Summary of the Introduced Bill

HB 426 -- State Employee Deferred Retirement Option

Sponsor:  O'Toole

This bill creates a deferred retirement option that provides an
annuity that may be distributed in a single lump sum or in 3
annual payments for members of the Missouri State Employees'
Retirement System and the Highway and Transportation Employees'
and Highway Patrol Retirement System in both the closed plan and
the Year 2000 plan.  Elected officials and members of the
General Assembly are not eligible.  Employees who have reached
normal retirement age and continue to work for at least 2 more
years may select a retroactive starting date, which would be the
later of the date when a normal retirement benefit would have
been payable if the member had retired or 5 years before the
annuity starting date.  The annuity would be the amount that
would have been payable had the member actually retired on the
retroactive starting date.  The lump sum amount would be 90% of
the annuity, plus interest based on the system portfolio's rate
of return for the previous year, but not less than zero.

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Missouri House of Representatives
Last Updated September 13, 2001 at 2:02 pm