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Missouri lawmakers approve state pension system changes

Wednesday, July 14, 2010 | 1:58 p.m. CDT

JEFFERSON CITY — Missouri lawmakers have passed legislation requiring new state employees to pay part of their salaries toward their retirement benefits.

The Senate's 25-5 vote Wednesday sends the measure to Gov. Jay Nixon. The House passed it earlier Wednesday 84-53.

The legislation is the second prong of a special session that also features new tax incentives for automakers. Missouri officials say the projected $659 million of savings from the pension changes will offset the $150 million cost of the tax breaks over the next decade.

The pension changes would require workers hired beginning in 2011 to contribute 4 percent of their paychecks toward their pension funds. It also increases their standard retirement age and requires they work longer before qualifying for a pension.

 


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