HCSHB155--SHOW-MEMYRETIREMENTSAVINGSPLAN
SPONSOR: O'Donnell
COMMITTEEACTION:Voted"DoPasswithHCS"bytheStanding
CommitteeonPensionsbyavoteof9to0.
ThefollowingisasummaryoftheHouseCommitteeSubstituteforHB
155.
Thisbillcreatesthe"Show-MeMyRetirementSavingsAdministrative
Fund",whichisamultiple-employerretirementsavingsplantreated
asasingleplanunderTitleIofTheEmployeeRetirementIncome
SecurityActof1974(ERISA)under401(a),401(k),and413(c)of
theInternalRevenueCode,inwhichmultipleemployersmay
voluntarilychoosetoparticipateregardlessofwhetherany
relationshipexistsbetweenandamongtheemployersotherthan
theirparticipationintheplan.
The"Show-MeMyRetirementSavingsAdministrative Fund"shall
consistof:
(1)MoneysappropriatedbytheGeneralAssembly;
(2)Moneystransferredfromthefederalgovernment,otherstate
agencies,orlocalgovernments;
(3)Moneysfromthepaymentofapplication,account,
administrative, orotherfeesandthepaymentofothermoneysdue
totheShow-MeMyRetirementSavingsBoard;
(4)Anygifts,donations,orgrantsmadetothestateofMissouri
fordepositintheAdministrative Fund;
(5)MoneyscollectedfortheAdministrative Fundfrom
contributionsto,orinvestmentreturnsorassetsof,theplanor
othermoneyscollectedbyorfortheplanorpursuantto
arrangementsestablishedundertheplantotheextentpermitted
underfederalandMissourilaw;and
(6)EarningsonmoneysintheAdministrative Fund.
Thebillestablishesthe"Show-MeMyRetirementSavingsBoard"in
theofficeoftheStateTreasurer. TheBoardconsistsofnine
membersincludingtwomembersappointedbytheGovernorwiththe
adviceandconsentoftheSenate,threemembersappointedbythe
SpeakerwithoneRepresentative fromtheminorityparty,andthree
membersappointedbythePresidentProTemoftheSenatewithone
Representative fromtheminorityparty,withtheStateTreasureror hisorherdesigneeservingaschair.TheBoardshalldesign,
developandimplementthe"Show-MEMyRetirementSavingsPlan"as
outlinedinthebill.TheBoardshallestablishthePlansothat
individualscanbeginmakingcontributionstothePlannolater
thanSeptember1,2025.TheBoardhasthediscretiontostructure
stagedorphased-inimplementation ofthePlanwhichshallbe
substantiallycompletedonorbeforeSeptember1,2025.
Aneligibleemployer,participatingemployer,orotheremployer
joiningthePlanshallnotbeliableforanemployee'sdecisionon
whichinvestmentstochoose,participants'orBoard'sinvestment
decisions,theadministration, investment,investmentreturns,or
investmentperformanceofthePlan,thePlan'sdesignorthe
benefitspaidtoparticipantsoranylossoradverseconsequences
incurredbyanypersonsolelyanddirectlyasaresultof
participatinginthePlan.
IndividualaccountinformationrelatingtoaccountsunderthePlan
andtoindividualparticipantsshallbeconsideredconfidential.
However,suchinformationmaybedisclosedtoadministerthePlan
orpertheexpresswrittenagreementoftheindividualproviding
theinformation,todisclosureoftheinformation. Confidential
informationisconsidereda"closedrecord"asdefinedinSection
610.010,RSMoregardlessastowhethersuchinformationhasbeen
disclosedasallowedbysubsection1ofSection285.1035.
Thefollowingisasummaryofthepublictestimonyfromthe
committeehearing. Thetestimonywasbasedontheintroduced
versionofthebill.
PROPONENTS: Supporterssaythatover40%ofMissouriworkershave
noaccesstoretirementsavingsthroughtheiremployers.In
addition,theworkersmaynothaveapensionorretirementpension
plan.Lumpingbusinessestogethertomakeitaffordabletooffer
thesavingsplanthroughtheStateTreasurer'sOffice(STO)also
achieveseconomiesofscaleandreducesexpensestotheemployer.
TheSTOwouldadministerthePlan.Thisbillseekstoprovidefor
moreMissourianstotakepersonalresponsibility fortheirfuture
andtosaveforretirement. Thebillpresentsagoodplanfor
Missouribusinesses,includingsmallbusinesses,andprovides
savingsopportunitiestoemployeesandretentionadvantages. An
employeewouldhavetheoptiontodoautomaticincreasesintothe
plan.Thebilloffersapayrolldeductionandallowsfor
percentageincreasesandallowsforanemployermatch.Other
statessuchasCalifornia,IllinoisandNewMexicocurrentlyhave
thisplan. TestifyinginpersonforthebillwereRepresentative O'Donnell;
andAARP.
OPPONENTS: Therewasnooppositionvoicedtothecommittee.
Writtentestimonyhasbeensubmittedforthisbill.Thefull
writtentestimonyandwitnessestestifyingonlinecanbefound
underTestimonyonthebillpageontheHousewebsite.