Jefferson City, Mo. – The Missouri Senate has passed legislation to restructure the state's pension system.
The bill would raise the retirement age for state workers to 67, require new state workers to pay into their pensions, and create a new investment board for the state's various pension plans.
Senate Majority Floor Leader Kevin Engler (R, Farmington) says the new board would look for the best places to grow money.
"What we're trying to do is give those boards the flexibility to go to the best return, where it's in a down market or up market, to try to beat the markets," Engler said.
The House version of the bill does not contain an investment board. Members there say the provision would add a new level of bureaucracy and invite corruption.