Missouri HB2198 modifies retirement benefit plans for public employees, allowing them to choose between an annuity and a lump sum payment if they.
Missouri HB2198 modifies provisions for lump sum payment options in certain public employee retirement benefit plans. Employees who continue working for at least two years beyond normal retirement eligibility can choose to receive an annuity and a lump sum payment. The bill outlines specific conditions for these options, including the calculation of the lump sum and the reduction of the annuity. It also details the interest rates applied to these payments and the conditions under which refunds can be requested.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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