SB 1062
Allows terminated vested members of certain state retirement systems to elect a lump sum payment of retirement benefits
LR Number:
Last Action:
4/6/2022 - Hearing Cancelled S Health and Pensions Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2022

Current Bill Summary

SB 1062 - This act allows terminated vested members of the Missouri State Employees' Retirement System or the Missouri Department of Transportation and Highway Patrol Employees' Retirement System to elect to receive a lump sum payment equal to 60%, or a higher percentage chosen by the Board of Trustees of the relevant system, of the present value of a deferred annuity. Any member making an election shall forfeit all creditable service, future rights in the annuity, and disability benefits. If the member subsequently becomes an employee entitled to a benefit from the system, such a member shall be considered a new employee under the Missouri State Employees' Plan 2011.

This act is identical to HB 2235 (2022).



No Amendments Found.