SB 404 - This act provides that certain vested members of the Missouri State Employees' Retirement System (MOSERS) who terminate all employment with the state may elect to receive a lump sum payment for the present value of a deferred annuity. This provision shall apply to the closed plan of MOSERS and the year 2000 plan of MOSERS and the Missouri Department of Transportation and Highway Patrol Employees' Retirement System (MPERS). The act also provides that those members who choose the lump sum payment option shall forfeit, waive, and relinquish all accrued rights in the system, including accrued creditable service, which shall result in a complete discharge of the existing liability of the system with respect to such terminated member or person, however, this shall not be construed to affect a member's health care benefits.

This act is similar to SB 28 (2009).


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