Bill > HB2198

This bill modifies provisions relating to retirement benefits for public employees, specifically focusing on members of the Year 2000 retirement plan who first became employees on or after January 1, 2011. The bill establishes new retirement eligibility criteria, including requirements for normal retirement based on age and credited service for different types of employees such as general assembly members, statewide elected officials, and highway patrol members. The bill introduces a new option for members who continue working beyond their normal retirement eligibility date, allowing them to elect an annuity with a retroactive starting date and a lump sum payment starting January 1, 2027. The lump sum payment would be 90% of the annuity amounts that would have been paid had the member retired on the retroactive date. The bill also adjusts contribution rates, interest crediting methods, and refund policies for retirement system members. Additionally, it provides specific provisions for early retirement, temporary annuities, and survivor benefits, with variations depending on the type of employee and their years of service. The changes aim to provide more flexibility and options for public employees nearing retirement while maintaining the financial sustainability of the retirement system.

https://house.mo.gov/Bill.aspx?bill=HB2198&year=2026&code=R