However, its version differs from the version approved by the Missouri Senate.
While the Senate pensions bill would create a new investment board for the state's pension system, which supporters say could provide a one-time savings of $150 million, the version passed by the House doesn't include such a board, according to a St. Louis Public Radio news report. Both versions would require new state workers to contribute 4% of their pay to their pensions, but the House bill would allow them to qualify for pensions after five years of employment, instead of ten as some lawmakers had wanted.
The legislation would affect Missouri's main pension plan — the Missouri State Employees' Retirement System (MOSERS) - and a retirement system for the Highway Patrol and Department of Transportation. It only would affect new employees added to state payrolls starting in 2011 (see Missouri Senate OKs Pension Reform Measure).