Modifies provisions relating to lump sum payment options for certain public employee retirement benefit plans

HB 2198 modifies retirement benefit rules for certain Missouri public employees hired on or after January 1, 2011. It increases the minimum required credited service for retirement eligibility from five to ten years and establishes new age/service combinations for normal retirement (e.g., age 67 with 10 years or age 55 with combined age/service of 90). The bill requires employees to contribute 4% of pay, but the state employer pays this amount instead of the employee, with contributions tracked separately in individual accounts. It also adds specific rules for refunds of contributions (requiring spouse consent for married members) and prohibits refunds for members eligible for normal retirement. These changes apply to the "Year 2000 Plan" retirement system.