Letters are being sent to more than 17,000 former Missouri state employees asking if they want to cash in early on their pensions.
For former workers, the move could mean exchanging a monthly pension check from the state for a lump sum payment worth about 60 percent of their normal retirement annuity.
For the state, it could clear the books of an estimated $7 million in annual costs and help shore up a pension system that is operating at about 69 percent of full funding.
The voluntary program is part of an initiative outlined in legislation approved earlier this year aimed at helping the Missouri State Employees’ Retirement System.
The application period runs through Nov. 30.