HB 348 -- Local Government Employees' Retirement System

Co-Sponsors:  Dempsey, Wright

This bill revises the optional retirement allowance and
beneficiary election provision of the Missouri Local Government
Employees' Retirement System (LAGERS).

The bill allows retirees to elect to receive their allowance with
or without a lump-sum distribution.  The partial lump-sum
distribution will equal 24 times the amount of the retiree's
monthly allowance, excluding any temporary allowance which may be
payable.  The process for applying for the lump-sum distribution
is contained in the bill.

If a retiree elects the partial lump-sum distribution, a
retiree's monthly allowance will be adjusted according to age at
retirement.  The bill also requires that the adjustment in the
monthly allowance be applied before additional reductions are
calculated based on the selection of a beneficiary option
contained in the bill.

The bill also requires that if a beneficiary dies before a
retiree, the optional plan selected by the retiree at the time of
retirement will terminate.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:11 am