UM Curators Approve New Retirement Plan for New Employees

7 years 3 days 16 hours ago Thursday, October 20 2011 Oct 20, 2011 Thursday, October 20, 2011 2:39:00 PM CDT October 20, 2011 in News
By: Megan Johnson

KANSAS CITY - The University of Missouri Board of Curators approved a new retirement plan at their meeting in Kansas City today for employees hired after Sept. 30, 2012. The retirement plan for new employees after this date is a combination of a defined benefit and defined contribution plan. The current university defined benefit plan for existing employees and retirees remains in effect.

The University of Missouri Board of Curators first voted in June to close the current retirement program to new employees beginning late next year. The current retirement plan for existing employees and retirees will continue.  There will be no change in benefits paid at retirement.

The defined benefit part of the plan is similar to the university's existing retirement plan but uses a one percent of pay multiplier. The required employee contribution is identical to that of the current plan. The terms for employee vesting in the defined benefit portion of the plan are also identical to the university's current plan.

The defined contribution portion of the new retirement plan includes two percent of pay contribution by the university to an employee-directed investment account. New employees can make voluntary payments to their defined contribution accounts, which will be completely matched by the university, up to 3 percent of pay.

Investment providers, funds and policies available to new employees and retirees under the defined contribution portion of the new retirement plan will be selected and monitored by a university investment committee.

The retirement plan slated to begin for new employees Oct. 1, 2012.

More News

Grid
List
COLUMBIA - Following ground-breaking MU research that successfully genetically edits pigs to be virus-resistant to a deadly disease, one Fulton... More >>
4 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 7:21:00 PM CDT October 23, 2018 in News
JEFFERSON CITY - John Kalina, 63, was a First Student bus driver whose absence has made a whole community come... More >>
5 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 6:19:00 PM CDT October 23, 2018 in News
MOBERLY - City council and community members met with research firm Destination Services to survey residents on what it would... More >>
7 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 3:58:00 PM CDT October 23, 2018 in News
FULTON – A Southern Boone County High School assistant football coach has turned himself in for enticement of a minor,... More >>
7 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 3:55:00 PM CDT October 23, 2018 in News
FULTON - The nurse hired to look after Carl DeBrodie, a disabled man who was found encased in concrete... More >>
9 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 2:41:00 PM CDT October 23, 2018 in Continuous News
WASHINGTON, D.C. - A complaint filed Tuesday with the Federal Election Commission accused Josh Hawley's Senate campaign and the National... More >>
9 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 2:27:00 PM CDT October 23, 2018 in News
JEFFERSON CITY - Environmental activist groups Sierra Club and Earth Justice are in court this week saying electric utility Ameren... More >>
9 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 2:21:00 PM CDT October 23, 2018 in News
COLE COUNTY - A Cole County couple faces felony child abuse and endangering the welfare of a child charges Tuesday... More >>
9 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 1:44:00 PM CDT October 23, 2018 in News
COLUMBIA - A Cole County circuit judge ruled Tuesday the state's Voter ID law applies to both state and county... More >>
10 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 1:24:00 PM CDT October 23, 2018 in News
MACON - A Macon Police Officer was knocked unconscious while approaching a suspect Monday night. According to a news... More >>
10 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 1:03:00 PM CDT October 23, 2018 in News
FULTON - The Fulton Police Department WAS actively trying to identify a suspect Tuesday who used counterfeit $100 bills at... More >>
10 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 12:46:00 PM CDT October 23, 2018 in News
COLUMBIA - The man who killed a teacher after crashing into a Harrisburg school bus is appealing his 22 year... More >>
11 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 12:19:00 PM CDT October 23, 2018 in News
(CNN) -- One company is doubling the shelf-life of avocados, citrus and other produce by taking a chemical-free cue from... More >>
12 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 11:39:46 AM CDT October 23, 2018 in News
COLORADO SPRINGS, Colo. (AP) — The Air Force says a Missouri-based B2 stealth bomber landed in Colorado Springs after an... More >>
13 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 10:34:00 AM CDT October 23, 2018 in News
COLUMBIA - Mediacom Communications confirmed to KOMU 8 there are outages affecting all services across Columbia. A Mediacom operator... More >>
13 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 10:02:00 AM CDT October 23, 2018 in News
(CNN) -- A new startup called Tap has a bold ambition: convince people to stop buying plastic bottles of water.... More >>
13 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 9:51:12 AM CDT October 23, 2018 in News
BOONVILLE - Six soccer fields, five turf fields and one natural grass championship field are on the verge of completion... More >>
14 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 8:55:00 AM CDT October 23, 2018 in News
INDEPENDENCE (AP) — The mother of an Independence man who was fatally shot by police last year is suing the... More >>
15 hours ago Tuesday, October 23 2018 Oct 23, 2018 Tuesday, October 23, 2018 8:13:59 AM CDT October 23, 2018 in News
Columbia, MO
Broken Clouds 44°
12am 43°
1am 42°
2am 41°
3am 40°