| 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 |
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| Sponsor: |
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| LR Number: |
1089S.01I |
Fiscal Note: |
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| Committee: |
Veterans' Affairs, Emerging Issues, Pensions and Urban Affairs |
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| Last Action: |
1/27/2011 - Second Read and Referred S Veterans' Affairs, Emerging Issues, Pensions and Urban Affairs Committee |
Journal
Page:
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S160 |
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Calendar
Position: |
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| Effective Date: |
August 28, 2011 |
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Current Bill Summary
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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
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