HB155--SHOW-MEMYRETIREMENTSAVINGSPLAN
SPONSOR:O'Donnell
Thisbillestablishesthe"Show-MeMyRetirementSavingsAdministrativeFund",whichisamultiple-
employerretirementsavingplantreatedasasingleplanunderTitleIofTheEmployeeRetirement
IncomeSecurityActof1974(ERISA)under401(a),401(k),and413(c)oftheInternalRevenueCode,
inwhichmultipleemployersmayvoluntarilychoosetoparticipateregardlessofwhetherany
relationshipexistsbetweenandamongtheemployersotherthantheirparticipationintheplan.
The"Show-MeMyRetirementSavingsAdministrativeFund"shallconsistof:
(1)MoneysappropriatedbytheGeneralAssembly;
(2)Moneystransferredfromthefederalgovernment,otherstateagencies,orlocalgovernments;
(3)Moneysfromthepaymentofapplication,account,administrative,orotherfeesandthe
paymentofothermoneysduetotheShow-MeMyRetirementSavingsBoard;
(4)Anygifts,donations,orgrantsmadetothestateofMissourifordepositintheAdministrative
Fund;
(5)MoneyscollectedfortheAdministrativeFundfromcontributionsto,orinvestmentreturnsor
assetsof,theplanorothermoneyscollectedbyorfortheplanorpursuanttoarrangements
establishedundertheplantotheextentpermittedunderfederalandMissourilaw;and
(6)EarningsonmoneysintheAdministrativeFund.
Thebillestablishesthe"Show-MeMyRetirementSavingsBoard"intheofficeoftheStateTreasurer.
TheBoardconsistsofninemembersincludingtwomembersappointedbytheGovernorwiththe
adviceandconsentoftheSenate,threemembersappointedbytheSpeakerwithone
Representativefromtheminorityparty,andthreemembersappointedbythePresidentProTemof
theSenatewithoneRepresentativefromtheminorityparty,withtheStateTreasurerorhisorher
designeeservingaschair.TheBoardshalldesign,developandimplementthe"Show-ME
MyRetirementSavingsPlan"asoutlinedinthebill.TheBoardshallestablishthePlansothat
individualscanbeginmakingcontributionstothePlannolaterthanSeptember1,2025.TheBoard
hasthediscretiontostructurestagedorphased-inimplementationofthePlanwhichshallbe
substantiallycompletedonorbeforeSeptember1,2025.
AnyemployerjoiningthePlanshallnotbeliableforanemployee'sdecisiontoparticipateinoropt
outofthePlan,theemployee'sdecisiononwhichinvestmentstochoose,participants'orBoard's
investmentdecisionsortheadministration,investment,investmentreturns,orinvestment
performanceofthePlan.
ThisbillissimilartoHB1732(2022).