SCS/HB 723 - Currently, retired members of the Public School Retirement System of Missouri (PSRS) or of the Public Education Employees Retirement System of Missouri (PEERS) who have elected a reduced retirement allowance to provide for survivor benefits for his or her spouse may have the retirement allowance increased to the single life annuity amount, with no survivor benefits if the marriage was dissolved on or after September 1, 2017, and the dissolution decree provides for the sole retention of the retirement rights by the member.
This act will additionally allow such a retired member to have the retirement allowance increased if the marriage dissolved before September 1, 2017, with a dissolution decree that provided for sole retention of the retirement allowance rights by the member and the member obtained an amended dissolution decree after September 1, 2017, or spousal consent that provided for the immediate removal of the spouse as the nominated beneficiary. If the dissolution decree did not provide for the sole retention by the member of all rights in the retirement allowance, the member may also increase their retirement allowance if the marriage was dissolved before September 1, 2017, and an amended dissolution decree providing for the member's sole retention was obtained after September 1, 2017.
Any increase shall be effective upon the receipt of an application for an increase and a certified copy of the dissolution along with the separation agreement, if applicable.
This act is similar to provisions in SCS/HB 568 (2019) and in CCS/SB 17 (2019).