HCS HB 348 & 347 -- LOCAL GOVERNMENT EMPLOYEES' RETIREMENT

This bill revises the optional retirement allowance and
beneficiary election provision of the 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 period 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.

In addition, if a retiree of LAGERS becomes reemployed in a
covered position, the retiree is subject to a monthly allowance
forfeiture for each calendar month employed.  A retiree must also
continue to make contributions to LAGERS and is considered a
reemployed member.

Retirees can continue to receive their retirement allowance from
LAGERS if they are not currently receiving a retirement benefit
from a political subdivision resulting from employment in a
position covered by LAGERS.

The bill requires reemployed members with one or more years of
credited service who later retire to receive an additional
allowance based on certain criteria.

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