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Missouri House Considers State-Run Multiple-Employer Retirement Savings Plan


Legislation that would create a state-run multiple-employer retirement saving plan in the Show Me State is before the Missouri House of Representatives.

HB 155, introduced by Rep. Michael O’Donnell on Jan. 4, would establish the Show-Me MyRetirement Savings Administrative Fund, a multiple-employer retirement saving plan that would be treated as a single plan under Title I of ERISA and Internal Revenue Code Sections 401(a), 401(k), and 413(c). Multiple employers would be able to voluntarily choose to participate regardless of whether any relationship exists between and among the employers other than their participation in the plan. 

The Show-Me MyRetirement Savings Administrative Fund would consist of: 

  • Money appropriated by the General Assembly.
  • Funds transferred from the federal government, other state agencies, or local governments. 
  • Funds from the payment of application, account, administrative, or other fees and the payment of other moneys due to the Show-Me MyRetirement Savings Board. 
  • Any gifts, donations, or grants made to the state of Missouri for deposit in the fund. 
  • Money collected for the Administrative Fund from (1) contributions to, or investment returns or assets of, the plan or (2) other moneys collected by, or for, the plan or pursuant to arrangements established under the plan to the extent permitted under federal and Missouri law.
  • Earnings on funds in the Administrative Fund. 

The bill also would establish the "Show-Me MyRetirement Savings Board" in the office of the State Treasurer. The Board would consist of nine members, including:

  • two members appointed by the Governor with the advice and consent of the Senate;
  • three members appointed by the Speaker of the House with one representative from the minority party; 
  • three members appointed by the President Pro Tem of the Senate with one representative from the minority party; and 
  • the State Treasurer or his or her designee serving as chair. 

The Board would design, develop, and implement the plan and establish it so that individuals can begin making contributions to the plan no later than Sept. 1, 2025. The Board would have the discretion to structure staged or phased-in implementation of the plan which shall be substantially completed on or before Sept. 1, 2025. 

Any employer joining the plan would not be liable for:

  • an employee's decision to participate in or opt out of the plan;
  • the employee's decision on which investments to choose, participants' or Board's investment decisions; or 
  • the administration, investment, investment returns, or investment performance of the plan. 

This bill is similar to HB 1732, legislation Rep. O’ Donnell introduced in March 2022 but that was not passed during the 2022 legislative session.