HCS HB 426 -- STATE EMPLOYEES DEFERRED RETIREMENT OPTION AND
FIREMEN'S RETIREMENT AND RELIEF SYSTEM (O'Toole)

This substitute 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.

The substitute also removes the restriction that a firemen's
pension only be paid to those widows whose marriage to the
member occurred prior to his retirement on disability or service
pension, and only if the widow is unmarried.

FISCAL NOTE:  No impact on state funds.

Missouri House of Representatives
Last Updated November 26, 2001 at 11:44 am