SB1559

Missouri SB1559 modifies the deferred compensation plan for state employees, including automatic enrollment, automatic increases, and immunity from.

Missouri SB1559 modifies the deferred compensation plan for state employees by automatically enrolling new hires, increasing deferral amounts annually, and providing immunity from liability for the board and employees of the Missouri state employees' retirement system. The plan also automatically designates a surviving spouse as the primary beneficiary unless they consent otherwise. Effective July 1, 2027, employees hired after July 1, 2012, will have their deferral amounts automatically increased annually by 0.5% until they reach 10%.