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).
KATIE O'BRIEN