SB 403 Modifies provisions relating to orders for division of benefits under Missouri State Employees' Retirement System
Sponsor: Crowell
LR Number: 1520S.02P Fiscal Note: 1520-02
Committee: Pensions, Veterans' Affairs and General Laws
Last Action: 3/29/2007 - Voted Do Pass H Special Committee on Retirement Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2007

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Current Bill Summary

SB 403 - This act provides that the monthly amount to be paid pursuant to an order for division of benefits under the Missouri state employees' retirement system shall be adjusted proportionately if the member's annuity has been reduced due to certain annuity options available under Section 104.395, 104.090, or 104.1027, in which the member named the alternate payee as a beneficiary prior to the dissolution of marriage.

Current law provides that the amount paid to an alternate payee under a division of benefits order shall be based on the amount the member would have received if he or she elected coverage under the MOSERS' closed plan. This act provides that such amount shall be based on the plan the member was in on the date of the dissolution of marriage.

The act also provides that any member of the MOSERS' closed plan who elected the year 2000 plan and later becomes divorced and subject to a division of benefits order will have such order calculated pursuant to the provisions of the year 2000 plan.

This act is identical to HB 391 (2007).