HCS/SCS/SBs 1153, 1154, 1155 & 1156 - This act modifies various provisions relating to several retirement systems. Currently, the beneficiary of an active member of the Sheriff's Retirement System receives a death benefit of $10,000 or, if the member is killed in the performance of his or her duty, the beneficiary receives $20,000. This act increases the death benefit of any active member who dies to $20,000. Also, certain limitations on the amount of payments of medical insurance premiums are deleted. Sections 57.967 and 57.980.
The act allows a retiree to authorize the board of the Missouri Local Government Employees' Retirement System (LAGERS) to deduct health insurance or long-term care insurance premiums from his or her retirement allowance. Section 70.695.
The act creates a funding mechanism for survivor benefits when a member of LAGERS dies as the result of a duty-related injury or illness. Sections 70.710, 70.720, and 70.730.
All suits or proceedings directly or indirectly against the board of trustees of the Public School Retirement System of Missouri (PSRS) or the Public Education Employee Retirement System (PEERS) must be brought in Cole County. Section 169.020.
The act allows for the establishment and maintenance of a retirement systems account for investment purposes; moneys from PSRS and PEERS may be combined in the account for investment purposes so long as the funds are accounted for and reported separately. Sections 169.040 and 169.630.
For the purchase of membership service credit in PSRS and PEERS, the act changes the date of payment from June 30 to September 30 and the date of recalculation from July 1 to October 1. In addition, the retirement system may prohibit a purchase, impose additional requirements for making a purchase, or limit the amount of credit purchased if necessary to comply with federal law. Sections 169.056 and 169.655.
The act modifies how PSRS and PEERS retirement benefits may be distributed upon the death of a member prior to the member having received the specified number of monthly payments; the remainder of such payments will be paid to the surviving spouse, surviving children in equal shares, surviving parents in equal shares, or the estate of the last person to receive a monthly allowance in a lump sum payment. In addition, if a member dies and the member's financial institution cannot accept the final payment or payments, the final payment or payments will be paid to the beneficiary, or if no beneficiary exists, to the surviving spouse, to the surviving children in equal shares, surviving parents in equal shares, or the estate of the member, in that order. This same order applies if the beneficiary to a member dies and the beneficiary's financial institution cannot accept final payment. Sections 169.070 and 169.670.
The act allows funds of PSRS and PEERS and benefits thereof to be subject to execution, garnishment, or attachment as described in the act in a proceeding for spousal maintenance or child support. Sections 169.090 and 169.690.
After June 30, 2009, nonprofit educational associations or organizations will no longer be able to have their employees become members of PSRS or PEERS. Sections 169.130 and 169.650.
The board of trustees of PSRS or PEERS may indemnify and protect any trustee or employee against all claims or liabilities in his or her official or individual capacity except for gross negligence or willful misconduct. The board of trustees may obtain insurance or indemnity policies. For an employee or trustee to qualify for indemnity, he or she must provide written notice to the board of trustees within fifteen days after receiving service of process of a proceedings. Section 169.750.
This act contains provisions identical to HB 1574, HB 1490, HB 1972, HB 1973, provisions within SB 1154, SB 1156, SCS/SB 1153-1156, and HCS/HB 2104, and contains provisions that are similar to HCS/HB 2056 and HB 1973, all from the 2008 legislative session.
ALEXA PEARSON & MICHAEL RUFF