HCS/HBs 348 & 347 - This act revises provisions of optional retirement and beneficiary election provisions of the Local Government Employees' Retirement (LAGERS) System.

A person about to retire in LAGERS may elect to receive a partial lump-sum distribution equal to 24 times the person's monthly allowance. Such a distribution will reduce the person's monthly allowance by a certain percentage based on the person's age at the time of retirement. A written application must be made between 90 and 150 days of the first monthly allowance payment.

If a designated beneficiary dies before the retirant the optional plan elected at retirement shall be cancelled.

If a retirant becomes re-employed in a covered position, the retirant's monthly allowance shall be forfeited. If a retirant is re-employed in a non-covered position the retirant will continue to receive the monthly allowance. A retirant must also make contributions and will be considered a re-employed member.
CINDY KADLEC