Missouri Senate Bill SB712

Missouri 2022 Regular Session

• Introduced: 1/5/22
• Refer: 1/10/22

Caption

Modifies provisions related to the Public School Retirement System and Public Education Employee Retirement System

Impact

The impact of SB712 on state laws includes the repeal of sections 169.141 and 169.715 of the Revised Statutes of Missouri and the introduction of new guidelines governing how retirees can change their nominated beneficiaries after marriage or divorce. The bill also stipulates that adjustments to retirement allowances will take into account actuarial factors associated with these new nominations, thereby potentially influencing the financial aspects of retirement systems for public school employees.

Summary

Senate Bill 712 aims to modify existing provisions related to retirement benefits for public school employees in Missouri. The bill primarily focuses on the nomination of successor beneficiaries, allowing retired persons receiving retirement allowances to nominate a new beneficiary under specific circumstances, such as a subsequent marriage or the dissolution of a previous marriage. This is particularly relevant for individuals who had previously elected reduced retirement benefits with a spouse as the nominated beneficiary.

Contention

Points of contention around SB712 may arise from its changes concerning rights for same-sex couples. The bill delineates explicit rules for individuals in same-sex domestic partnerships regarding their ability to nominate successor beneficiaries, acknowledging past domestic partners alongside traditional marriage rights. Some legislators and advocacy groups may express concern that these changes could affect the stability of beneficiary designations and financial security for retirees, primarily focusing on the fairness and universality of these provisions.