SB 154 – Caps the amount of the reduced monthly benefit that certain members of LAGERS who choose to receive a partial lump sum payment may receive

• Sponsor: Schaaf
• LR Number: 1089S.01I
• Committee: Veterans' Affairs, Emerging Issues, Pensions and Urban Affairs
• Last Action: 1/27/2011 - Second Read and Referred S Veterans' Affairs, Emerging Issues, Pensions and Urban Affairs Committee
• Journal Page: S160
• Effective Date: August 28, 2011

Current Bill Summary

SB 154 - Currently, a member of the Missouri Local Government Employees' Retirement System (LAGERS) may choose to receive a partial lump-sum payment of some of their retirement benefits. If the LAGERS member chooses the partial lump-sum payment their monthly benefit is reduced. The amount the person's monthly benefit is reduced varies based on the age of the person at retirement. This act prohibits a person who retires before sixty and chooses the partial-lump sum payment from receiving a monthly benefit of more than ninety percent of the amount of their unreduced monthly benefit.

This act is similar to HB 263 (2011).

EMILY KALMER