HB 263 Caps the amount of the reduced monthly benefit that certain members of LAGERS who choose to receive a partial lump sum payment may receive

Current Bill Summary

- Prepared by Senate Research -

HB 263 - Currently, a member of the Missouri Local Government Employees' Retirement System (LAGERS) may choose to receive a partial lump-sum payment of some of their retirement benefits. If the LAGERS member chooses the partial lump-sum payment their monthly benefit is reduced. The amount the person's monthly benefit is reduced varies based on the age of the person at retirement. This act prohibits a person who retires before sixty and chooses the partial-lump sum payment from receiving a monthly benefit of more than ninety percent of the amount of their unreduced monthly benefit.

This act is similar to SB 154 (2011).


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