Jay Nixon on Social SecurityMissouri Democratic Governor | |
Ballotpedia.org summary:The legislature passed pension reform legislation requiring state workers to contribute for the first time. Workers hired in 2011 must contribute 4% of their pre-tax salary.
Excerpts from legislation: HB 1, Public Retirement Systems: enacted new contributory tiers for those who become members of the Missouri Department of Transportation and Highway Patrol Employees' Retirement System (MPERS), the Missouri State Employees' Retirement System and the retirement plan for judges. Until this legislation, Missouri plans were non-contributory.
OnTheIssues explanation:Missouri switched, with this law, from a pension system to a system more like federal Social Security--a pension system simply pays retirees a pension; the new retirement system tracks individual contributions.
Legislative record:Passed Senate, 25-5-4; Bill Passed House, 92-54-16, June 29, 2010; signed by Governor July 19.
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