Gov. Jay Nixon signed into law on July 19 House Bill 1, which will restructure the retirement system for state employees hired next year and onward.
The Missouri Senate passed and advanced to the governor the bill on July 14.
The bill allows those hired on or after Jan. 1 2011, to retire at age 67 with 10 years of service or at age 55 with the sum of the employee's age and years of service equaling at least 90, according to the text of the bill. Affected employees are required to contribute 4 percent of their pay into their defined retirement benefit.
Projections show the bill could save Missouri taxpayers an estimated $662 million during the next 10 years, according to a news release from the governor's office.
Nixon said in the release the bill will help allow the Missouri government to be fiscally responsible.
“These reforms will help ensure that Missouri’s state employee pension system remains solvent for years to come, helping us avoid the pension crises other states are experiencing,” Nixon said. “They also help bring the state pension system into line with the pension practices in the private sector."[[In-content Ad]]
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