Read more: Local, State, State Pension, Budget Cuts, Captiol Watch
JEFFERSON CITY, MO. -- Missouri state employees will lose out on state matching of money contributed to a savings plan after the latest round of budget cuts announced by Gov. Jay Nixon on Tuesday.
The state will not match employee’s contributions up to $35 a month to a deferred compensation plan. The savings plan is similar to a 401K plan where the savings are invested.
The deferred compensation plan is administered by the Missouri State Employees' Retirement System. MOSERS spokesperson Chris Rackers said that while they do oversee the savings plan, it is completely separate from the actual pension fund.
About 38,000 state employees participate in the savings plan.
Two of the largest cuts include $24 million from rural broadband Internet and $29 million from the radio system that would improve radio systems used by emergency responders.
The cutbacks are part of additional $73.8 million in budget cuts.
Nixon has cut a total of more than $700 million from the $23.7 billion approved by lawmakers for state operations and capital improvements after Tuesdays round of budget cuts.
