MO HB263

Permits retirees of the Missouri Local Government Employees' Retirement System to elect a partial lump-sum distribution equal to 24 times their monthly allowance, with the lump sum paid 90-150 days after the first monthly payment becomes due

Reduces the retiree's monthly life allowance based on retirement age, starting at 84 percent at age 60, adjusted by 0.4 percent per year for each year above or below age 60, with a maximum cap of 90 percent

Establishes four benefit options (A, B, C, and D) allowing retirees to reduce their monthly allowance and designate a beneficiary to receive continuing payments upon the retiree's death

Provides that if a designated beneficiary under Option A or B dies before the retirant, the optional plan is canceled and the retirant reverts to a single lifetime benefit

Specifies that if a member fails to elect a benefit option, their allowance is paid as a single lifetime benefit