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