| 1 | 1 | | FIRSTREGULARSESSION |
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| 2 | 2 | | HOUSEBILLNO.688 |
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| 3 | 3 | | 103RDGENERALASSEMBLY |
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| 4 | 4 | | INTRODUCEDBYREPRESENTATIVEO'DONNELL. |
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| 5 | 5 | | 1670H.01I DANARADEMANMILLER,ChiefClerk |
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| 6 | 6 | | ANACT |
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| 7 | 7 | | Torepealsections104.436and104.1066,RSMo,andtoenactinlieuthereoftwonew |
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| 8 | 8 | | sectionsrelatingtotheemployercontributionrateforcertainhighereducation |
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| 9 | 9 | | institutions. |
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| 10 | 10 | | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: |
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| 11 | 11 | | SectionA.Sections104.436and104.1066,RSMo,arerepealedandtwonewsections |
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| 12 | 12 | | 2enactedinlieuthereof,tobeknownassections104.436and104.1066,toreadasfollows: |
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| 13 | 13 | | 104.436.1.Theboardintendstofollowafinancingpatternwhichcomputesand |
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| 14 | 14 | | 2requirescontributionamountswhich,expressedaspercentsofactivememberpayroll,will |
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| 15 | 15 | | 3remainapproximatelylevelfromyeartoyearandfromonegenerationofcitizenstothenext |
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| 16 | 16 | | 4generation.Suchcontributiondeterminationsrequireregularactuarialvaluations,whichshall |
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| 17 | 17 | | 5bemadebytheboard'sactuary,usingassumptionsandmethodsadoptedbytheboardafter |
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| 18 | 18 | | 6consultingwithitsactuary.Theentryagenormalcostvaluationmethodshallbeusedin |
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| 19 | 19 | | 7determiningthenormalcostcalculation. |
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| 20 | 20 | | 8 2.Atleastninetydaysbeforeeachregularsessionofthegeneralassembly,theboard |
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| 21 | 21 | | 9shallcertifytothedivisionofbudgetthecontributionratenecessarytocovertheliabilitiesof |
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| 22 | 22 | | 10theplanadministeredbythesystem,includingcostsofadministration,expectedtoaccrue |
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| 23 | 23 | | 11duringthenextappropriationperiod.Thecommissionerofadministrationshallrequest |
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| 24 | 24 | | 12appropriationoftheamountcalculatedpursuanttotheprovisionsofthissubsection. |
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| 25 | 25 | | 13BeginningAugust28,2025,intheeventtheboardcertifiesacontributionratethat |
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| 26 | 26 | | 14exceedstwenty-eightandthree-fourthspercent,thecommissionerofadministration |
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| 27 | 27 | | 15shallincludeinhisorherappropriationrequestanamountequaltothedifference |
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| 28 | 28 | | 16betweenthegreatercontributionrateandtwenty-eightandthree-fourthspercentof |
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| 29 | 29 | | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis |
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| 30 | 30 | | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 17compensationforthemembersofHarris-StoweStateUniversity,LincolnUniversity, |
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| 31 | 31 | | 18MissouriStateUniversity,MissouriSouthernStateUniversity,MissouriWesternState |
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| 32 | 32 | | 19University,NorthwestMissouriStateUniversity,SoutheastMissouriStateUniversity, |
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| 33 | 33 | | 20StateTechnicalCollegeofMissouri,TrumanStateUniversity,andUniversityofCentral |
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| 34 | 34 | | 21Missouri.Followingeachpayperiod,thecommissionerofadministrationshallrequisition |
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| 35 | 35 | | 22andcertifythepaymenttotheexecutivedirectoroftheMissouristateemployees'retirement |
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| 36 | 36 | | 23system.Theexecutivedirectorshallpromptlydeposittheamountscertifiedtothecreditof |
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| 37 | 37 | | 24theMissouristateemployees'retirementfund. |
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| 38 | 38 | | 25 3.Theemployersofmembersofthesystemwhoarenotpaidoutoffundsthathave |
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| 39 | 39 | | 26beendepositedinthestatetreasuryshallremitpromptlytotheexecutivedirectoranamount |
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| 40 | 40 | | 27equaltotheamountwhichthestatewouldhavepaidifthosemembershadbeenpaidentirely |
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| 41 | 41 | | 28fromstatefunds, exceptasprovidedinsubsection2ofthissection. Theexecutivedirector |
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| 42 | 42 | | 29shallpromptlydeposittheamountscertifiedtothecreditoftheMissouristateemployees' |
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| 43 | 43 | | 30retirementsystemfund. |
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| 44 | 44 | | 31 4.Theseamountsarefundsofthesystem,andshallnotbecommingledwithany |
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| 45 | 45 | | 32fundsinthestatetreasury. |
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| 46 | 46 | | 104.1066.1.Theyear2000planintendstofollowafinancingpatternwhich |
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| 47 | 47 | | 2computesandrequirescontributionamountswhich,expressedaspercentsofactivemember |
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| 48 | 48 | | 3payroll,willremainapproximatelylevelfromyeartoyearandfromonegenerationof |
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| 49 | 49 | | 4citizenstothenextgeneration.Suchcontributiondeterminationsrequireregularactuarial |
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| 50 | 50 | | 5valuations,whichshallbemadebytheboard'sactuary,usingassumptionsandmethods |
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| 51 | 51 | | 6adoptedbytheboardafterconsultingwithitsactuary.Theentryage-normalcostvaluation |
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| 52 | 52 | | 7methodshallbeusedindeterminingthenormalcostcalculation.Forpurposesofthis |
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| 53 | 53 | | 8subsectionandsection104.436,theactuaryshalldetermineasinglecontributionrate |
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| 54 | 54 | | 9applicabletobothclosedplanandyear2000planparticipantsand,indeterminingsuchrate, |
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| 55 | 55 | | 10makeestimatesoftheprobabilitiesofclosedplanparticipantstransferringtotheyear2000 |
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| 56 | 56 | | 11plan. |
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| 57 | 57 | | 12 2.Atleastninetydaysbeforeeachregularsessionofthegeneralassembly,theboard |
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| 58 | 58 | | 13oftheMissouristateemployees'retirementsystemshallcertifytothedivisionofbudgetthe |
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| 59 | 59 | | 14contributionratenecessarytocovertheliabilitiesoftheyear2000planadministeredbysuch |
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| 60 | 60 | | 15system,includingcostsofadministration,expectedtoaccrueduringthenextappropriation |
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| 61 | 61 | | 16period.Thecommissionerofadministrationshallrequestappropriationsbaseduponthe |
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| 62 | 62 | | 17contributionratesocertified.BeginningAugust28,2025,intheeventtheboardcertifiesa |
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| 63 | 63 | | 18contributionratethatexceedstwenty-eightandthree-fourthspercent,thecommissioner |
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| 64 | 64 | | 19ofadministrationshallincludeinhisorherappropriationrequestanamountequalto |
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| 65 | 65 | | 20thedifferencebetweenthegreatercontributionrateandtwenty-eightandthree-fourths |
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| 66 | 66 | | 21percentofcompensationforthemembersofHarris-StoweStateUniversity,Lincoln |
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| 67 | 67 | | HB688 2 22University,MissouriStateUniversity,MissouriSouthernStateUniversity,Missouri |
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| 68 | 68 | | 23WesternStateUniversity,NorthwestMissouriStateUniversity,SoutheastMissouri |
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| 69 | 69 | | 24StateUniversity,StateTechnicalCollegeofMissouri,TrumanStateUniversity,and |
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| 70 | 70 | | 25UniversityofCentralMissouri.Fromappropriationssomade,thecommissionerof |
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| 71 | 71 | | 26administrationshallcertifycontributionamountstothestatetreasurerwhointurnshall |
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| 72 | 72 | | 27immediatelypaythecontributionstotheyear2000plan. |
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| 73 | 73 | | 28 3.TheemployersofmemberscoveredbytheMissouristateemployees'retirement |
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| 74 | 74 | | 29systemwhoarenotpaidoutoffundsthathavebeendepositedinthestatetreasuryshallremit |
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| 75 | 75 | | 30followingeachpayperiodtotheyear2000plananamountequaltotheamountwhichthe |
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| 76 | 76 | | 31statewouldhavepaidifthosemembershadbeenpaidentirelyfromstatefunds, exceptas |
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| 77 | 77 | | 32providedinsubsection2ofthissection. Suchemployersshallmaintainpayrollrecordsfor |
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| 78 | 78 | | 33aminimumoffiveyearsandshallproduceallsuchrecordsasrequestedbythesystem.The |
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| 79 | 79 | | 34systemisauthorizedtorequestfromthestateofficeofadministrationanappropriationoutof |
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| 80 | 80 | | 35theannualbudgetofanysuchemployerintheeventsuchrecordsindicatethatsuchemployer |
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| 81 | 81 | | 36hasnotcontributedtheamountsrequiredbythissection.Theofficeofadministrationshall |
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| 82 | 82 | | 37requestsuchappropriationwhichshallbeequaltotheamountnecessarytoreplaceany |
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| 83 | 83 | | 38shortfallincontributionsasdeterminedbythesystem.Fromappropriationssomade,the |
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| 84 | 84 | | 39commissionerofadministrationshallcertifycontributionamountstothestatetreasurerwho |
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| 85 | 85 | | 40inturnshallimmediatelypaysuchcontributionstotheyear2000plan. |
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| 86 | 86 | | 41 4.Atleastninetydaysbeforeeachregularsessionofthegeneralassembly,theboard |
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| 87 | 87 | | 42ofthetransportationdepartmentandhighwaypatrolretirementsystemshallcertifytothe |
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| 88 | 88 | | 43departmentoftransportationandthedepartmentofpublicsafetythecontributionrate |
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| 89 | 89 | | 44necessarytocovertheliabilitiesoftheyear2000planadministeredbysuchsystem,including |
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| 90 | 90 | | 45costsofadministration,expectedtoaccrueduringthenextbiennialorotherappropriation |
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| 91 | 91 | | 46period.Eachdepartmentshallincludeinitsbudgetandinitsrequestforappropriationsfor |
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| 92 | 92 | | 47personalservicethesumsocertifiedtoitbysuchboard,andshallpresentthesametothe |
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| 93 | 93 | | 48generalassemblyforallowance.Thesumssocertifiedandappropriated,whenavailable, |
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| 94 | 94 | | 49shallbeimmediatelypaidtothesystemanddepositedinthehighwayandtransportation |
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| 95 | 95 | | 50employees'andhighwaypatrolretirementandbenefitfund. |
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| 96 | 96 | | 51 5.Theseamountsarefundsoftheyear2000planandshallnotbecommingledwith |
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| 97 | 97 | | 52anyfundsinthestatetreasury. |
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| 98 | 98 | | âś” |
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| 99 | 99 | | HB688 3 |
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