the board of trustees with the first board appointed by the governor with the consent of the senate; and successor trustees chosen by secret ballot vote by the prosecuting and circuit attorneys of the state to serve terms of at least 4 years from the first day of January after their election (Sec. 56.809). -Authorizes the state auditor to audit the system once every 3 years and report to the board of trustees and the governor; and allows the board of trustees to submit their own report elaborating on the financial condition of the system (Sec. 56.809). -Establishes the Missouri Local Government Employees' Retirement System managed by the board of trustees for retirement plans or pension benefits of officers, employees, widows, and children of deceased officers and employees of any political unit of the state (Sec. 70.605). -Requires any person who first becomes an employee beginning January 1, 2011, to be a member of the year 2000 plan which criteria includes, but is not limited to, the following (Sec. 104.1091):

-To be at least 67 years old and have completed at least 10 years of credited service; or -At least 55 years old with the sum of the member's age and credited service equaling at least 90 years; or -For a uniformed member of the highway patrol, the minimum age for retirement eligibility will be 60 years old, or at least 55 with 10 years of credited service.

-Establishes that members of the general assembly must be at least 62 years old and have completed at least 3 year full biennial assemblies to qualify for normal retirement; or be at least 55 years old with the sum of the member's age and credited service equaling at least 90 years old (Sec. 104.1091). -Specifies that statewide elected officials must be at least 62 years old and have completed at least 4 years of credited service; or at least 55 years old with age and credited service combined equaling at least 90 years (Sec. 104.1091). -Requires a member to contribute 4 percent of his or her pay to the retirement system to be credited toward his or her individual account together with investment credits (Sec. 104.1091). -Establishes Missouri State retirement Investment Board that consists of the executive directors of the Missouri state employees' retirement system and Missouri department of transportation and highway patrol employees' retirement system, and the commissioner of administration, all 3 of whom will be voting ex officio members of the board, and 4 members appointed by the governor who will not be state employees (Sec. 104.1500). -Establishes the Public School Retirement System of Missouri to provide retirement allowances and other benefits for public school teachers (Sec. 169.020). -Requires an actuary to make a valuation of the retirement system's assets and liabilities at least once in the 5 year period following the establishment of the system, and requires the board of trustees to conduct an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the system and to make any changes in the mortality, service, and compensation that the results of the investigation show to be necessary (Sec. 169.270). -Establishes that in the event of either the complete termination or the discontinuation of the retirement system, the rights of all members to the benefits collected upon the date of termination or discontinuation will be fully vested and non-forfeitable (Sec. 169.301). -Specifies that a retired person who is a member of the retirement system and performs substitute, part-time, or temporary employment for an employer in the system, cannot earn more than 50 percent of the annual salary or wages he or she was last paid by the employer prior to retirement and also receive a retirement allowance (Sec. 169.324). -Establishes that if a person exceeds these limits, his or her retirement allowance will be suspended for the month in which the limit was exceeded and any subsequent month in the school year the person receives remuneration from any employer in the retirement system (Sec. 169.324). -States that if a member ceases to be a regular employee, except in the case of retirement, the member will be paid on demand through a written notice to the board of trustees; however, if the member dies before retirement their accumulated contributions will be paid to the member's estate or designated beneficiary unless other provisions apply (Sec. 169.328). -This is a substitute bill sponsored by Sen. Jason Crowell.

Full Bill Text