SB 62 results in the following changes:
For Staff in the Missouri State Employees Plan 2011 (MSEP 2011): Staff hired January 1, 2011, or later, will have a vesting period reduced from 10 years to 5 years effective 1/1/2018. The result may mean that some are now eligible for retirement as early as February 1, 2018. We encourage MSEP 2011 members to visit MOSERS website to learn more about the change and also to register for an upcoming December 12 webinar at https://www.mosers.org/Members/Seminars/msep2011 .
For Faculty under CURP: The legislation changes the employer contribution rate to six percent of payroll (rather than the current one percent of payroll less than the normal cost contribution rate). In addition, faculty hired on or after July 1, 2018, will contribute two percent of their pay. Visit https://www.mosers.org/About-MOSERS/Legislation/2017-Legislative-Summary.aspx for a summary of the legislation.
Please contact Julie Dubinsky in the Office of Human Resources at 6-5102 if you have any questions.