HB 214 -- Missouri Local Government Employees' Retirement System

Sponsor:  Deeken

This bill changes the laws regarding the Missouri Local
Government Employees' Retirement System (LAGERS).  In its main
provisions, the bill:

(1)  Requires at least a 10% reduction on a partial lump-sum
distribution.  Currently, if a retiree elects to receive a
partial lump-sum distribution, a retiree's monthly allowance will
be reduced accordingly based on his or her age at retirement;

(2)  Creates an additional retirement benefit payment option of
joint and 100% survivor.  A member electing this benefit will
receive a reduced monthly allowance; and upon death, his or her
eligible surviving beneficiary will receive 100% of the benefit
amount the retiree was receiving at the time of his or her death;

(3)  Specifies that, other than the spouse, a surviving
beneficiary must be a lineal descendent or related to the
retirant up to the third degree of kinship, in addition to the
current age and financial dependency requirements;

(4)  Allows a retiree to authorize LAGERS to deduct premiums for
health insurance or long-term care insurance from his or her
retirement allowance; and

(5)  Creates a funding mechanism for survivor benefits when a
member dies as the result of a duty-related injury or illness.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:24 am