Statewide, Survey of Public Employee Retirement Systems in Missouri

Download or read book Statewide, Survey of Public Employee Retirement Systems in Missouri written by Missouri. State Auditor and published by . This book was released on 2014 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: As of December 31, 2012 there were 130 public employee retirement plans in Missouri. Of these plans, 89 were defined benefit plans (11 of which also provided a defined contribution plan), and 41 were defined contribution plans (covering approximately 546,000 member as of December 31, 2012). Three of these 89 plans cover only state employees and 86 primarily cover local government employees. Retirement benefits are often a significant component of public employee compensation, and are utilized by governments to recruit and retain employees. Defined benefit plans guarantee members a specified lifetime benefit upon retirement. As a result, governments often incur significant liabilities associated with retirement benefits and must contribute significant resources to retirement plans.