JEFFERSON CITY, MO. (AP) -- New state employees in Missouri will need to work longer and put up some of their own money to earn state pensions.
Gov. Jay Nixon signed legislation Monday that overhauls Missouri's main public pension systems. The changes affect workers hired starting in 2011.
State officials expect the revisions to save about $660 million over the next 10 years. A portion of those savings could offset $150 million in tax breaks for automotive manufacturers over the next decade.
Under the law, newly hired state workers will have to contribute 4 percent of their paychecks toward their retirement system. The law also raises the minimum retirement age and requires employees work a decade to qualify for a pension, instead of the current five years.
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