Summary of the Perfected Version of the Bill

HB 1490 -- MISSOURI LOCAL GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM
(Deeken)

COMMITTEE OF ORIGIN:  Special Committee on Retirement

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

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

FISCAL NOTE:  No impact on state funds in FY 2009, FY 2010, and
FY 2011.

Copyright (c) Missouri House of Representatives


Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:10 pm