New Legislation Impacts PSRS/PEERS and Our MembersJuly 19, 2017
Legislation affecting the Public School and Education Employee Retirement Systems of Missouri (PSRS/PEERS) and our members will go into effect August 28, 2017.
Senate Bill 62 (CCS HCS SS SB 62) was passed by the Missouri legislature during the 2017 regular legislative session and signed by the governor. The bill impacts PSRS/PEERS in three ways.
Divorce Pop-Up Provision
- PSRS or PEERS retirees who elected either a Joint-and-Survivor benefit plan or a Term-Certain benefit plan and named their spouse as their primary beneficiary can now, upon divorce, increase (pop-up) to the Single Life benefit amount with no survivor benefits, under the following terms:
- The divorce must occur on or after September 1, 2017.
- The divorce decree must provide sole retention of the retirement benefit to the retiree.
- The member must submit an application.
Death/Divorce Re-Marry Provision
- The time frame a PSRS or PEERS retiree has to designate a new spouse as beneficiary upon a previous spouse’s death or a divorce and remarriage has changed to one year.
- Elected a Joint-and-Survivor benefit plan and named spouse as beneficiary at retirement
- Previous time frame was 90 days.
- You must file a Successor Beneficiary Designation form available from our office
- This time frame begins, not from the date of the divorce, but the date of re-marriage.
Working After Retirement for a Third Party or as an Independent Contractor (PSRS only)
- PSRS retirees working part-time at a PSRS-covered school district for a third-party provider (such as Kelly Services, Penmac, etc.,) or working as an independent contractor, as a substitute teacher or in another position that requires certification from the Missouri Department of Elementary and Secondary Education must adhere to the PSRS statutory working after retirement limits.
- For more information on tracking hours and salary, please contact our office.
If you have questions about how these changes may affect you, please do not hesitate to contact any of our trained representatives.