Greitens signs state pension system changes

Gov. Eric Greitens' signature on one bill lawmakers passed this year means current or future state government workers will be vested in MOSERS - the Missouri State Employees Retirement System - after five years instead of the decade required by the current law that became effective in 2011.

Greitens signed the bill Friday.

MOSERS spokeswoman Candy Smith told the News Tribune the new law "helps ensure that the state will continue to provide retirement security to its long-term employees in a very cost-effective manner."

Among its provisions, the measure also allows former Missouri government employees who want to take voluntary advances on retirement benefits packages to do so if they meet certain eligibility requirements.

And state Treasurer Eric Schmitt, who is a member of MOSERS board and had urged lawmakers to support the advance payments idea, voiced his approval in a news release.

"Addressing our state's pension problem is about protecting taxpayers from a budget disaster like the one Illinois is going through," Schmitt said. "The (bill) signing marks a positive step toward reducing our state's pension liability, and I look forward to working with fellow MOSERS board members to implement it."

On March 31, Schmitt said the provision potentially could "save the state of Missouri $7 million every year and significantly reduce the fiscal burden of our pension system."

The governor's late-Friday afternoon news release announcing the bill signing didn't include a statement, but it described the bill - Senate Bill 62 - as making "a number of changes to benefit dedicated state employees and (introducing) common-sense cost saving measures."

The measure makes a number of other changes to state laws, including:

Raising various existing fees deposited in the county employees' retirement fund and creating a new fee that will also be paid into the fund.

Changing the language on blocking retirement benefits to some public retirement plan members who are "convicted," rather than "found guilty," of certain felony offenses.

Modifying the language allowing Public School Retirement System (PSRS) members to work part-time without forfeiting their retirement allowance, and changing some beneficiary assignments for those covered by PSRS or the Public Education Employees Retirement System (PEERS).