House Bill 1732 was introduced in the Missouri House of Representatives on January 1, 2022 by Rep. Michael O’Donnell and passed the House on March 9, 2022. HB 1732 went on to pass the Missouri Senate on May 6, 2022. It died in chamber, and was not signed by the Governor. HB 155 was introduced January 4, 2023 again by Rep. Michael O’Donnell, it passed the house unanimously on April 17, 2023 where it moved onto the Missouri Senate and passed May 10, 2023. The bill now awaits the Governor’s signature.
A state-facilitated “open” Multiple Employer Plan (MEP), in essence it is a 401(k) “group plan” in which otherwise unrelated employers in the state are able to join together and pool their assets, to save for retirement. An MEP allows for higher contribution limit s than an Auto-IRA, and allows employers to match contributions, with a default 5% salary deferral with 1% automatic increases annually.
The program is voluntary.
September 1, 2024