SB 628 Modifies provisions relating to vested members of the Missouri State Employees' Retirement System

Sponsor: Ridgeway LR Number: 2271S.02I Fiscal Note: 2271-02 Committee: Pensions, Veterans' Affairs and General Laws Last Action: 3/28/2007 - SCS Voted Do Pass S Pensions, Veterans' Affairs and General Laws Committee (2271S.05C) Journal Page: Title: Calendar Position: Effective Date: August 28, 2007

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Current Bill Summary

SCS/SB 628 - This act provides that any vested member of the Missouri State Employees' Retirement System (MOSERS) or the Highways and Transportation Employees' and Highway Patrol Retirement System (MPERS) who has terminated 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 and year 2000 plan of MOSERS. The act also provides that any member who chooses 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 as provided under Chapter 103, RSMo.

ALEXA PEARSON