Missouri Local Government Employees' Retirement System (Section 70.705)

Currently, member contributions for the Missouri Local Government Employees' Retirement System are 0% or 4% of compensation. This act allows each political subdivision to elect an alternative member contribution amount of 2% or 6% of compensation. If a political subdivision elected a benefit program for certain members covered concurrently by Social Security and another for those members not covered concurrently by Social Security, the political subdivision may also elect one member contribution for those members who are covered and another contribution amount for those members who are not covered.

This provision is identical to a provision in the truly agreed to and finally passed HCS/SCS/SB 599 (2020), in HCS/SS/SCS/SB 594 (2020) and in HCS/SCS/SB 725 (2020) and is substantially similar to SCS/SB 768 (2020).

Survivor Benefits (104.010, 104.090, 104.395, and 104.1027)

Currently, if a member elected a joint & survivor benefit payment option at retirement, survivor benefits are paid out to the spouse designated, regardless of marital status of the member and spouse.

Under this act, any member of the Missouri Department of Transportation and Highway Patrol Employees' Retirement System and the Missouri State Employees' Retirement System receiving a reduced annuity with his or her spouse as the designated beneficiary may cancel his or her election and receive a monthly benefit, with no survivor benefits, equal to the actuarial equivalent, as defined in the act, of the joint and survivor benefit payment if the marriage is dissolved on or after January 1, 2021, and the dissolution decree provides for the sole retention of the annuity and that the spouse shall not be entitled to survivor benefits. In no event shall the monthly benefit be more than the single life annuity amount entitled to the member as if his or her spouse had died on the date of the dissolution.

Additionally, a member who divorced their designated spouse before January 1, 2021, may have their annuity adjusted if the dissolution decree provided for sole retention of the retirement benefits by the member and the member obtained an amended dissolution decree after January 1, 2021. If the dissolution decree did not provide for the sole retention by the member, the member may also adjust their retirement allowance if an amended dissolution decree providing for the member's sole retention is obtained.

Any increase shall be prospective and shall be effective the first of the month following the date of receipt by the system of a certified copy of the dissolution decree.

These provisions are substantially similar to SB 1024 (2020).

Judicial Buyout Program (Section 104.1089)

This act allows vested members of the Missouri State Employees' Retirement System covered under the closed plan or Year 2000 plan who are no longer employees to elect to receive a lump sum payment equal to 60%, or a higher percentage chosen by the board, of the present value instead of a deferred annuity if the member is employed in a position covered by the judicial retirement plan. Any member making an election shall forfeit all creditable service, future rights in the annuity, and long-term 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 provision is similar to SB 968 (2020).

Public School Retirement System of Missouri (Section 169.020)

Under this act, information pertaining to the salaries and benefits of the executive director and employees of the Board of the Public School Retirement System of Missouri shall not be considered confidential individually identifiable information.

This provision is identical to SCS/SB 755 (2020), a provision in SCS/SB 1021 (2018), a provision in SCS/HB 2044 (2018), and HB 755 (2017).

KATIE O'BRIEN