Missouri Senate endorses bill to shrink pensions

Monday, April 12, 2010 | 7:33 p.m. CDT; updated 8:01 p.m. CDT, Monday, April 12, 2010

JEFFERSON CITY — Missouri senators have endorsed legislation designed to save money by shrinking some state pensions.

The changes would affect workers who are hired starting in January 2011. It would affect the Missouri State Employees' Retirement System and a separate system for the Highway Patrol and Transportation Department.

The measure would require employees to contribute 4 percent of their salaries to the retirement system. It would also raise the minimum age to receive retirement benefits.

Senators gave the legislation first-round approval Monday, and it needs another vote before moving to the House. Supporters estimate the bill eventually could save several hundred million dollars.

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