About one in every 100 Missourians works for the state—about 60-thousand people. Later today the House starts work on changing the retirement system for their successors, the next generation of those who will work for all of us.
Lawmakers have been acknowledging for years that Missouri government employees are among the most poorly-paid state workers in the nation. One thing they’ve had gong for them since 1972 is that they have not had to put any money into their state retirement plan. They could retire after as little as five years and if their years of service combined with their age totaled 80, they could get full benefits.
The House Pensions Committee wants the full House to make new employees hired next year contribute four percent of their salaries to their pension plans. Retirement age is raised for most of them to 65 or a combination of age and years of service totaling 84.
Chairman Jim Viebrock of Republic thinks committee work will pay off during debate.
The senate wants a special board to manage investments for two major pension plans but Pension Committee Chairman Jim Viebrock of Republic says the House wants to see how the separate plans do when the economy returns to normal. It might be next week before the House and senate agree on the final plan.