MO SB404

Repeals and reenacts section 104.335 and creates new section 104.1025 regarding deferred annuity elections for Missouri state employees.

Allows vested members employed in designated positions (departmental directors, division directors, attorneys, elected officials, general assembly members, and certain other policy-making roles) who terminate employment on or after August 28, 2011, to elect a one-time payment of the present value of their deferred annuity as actuarially determined by the system.

Members who elect to receive the lump sum payment must forfeit, waive, and relinquish all accrued rights in the retirement system, including accrued creditable service, resulting in complete discharge of the system's liability.

Preserves members' health care benefits under chapters 103 and 104.270 even if they elect the lump sum payment option.

Allows members who subsequently re-enter state service to purchase creditable service equal to the amount surrendered, payable over not longer than two years with interest.