The MoDOT & Patrol Employees’ Retirement System was established in 1955 to provide retirement and survivor benefits, disability benefits and death benefits for members of MPERS. Members consist of employees from the Missouri Department of Transportation , Missouri State Highway Patrol and MPERS staff. MPERS operates as a 401(a) tax qualified “defined benefit plan” offering two (2) plans to their members depending upon their beginning date of employment with the State of Missouri. The “Closed Plan” was offered to all members hired prior to July 1, 2000. All members hired on or after July 1, 2000 are members of the “Year 2000 Plan”. Any member hired under the “Closed Plan” is eligible to retire under either plan but members of the “Year 2000 Plan” are only eligible for the Year 2000 Plan. The primary differences between the two plans are the multipliers used to calculate a retirement benefit and the eligibility requirements that must be met to retire. The “Year 2000 Plan” offers a higher standard benefit and is the more likely selection for a “Closed Plan” member at retirement.
In 1955 MoDOT employees working with management forged an agreement to create the retirement system. Some of the initial funding for the system came from employees giving up a salary increase that was then matched by management. In its infancy and until the late 1980’s, MoDOT staff provided the primary support to operate the system. As the membership and investments of the system grew, it became evident that a full-time management position was required and an Executive Director position was established in 1988. In 1994, MPERS Board hired its third executive director, Norm Robinson, to manage the then $750 million retirement system. Since that time, Mr. Robinson has consolidated MPERS operations into one central location, added seven staff to assist members with benefits and to process disbursements, and hired key staff such as the Assistant Executive Director to oversee agency administration, a Chief Investment Officer to manage the system portfolio, and a General Counsel to provide legal services to the system.
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