Modifies provisions relating to public employee retirement benefits

HB 686 modifies Missouri's public employee retirement system. It requires the retirement board to correct benefit errors within ten years (or immediately for fraud) and recover overpayments through repayment options. The bill stops payments to survivors charged with the intentional killing of a member until legal resolution, resuming payments if not convicted. It also allows members with deferred annuities to elect a lump sum payment (until January 1, 2026) in exchange for forfeiting future benefits, and prohibits retirement systems from using funds for political advocacy.