MO SB154

Allows Missouri local government employees' retirement system (LAGERS) members to elect a partial lump-sum distribution equal to 24 times their monthly allowance, payable 90-150 days after first payment due date.

Reduces monthly life allowance to 84 percent at age 60 retirement, with adjustments of 0.4 percent per year for each year above or below age 60, with a maximum cap of 90 percent.

Provides four benefit options for members who nominate a beneficiary: Option A (75% of reduced allowance to survivor), Option B (50% of reduced allowance to survivor), Option C (95% reduction with 120-month guarantee), and Option D (board-approved actuarial equivalent).

Allows beneficiary designations to be cancelled if the beneficiary dies before the retirant, returning the retirant to single lifetime benefit equivalent effective the following month.

Members who fail to elect a benefit option receive allowance as a single lifetime benefit.