SCS/SB 222 - This act revises provisions of the Missouri State Employees Retirement System (MOSERS).

This act allows MOSERS' state employees, administrative law judges, judicial plan members, members of the Highways and Transportation Employees' and Highway Patrol Retirement System and survivors to receive new cost-of-living adjustments (COLA) after they reach the 65% maximum under the current COLA.

An unreduced survivor option is provided under the "Joint & 50%" option, subject to an election of the member by January 1, 2000, for general employees (including the Department of Conservation) who terminated employment on or after October 1, 1984 and who are receiving an annuity on August 28, 1997. The member would receive a normal annuity when opting for the "Joint & 50%", and the surviving spouse would receive 50% under the survivor annuity.

A similar provision to the "Joint & 50%" (unreduced survivor option) also is provided, without the lump sum payments, to members who retired on or after 1984, and who choose the "Joint & 100%" option by January 1, 2000. This option provides less of a reduction than currently exists. This decrease in the reduction is equal to the benefit they could receive under the new "Joint & 50%" option. The surviving spouse would receive 100% under the survivor annuity.

This act also specifies that upon the death of a beneficiary of a member who has chosen the 60- or 120-month option, the remainder of the annuity shall be paid to the beneficiary's estate.
MARGARET J. TOALSON