| 1 | 1 | | SECONDREGULARSESSION |
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| 2 | 2 | | HOUSEBILLNO.2430 |
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| 3 | 3 | | 101STGENERALASSEMBLY |
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| 4 | 4 | | INTRODUCEDBYREPRESENTATIVEBLACK(7). |
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| 5 | 5 | | 4965H.01I DANARADEMANMILLER,ChiefClerk |
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| 6 | 6 | | ANACT |
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| 7 | 7 | | Torepealsection169.070,RSMo,andtoenactinlieuthereofonenewsectionrelatingto |
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| 8 | 8 | | teacherandschoolemployeeretirementsystems. |
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| 9 | 9 | | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: |
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| 10 | 10 | | SectionA.Section169.070,RSMo,isrepealedandonenewsectionenactedinlieu |
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| 11 | 11 | | 2thereof,tobeknownassection169.070,toreadasfollows: |
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| 12 | 12 | | 169.070.1.Theretirementallowanceofamemberwhoseageatretirementissixty |
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| 13 | 13 | | 2yearsormoreandwhosecreditableserviceisfiveyearsormore,orwhosesumofageand |
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| 14 | 14 | | 3creditableserviceequalseightyyearsormore,orwhohasattainedagefifty-fiveandwhose |
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| 15 | 15 | | 4creditableserviceistwenty-fiveyearsormoreorwhosecreditableserviceisthirtyyearsor |
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| 16 | 16 | | 5moreregardlessofage,maybethesumofthefollowingitems,nottoexceedonehundred |
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| 17 | 17 | | 6percentofthemember'sfinalaveragesalary: |
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| 18 | 18 | | 7 (1)Twoandfive-tenthspercentofthemember'sfinalaveragesalaryforeachyearof |
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| 19 | 19 | | 8membershipservice; |
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| 20 | 20 | | 9 (2)Six-tenthsoftheamountpayableforayearofmembershipserviceforeachyear |
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| 21 | 21 | | 10ofpriorservicenotexceedingthirtyyears. |
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| 22 | 22 | | 11 |
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| 23 | 23 | | 12Inlieuoftheretirementallowanceotherwiseprovidedinsubdivisions(1)and(2)ofthis |
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| 24 | 24 | | 13subsection,amembermayelecttoreceivearetirementallowanceof: |
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| 25 | 25 | | 14 (3)Twoandfour-tenthspercentofthemember'sfinalaveragesalaryforeachyearof |
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| 26 | 26 | | 15membershipservice,ifthemember'screditableserviceistwenty-nineyearsormorebutless |
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| 27 | 27 | | 16thanthirtyyears,andthememberhasnotattainedagefifty-five; |
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| 28 | 28 | | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis |
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| 29 | 29 | | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 17 (4)Twoandthirty-five-hundredthspercentofthemember'sfinalaveragesalaryfor |
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| 30 | 30 | | 18eachyearofmembershipservice,ifthemember'screditableserviceistwenty-eightyearsor |
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| 31 | 31 | | 19morebutlessthantwenty-nineyears,andthememberhasnotattainedagefifty-five; |
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| 32 | 32 | | 20 (5)Twoandthree-tenthspercentofthemember'sfinalaveragesalaryforeachyearof |
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| 33 | 33 | | 21membershipservice,ifthemember'screditableserviceistwenty-sevenyearsormorebutless |
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| 34 | 34 | | 22thantwenty-eightyears,andthememberhasnotattainedagefifty-five; |
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| 35 | 35 | | 23 (6)Twoandtwenty-five-hundredthspercentofthemember'sfinalaveragesalaryfor |
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| 36 | 36 | | 24eachyearofmembershipservice,ifthemember'screditableserviceistwenty-sixyearsor |
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| 37 | 37 | | 25morebutlessthantwenty-sevenyears,andthememberhasnotattainedagefifty-five; |
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| 38 | 38 | | 26 (7)Twoandtwo-tenthspercentofthemember'sfinalaveragesalaryforeachyearof |
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| 39 | 39 | | 27membershipservice,ifthemember'screditableserviceistwenty-fiveyearsormorebutless |
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| 40 | 40 | | 28thantwenty-sixyears,andthememberhasnotattainedagefifty-five; |
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| 41 | 41 | | 29 (8)[BetweenJuly1,2001,andJuly1,2014,] Twoandfifty-fivehundredthspercent |
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| 42 | 42 | | 30ofthemember'sfinalaveragesalaryforeachyearofmembershipservice,ifthemember's |
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| 43 | 43 | | 31creditableserviceis[thirty-one] thirty-twoyearsormoreregardlessofage. |
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| 44 | 44 | | 32 2.Inlieuoftheretirementallowanceprovidedinsubsection1ofthissection,a |
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| 45 | 45 | | 33memberwhoseageissixtyyearsormoreonSeptember28,1975,mayelecttohavethe |
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| 46 | 46 | | 34member'sretirementallowancecalculatedasasumofthefollowingitems: |
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| 47 | 47 | | 35 (1)Sixtycentsplusoneandfive-tenthspercentofthemember'sfinalaveragesalary |
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| 48 | 48 | | 36foreachyearofmembershipservice; |
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| 49 | 49 | | 37 (2)Six-tenthsoftheamountpayableforayearofmembershipserviceforeachyear |
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| 50 | 50 | | 38ofpriorservicenotexceedingthirtyyears; |
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| 51 | 51 | | 39 (3)Three-fourthsofonepercentofthesumofsubdivisions(1)and(2)ofthis |
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| 52 | 52 | | 40subsectionforeachmonthofattainedageinexcessofsixtyyearsbutnotinexcessofage |
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| 53 | 53 | | 41sixty-five. |
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| 54 | 54 | | 42 3.(1)Inlieuoftheretirementallowanceprovidedeitherinsubsection1or2ofthis |
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| 55 | 55 | | 43section,collectivelycalled"option1",amemberwhosecreditableserviceistwenty-fiveyears |
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| 56 | 56 | | 44ormoreorwhohasattainedtheageoffifty-fivewithfiveormoreyearsofcreditableservice |
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| 57 | 57 | | 45mayelectinthemember'sapplicationforretirementtoreceivetheactuarialequivalentofthe |
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| 58 | 58 | | 46member'sretirementallowanceinreducedmonthlypaymentsforlifeduringretirementwith |
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| 59 | 59 | | 47theprovisionthat: |
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| 60 | 60 | | 48 Option2. |
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| 61 | 61 | | 49 Uponthemember'sdeaththereducedretirementallowanceshallbecontinued |
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| 62 | 62 | | 50throughoutthelifeofandpaidtosuchpersonashasaninsurableinterestinthelifeofthe |
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| 63 | 63 | | 51memberasthemembershallhavenominatedinthemember'selectionoftheoption,and |
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| 64 | 64 | | 52providedfurtherthatifthepersonsonominateddiesbeforetheretiredmember,theretirement |
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| 65 | 65 | | HB2430 2 53allowancewillbeincreasedtotheamounttheretiredmemberwouldbereceivinghadthe |
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| 66 | 66 | | 54retiredmemberelectedoption1;or |
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| 67 | 67 | | 55 Option3. |
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| 68 | 68 | | 56 Uponthedeathofthememberthree-fourthsofthereducedretirementallowanceshall |
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| 69 | 69 | | 57becontinuedthroughoutthelifeofandpaidtosuchpersonashasaninsurableinterestinthe |
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| 70 | 70 | | 58lifeofthememberandasthemembershallhavenominatedinanelectionoftheoption,and |
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| 71 | 71 | | 59providedfurtherthatifthepersonsonominateddiesbeforetheretiredmember,theretirement |
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| 72 | 72 | | 60allowancewillbeincreasedtotheamounttheretiredmemberwouldbereceivinghadthe |
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| 73 | 73 | | 61memberelectedoption1;or |
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| 74 | 74 | | 62 Option4. |
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| 75 | 75 | | 63 Uponthedeathofthememberone-halfofthereducedretirementallowanceshallbe |
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| 76 | 76 | | 64continuedthroughoutthelifeof,andpaidto,suchpersonashasaninsurableinterestinthe |
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| 77 | 77 | | 65lifeofthememberandasthemembershallhavenominatedinanelectionoftheoption,and |
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| 78 | 78 | | 66providedfurtherthatifthepersonsonominateddiesbeforetheretiredmember,theretirement |
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| 79 | 79 | | 67allowanceshallbeincreasedtotheamounttheretiredmemberwouldbereceivinghadthe |
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| 80 | 80 | | 68memberelectedoption1;or |
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| 81 | 81 | | 69 Option5. |
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| 82 | 82 | | 70 Uponthedeathofthememberpriortothememberhavingreceivedonehundred |
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| 83 | 83 | | 71twentymonthlypaymentsofthemember'sreducedallowance,theremainderoftheone |
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| 84 | 84 | | 72hundredtwentymonthlypaymentsofthereducedallowanceshallbepaidtosuchbeneficiary |
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| 85 | 85 | | 73asthemembershallhavenominatedinthemember'selectionoftheoptionorinasubsequent |
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| 86 | 86 | | 74nomination.Ifthereisnobeneficiarysonominatedwhosurvivesthememberforthe |
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| 87 | 87 | | 75remainderoftheonehundredtwentymonthlypayments,thetotaloftheremainderofsuch |
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| 88 | 88 | | 76onehundredtwentymonthlypaymentsshallbepaidtothesurvivingspouse,surviving |
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| 89 | 89 | | 77childreninequalshares,survivingparentsinequalshares,orestateofthelastperson,inthat |
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| 90 | 90 | | 78orderofprecedence,toreceiveamonthlyallowanceinalumpsumpayment.Ifthetotalof |
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| 91 | 91 | | 79theonehundredtwentypaymentspaidtotheretiredindividualandthebeneficiaryofthe |
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| 92 | 92 | | 80retiredindividualislessthanthetotalofthemember'saccumulatedcontributions,the |
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| 93 | 93 | | 81differenceshallbepaidtothebeneficiaryinalumpsum;or |
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| 94 | 94 | | 82 Option6. |
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| 95 | 95 | | 83 Uponthedeathofthememberpriortothememberhavingreceivedsixtymonthly |
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| 96 | 96 | | 84paymentsofthemember'sreducedallowance,theremainderofthesixtymonthlypayments |
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| 97 | 97 | | 85ofthereducedallowanceshallbepaidtosuchbeneficiaryasthemembershallhave |
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| 98 | 98 | | 86nominatedinthemember'selectionoftheoptionorinasubsequentnomination.Ifthereisno |
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| 99 | 99 | | 87beneficiarysonominatedwhosurvivesthememberfortheremainderofthesixtymonthly |
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| 100 | 100 | | 88payments,thetotaloftheremainderofsuchsixtymonthlypaymentsshallbepaidtothe |
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| 101 | 101 | | 89survivingspouse,survivingchildreninequalshares,survivingparentsinequalshares,or |
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| 102 | 102 | | HB2430 3 90estateofthelastperson,inthatorderofprecedence,toreceiveamonthlyallowanceinalump |
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| 103 | 103 | | 91sumpayment.Ifthetotalofthesixtypaymentspaidtotheretiredindividualandthe |
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| 104 | 104 | | 92beneficiaryoftheretiredindividualislessthanthetotalofthemember'saccumulated |
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| 105 | 105 | | 93contributions,thedifferenceshallbepaidtothebeneficiaryinalumpsum. |
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| 106 | 106 | | 94 (2)Theelectionofanoptionmaybemadeonlyintheapplicationforretirementand |
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| 107 | 107 | | 95suchapplicationmustbefiledpriortothedateonwhichtheretirementofthememberistobe |
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| 108 | 108 | | 96effective.Ifeitherthememberorthepersonnominatedtoreceivethesurvivorshippayments |
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| 109 | 109 | | 97diesbeforetheeffectivedateofretirement,theoptionshallnotbeeffective,providedthat: |
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| 110 | 110 | | 98 (a)Ifthememberorapersonretiredondisabilityretirementdiesafteracquiring |
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| 111 | 111 | | 99twenty-fiveormoreyearsofcreditableserviceorafterattainingtheageoffifty-fiveyearsand |
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| 112 | 112 | | 100acquiringfiveormoreyearsofcreditableserviceandbeforeretirement,exceptretirement |
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| 113 | 113 | | 101withdisabilitybenefits,andthepersonnamedbythememberasthemember'sbeneficiaryhas |
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| 114 | 114 | | 102aninsurableinterestinthelifeofthedeceasedmember,thedesignatedbeneficiarymayelect |
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| 115 | 115 | | 103toreceiveeithersurvivorshipbenefitsunderoption2orapaymentoftheaccumulated |
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| 116 | 116 | | 104contributionsofthemember.Ifsurvivorshipbenefitsunderoption2areelectedandthe |
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| 117 | 117 | | 105memberatthetimeofdeathwouldhavebeeneligibletoreceiveanactuarialequivalentofthe |
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| 118 | 118 | | 106member'sretirementallowance,thedesignatedbeneficiarymayfurtherelecttodeferthe |
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| 119 | 119 | | 107option2paymentsuntilthedatethememberwouldhavebeeneligibletoreceivethe |
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| 120 | 120 | | 108retirementallowanceprovidedinsubsection1or2ofthissection; |
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| 121 | 121 | | 109 (b)Ifthememberorapersonretiredondisabilityretirementdiesbeforeattainingage |
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| 122 | 122 | | 110fifty-fivebutafteracquiringfivebutfewerthantwenty-fiveyearsofcreditableservice,and |
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| 123 | 123 | | 111thepersonnamedasthemember'sbeneficiaryhasaninsurableinterestinthelifeofthe |
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| 124 | 124 | | 112deceasedmember,thedesignatedbeneficiarymayelecttoreceiveeitherapaymentofthe |
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| 125 | 125 | | 113member'saccumulatedcontributions,orsurvivorshipbenefitsunderoption2tobeginonthe |
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| 126 | 126 | | 114datethememberwouldfirsthavebeeneligibletoreceiveanactuarialequivalentofthe |
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| 127 | 127 | | 115member'sretirementallowance,ortobeginonthedatethememberwouldfirsthavebeen |
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| 128 | 128 | | 116eligibletoreceivetheretirementallowanceprovidedinsubsection1or2ofthissection. |
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| 129 | 129 | | 117 4.Ifthetotaloftheretirementordisabilityallowancepaidtoanindividualbeforethe |
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| 130 | 130 | | 118deathoftheindividualislessthantheaccumulatedcontributionsatthetimeofretirement,the |
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| 131 | 131 | | 119differenceshallbepaidtothebeneficiaryoftheindividual,ortothesurvivingspouse, |
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| 132 | 132 | | 120survivingchildreninequalshares,survivingparentsinequalshares,orestateofthe |
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| 133 | 133 | | 121individualinthatorderofprecedence.Ifanoptionalbenefitasprovidedinoption2,3or4in |
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| 134 | 134 | | 122subsection3ofthissectionhadbeenelected,andthebeneficiarydiesafterreceivingthe |
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| 135 | 135 | | 123optionalbenefit,andifthetotalretirementallowancepaidtotheretiredindividualandthe |
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| 136 | 136 | | 124beneficiaryoftheretiredindividualislessthanthetotalofthecontributions,thedifference |
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| 137 | 137 | | 125shallbepaidtothesurvivingspouse,survivingchildreninequalshares,survivingparentsin |
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| 138 | 138 | | HB2430 4 126equalshares,orestateofthebeneficiary,inthatorderofprecedence,unlesstheretired |
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| 139 | 139 | | 127individualdesignatesadifferentrecipientwiththeboardatorafterretirement. |
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| 140 | 140 | | 128 5.Ifamemberdiesandhisorherfinancialinstitutionisunabletoacceptthefinal |
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| 141 | 141 | | 129paymentorpaymentsduetothemember,thefinalpaymentorpaymentsshallbepaidtothe |
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| 142 | 142 | | 130beneficiaryofthememberor,ifthereisnobeneficiary,tothesurvivingspouse,surviving |
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| 143 | 143 | | 131childreninequalshares,survivingparentsinequalshares,orestateofthemember,inthat |
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| 144 | 144 | | 132orderofprecedence,unlessotherwisestated.Ifthebeneficiaryofadeceasedmemberdies |
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| 145 | 145 | | 133andhisorherfinancialinstitutionisunabletoacceptthefinalpaymentorpayments,thefinal |
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| 146 | 146 | | 134paymentorpaymentsshallbepaidtothesurvivingspouse,survivingchildreninequalshares, |
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| 147 | 147 | | 135survivingparentsinequalshares,orestateofthemember,inthatorderofprecedence,unless |
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| 148 | 148 | | 136otherwisestated. |
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| 149 | 149 | | 137 6.Ifamemberdiesbeforereceivingaretirementallowance,themember's |
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| 150 | 150 | | 138accumulatedcontributionsatthetimeofthedeathofthemembershallbepaidtothe |
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| 151 | 151 | | 139beneficiaryofthememberor,ifthereisnobeneficiary,tothesurvivingspouse,surviving |
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| 152 | 152 | | 140childreninequalshares,survivingparentsinequalshares,ortotheestateofthemember,in |
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| 153 | 153 | | 141thatorderofprecedence;exceptthat,nosuchpaymentshallbemadeifthebeneficiaryelects |
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| 154 | 154 | | 142option2insubsection3ofthissection,unlessthebeneficiarydiesbeforehavingreceived |
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| 155 | 155 | | 143benefitspursuanttothatsubsectionequaltotheaccumulatedcontributionsofthemember,in |
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| 156 | 156 | | 144whichcasetheamountofaccumulatedcontributionsinexcessofthetotalbenefitspaid |
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| 157 | 157 | | 145pursuanttothatsubsectionshallbepaidtothesurvivingspouse,survivingchildreninequal |
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| 158 | 158 | | 146shares,survivingparentsinequalshares,orestateofthebeneficiary,inthatorderof |
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| 159 | 159 | | 147precedence. |
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| 160 | 160 | | 148 7.Ifamemberceasestobeapublicschoolemployeeashereindefinedandcertifies |
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| 161 | 161 | | 149totheboardoftrusteesthatsuchcessationispermanent,orifthemembershipofthepersonis |
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| 162 | 162 | | 150otherwiseterminated,themembershallbepaidthemember'saccumulatedcontributionswith |
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| 163 | 163 | | 151interest. |
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| 164 | 164 | | 152 8.Notwithstandinganyprovisionsofsections169.010to169.141tothecontrary,ifa |
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| 165 | 165 | | 153memberceasestobeapublicschoolemployeeafteracquiringfiveormoreyearsof |
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| 166 | 166 | | 154membershipserviceinMissouri,themembermayattheoptionofthememberleavethe |
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| 167 | 167 | | 155member'scontributionswiththeretirementsystemandclaimaretirementallowanceanytime |
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| 168 | 168 | | 156afterreachingtheminimumageforvoluntaryretirement.Whenthemember'sclaimis |
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| 169 | 169 | | 157presentedtotheboard,themembershallbegrantedanallowanceasprovidedinsections |
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| 170 | 170 | | 158169.010to169.141onthebasisofthemember'sage,yearsofservice,andtheprovisionsof |
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| 171 | 171 | | 159thelawineffectatthetimethememberrequeststhemember'sretirementtobecome |
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| 172 | 172 | | 160effective. |
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| 173 | 173 | | 161 9.Theretirementallowanceofamemberretiredbecauseofdisabilityshallbenine- |
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| 174 | 174 | | 162tenthsoftheallowancetowhichthemember'screditableservicewouldentitlethememberif |
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| 175 | 175 | | HB2430 5 163themember'sageweresixty,orfiftypercentofone-twelfthoftheannualsalaryrateusedin |
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| 176 | 176 | | 164determiningthemember'scontributionsduringthelastschoolyearforwhichthemember |
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| 177 | 177 | | 165receivedayearofcreditableserviceimmediatelypriortothemember'sdisability,whichever |
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| 178 | 178 | | 166isgreater,exceptthatnosuchallowanceshallexceedtheretirementallowancetowhichthe |
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| 179 | 179 | | 167memberwouldhavebeenentitleduponretirementatagesixtyifthememberhadcontinuedto |
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| 180 | 180 | | 168teachfromthedateofdisabilityuntilagesixtyatthesamesalaryrate. |
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| 181 | 181 | | 169 10.Notwithstandinganyprovisionsofsections169.010to169.141tothecontrary, |
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| 182 | 182 | | 170fromOctober13,1961,thecontributionratepursuanttosections169.010to169.141shallbe |
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| 183 | 183 | | 171multipliedbythefactoroftwo-thirdsforanymemberofthesystemforwhomfederalOld |
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| 184 | 184 | | 172AgeandSurvivorsInsurancetaxispaidfromstateorlocaltaxfundsonaccountofthe |
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| 185 | 185 | | 173member'semploymententitlingthepersontomembershipinthesystem.Themonetary |
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| 186 | 186 | | 174benefitsforamemberwhoelectednottoexerciseanoptiontopayintothesystema |
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| 187 | 187 | | 175retroactivecontributionoffourpercentonthatpartofthemember'sannualsalaryratewhich |
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| 188 | 188 | | 176wasinexcessoffourthousandeighthundreddollarsbutnotinexcessofeightthousandfour |
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| 189 | 189 | | 177hundreddollarsforeachyearofemploymentinapositioncoveredbythissystembetween |
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| 190 | 190 | | 178July1,1957,andJuly1,1961,asprovidedinsubsection10ofthissectionasitappearsin |
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| 191 | 191 | | 179RSMo,1969,shallbethesumof: |
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| 192 | 192 | | 180 (1)ForyearsofservicepriortoJuly1,1946,six-tenthsofthefullamountpayablefor |
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| 193 | 193 | | 181yearsofmembershipservice; |
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| 194 | 194 | | 182 (2)ForyearsofmembershipserviceafterJuly1,1946,inwhichthefullcontribution |
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| 195 | 195 | | 183ratewaspaid,fullbenefitsundertheformulaineffectatthetimeofthemember'sretirement; |
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| 196 | 196 | | 184 (3)ForyearsofmembershipserviceafterJuly1,1957,andpriortoJuly1,1961,the |
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| 197 | 197 | | 185benefitsprovidedinthissectionasitappearsinRSMo,1959;exceptthatifthememberhasat |
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| 198 | 198 | | 186leastthirtyyearsofcreditableserviceatretirementthemembershallreceivethebenefit |
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| 199 | 199 | | 187payablepursuanttothatsectionasthoughthemember'sageweresixty-fiveatretirement; |
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| 200 | 200 | | 188 (4)ForyearsofmembershipserviceafterJuly1,1961,inwhichthetwo-thirds |
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| 201 | 201 | | 189contributionratewaspaid,two-thirdsofthebenefitsundertheformulaineffectatthetimeof |
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| 202 | 202 | | 190themember'sretirement. |
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| 203 | 203 | | 191 11.ThemonetarybenefitsforeachothermemberforwhomfederalOldAgeand |
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| 204 | 204 | | 192SurvivorsInsurancetaxisorwaspaidatanytimefromstateorlocalfundsonaccountofthe |
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| 205 | 205 | | 193member'semploymententitlingthemembertomembershipinthesystemshallbethesumof: |
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| 206 | 206 | | 194 (1)ForyearsofservicepriortoJuly1,1946,six-tenthsofthefullamountpayablefor |
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| 207 | 207 | | 195yearsofmembershipservice; |
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| 208 | 208 | | 196 (2)ForyearsofmembershipserviceafterJuly1,1946,inwhichthefullcontribution |
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| 209 | 209 | | 197ratewaspaid,fullbenefitsundertheformulaineffectatthetimeofthemember'sretirement; |
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| 210 | 210 | | HB2430 6 198 (3)ForyearsofmembershipserviceafterJuly1,1957,inwhichthetwo-thirds |
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| 211 | 211 | | 199contributionratewaspaid,two-thirdsofthebenefitsundertheformulaineffectatthetimeof |
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| 212 | 212 | | 200themember'sretirement. |
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| 213 | 213 | | 201 12.AnyretiredmemberofthesystemwhowasretiredpriortoSeptember1,1972,or |
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| 214 | 214 | | 202beneficiaryreceivingpaymentsunderoption1oroption2ofsubsection3ofthissection,as |
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| 215 | 215 | | 203suchoptionexistedpriortoSeptember1,1972,willbeeligibletoreceiveanincreaseinthe |
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| 216 | 216 | | 204retirementallowanceofthememberoftwopercentforeachyear,ormajorfractionofmore |
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| 217 | 217 | | 205thanone-halfofayear,whichtheretiredmemberhasbeenretiredpriortoJuly1,1975.This |
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| 218 | 218 | | 206increasedamountshallbepayablecommencingwithJanuary,1976,andshallthereafterbe |
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| 219 | 219 | | 207referredtoasthemember'sretirementallowance.Theincreaseprovidedforinthis |
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| 220 | 220 | | 208subsectionshallnotaffecttheretiredmember'seligibilityforcompensationprovidedforin |
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| 221 | 221 | | 209section169.580or169.585,norshalltheamountbeingpaidpursuanttothesesectionsbe |
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| 222 | 222 | | 210reducedbecauseofanyincreasesprovidedforinthissection. |
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| 223 | 223 | | 211 13.Iftheboardoftrusteesdeterminesthatthecostofliving,asmeasuredby |
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| 224 | 224 | | 212generallyacceptedstandards,increasestwopercentormoreintheprecedingfiscalyear,the |
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| 225 | 225 | | 213boardshallincreasetheretirementallowanceswhichtheretiredmembersorbeneficiariesare |
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| 226 | 226 | | 214receivingbytwopercentoftheamountbeingreceivedbytheretiredmemberorthe |
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| 227 | 227 | | 215beneficiaryatthetimetheannualincreaseisgrantedbytheboardwiththeprovisionthatthe |
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| 228 | 228 | | 216increasesprovidedforinthissubsectionshallnotbecomeeffectiveuntilthefourthJanuary |
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| 229 | 229 | | 217firstfollowingthemember'sretirementorJanuary1,1977,whicheverlateroccurs,orinthe |
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| 230 | 230 | | 218caseofanymemberretiringonorafterJuly1,2000,theincreaseprovidedforinthis |
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| 231 | 231 | | 219subsectionshallnotbecomeeffectiveuntilthethirdJanuaryfirstfollowingthemember's |
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| 232 | 232 | | 220retirement,orinthecaseofanymemberretiringonorafterJuly1,2001,theincrease |
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| 233 | 233 | | 221providedforinthissubsectionshallnotbecomeeffectiveuntilthesecondJanuaryfirst |
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| 234 | 234 | | 222followingthemember'sretirement.CommencingwithJanuary1,1992,iftheboardof |
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| 235 | 235 | | 223trusteesdeterminesthatthecostoflivinghasincreasedfivepercentormoreinthepreceding |
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| 236 | 236 | | 224fiscalyear,theboardshallincreasetheretirementallowancesbyfivepercent.Thetotalofthe |
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| 237 | 237 | | 225increasesgrantedtoaretiredmemberorthebeneficiaryafterDecember31,1976,maynot |
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| 238 | 238 | | 226exceedeightypercentoftheretirementallowanceestablishedatretirementoraspreviously |
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| 239 | 239 | | 227adjustedbyothersubsections.Ifthecostoflivingincreaseslessthanfivepercent,theboard |
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| 240 | 240 | | 228oftrusteesmaydeterminethepercentageofincreasetobemadeinretirementallowances,but |
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| 241 | 241 | | 229atnotimecantheincreaseexceedfivepercentperyear.Ifthecostoflivingdecreasesina |
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| 242 | 242 | | 230fiscalyear,therewillbenoincreaseinallowancesforretiredmembersonthefollowing |
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| 243 | 243 | | 231Januaryfirst. |
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| 244 | 244 | | 232 14.Theboardoftrusteesmayreducetheamountswhichhavebeengrantedas |
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| 245 | 245 | | 233increasestoamemberpursuanttosubsection13ofthissectionifthecostofliving,as |
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| 246 | 246 | | 234determinedbytheboardandasmeasuredbygenerallyacceptedstandards,islessthanthe |
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| 247 | 247 | | HB2430 7 235costoflivingwasatthetimeofthefirstincreasegrantedtothemember;exceptthat,the |
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| 248 | 248 | | 236reductionsshallnotexceedtheamountofincreaseswhichhavebeenmadetothemember's |
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| 249 | 249 | | 237allowanceafterDecember31,1976. |
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| 250 | 250 | | 238 15.Anyapplicationforretirementshallincludeaswornstatementbythemember |
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| 251 | 251 | | 239certifyingthatthespouseofthememberatthetimetheapplicationwascompletedwasaware |
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| 252 | 252 | | 240oftheapplicationandtheplanofretirementelectedintheapplication. |
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| 253 | 253 | | 241 16.Notwithstandinganyotherprovisionoflaw,anypersonretiredpriortoSeptember |
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| 254 | 254 | | 24228,1983,whoisreceivingareducedretirementallowanceunderoption1oroption2of |
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| 255 | 255 | | 243subsection3ofthissection,assuchoptionexistedpriortoSeptember28,1983,andwhose |
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| 256 | 256 | | 244beneficiarynominatedtoreceivecontinuedretirementallowancepaymentsundertheelected |
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| 257 | 257 | | 245optiondiesorhasdied,shalluponapplicationtotheboardoftrusteeshavehisorher |
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| 258 | 258 | | 246retirementallowanceincreasedtotheamountheorshewouldhavebeenreceivinghadthe |
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| 259 | 259 | | 247optionnotbeenelected,actuariallyadjustedtorecognizeanyexcessivebenefitswhichwould |
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| 260 | 260 | | 248havebeenpaidtohimorheruptothetimeofapplication. |
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| 261 | 261 | | 249 17.Benefitspaidpursuanttotheprovisionsofthepublicschoolretirementsystemof |
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| 262 | 262 | | 250MissourishallnotexceedthelimitationsofSection415ofTitle26oftheUnitedStatesCode |
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| 263 | 263 | | 251exceptasprovidedpursuanttothissubsection.Notwithstandinganyotherlawtothe |
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| 264 | 264 | | 252contrary,theboardoftrusteesmayestablishabenefitplanpursuanttoSection415(m)ofTitle |
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| 265 | 265 | | 25326oftheUnitedStatesCode.Suchplanshallbecreatedsolelyforthepurposedescribedin |
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| 266 | 266 | | 254Section415(m)(3)(A)ofTitle26oftheUnitedStatesCode.Theboardoftrusteesmay |
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| 267 | 267 | | 255promulgateregulationsnecessarytoimplementtheprovisionsofthissubsectionandtocreate |
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| 268 | 268 | | 256andadministersuchbenefitplan. |
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| 269 | 269 | | 257 18.Notwithstandinganyotherprovisionoflawtothecontrary,anypersonretired |
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| 270 | 270 | | 258before,on,orafterMay26,1994,shallbemade,constituted,appointedandemployedbythe |
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| 271 | 271 | | 259boardasaspecialconsultantonthemattersofeducation,retirementandaging,andupon |
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| 272 | 272 | | 260requestshallgivewrittenororalopinionstotheboardinresponsetosuchrequests.As |
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| 273 | 273 | | 261compensationforsuchdutiesthepersonshallreceiveanamountbasedontheperson'syears |
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| 274 | 274 | | 262ofservicesothatthetotalamountreceivedpursuanttosections169.010to169.141shallbeat |
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| 275 | 275 | | 263leasttheminimumamountsspecifiedinsubdivisions(1)to(4)ofthissubsection.In |
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| 276 | 276 | | 264determiningtheminimumamounttobereceived,theamountsinsubdivisions(3)and(4)of |
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| 277 | 277 | | 265thissubsectionshallbeadjustedinaccordancewiththeactuarialadjustment,ifany,thatwas |
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| 278 | 278 | | 266appliedtotheperson'sretirementallowance.Indeterminingtheminimumamounttobe |
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| 279 | 279 | | 267received,beginningSeptember1,1996,theamountsinsubdivisions(1)and(2)ofthis |
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| 280 | 280 | | 268subsectionshallbeadjustedinaccordancewiththeactuarialadjustment,ifany,thatwas |
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| 281 | 281 | | 269appliedtotheperson'sretirementallowanceduetoelectionofanoptionalformofretirement |
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| 282 | 282 | | 270havingacontinuedmonthlypaymentaftertheperson'sdeath.Notwithstandinganyother |
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| 283 | 283 | | 271provisionoflawtothecontrary,nopersonretiredbefore,on,orafterMay26,1994,andno |
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| 284 | 284 | | HB2430 8 272beneficiaryofsuchaperson,shallreceivearetirementbenefitpursuanttosections169.010to |
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| 285 | 285 | | 273169.141basedontheperson'syearsofservicelessthanthefollowingamounts: |
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| 286 | 286 | | 274 (1)Thirtyormoreyearsofservice,onethousandtwohundreddollars; |
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| 287 | 287 | | 275 (2)Atleasttwenty-fiveyearsbutlessthanthirtyyears,onethousanddollars; |
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| 288 | 288 | | 276 (3)Atleasttwentyyearsbutlessthantwenty-fiveyears,eighthundreddollars; |
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| 289 | 289 | | 277 (4)Atleastfifteenyearsbutlessthantwentyyears,sixhundreddollars. |
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| 290 | 290 | | 278 19.Notwithstandinganyotherprovisionsoflawtothecontrary,anypersonretired |
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| 291 | 291 | | 279priortoMay26,1994,andanydesignatedbeneficiaryofsucharetiredmemberwhowas |
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| 292 | 292 | | 280deceasedpriortoJuly1,1999,shallbemade,constituted,appointedandemployedbythe |
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| 293 | 293 | | 281boardasaspecialconsultantonthemattersofeducation,retirementoragingandupon |
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| 294 | 294 | | 282requestshallgivewrittenororalopinionstotheboardinresponsetosuchrequests. |
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| 295 | 295 | | 283BeginningSeptember1,1996,ascompensationforsuchservice,themembershallhave |
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| 296 | 296 | | 284added,pursuanttothissubsection,tothemember'smonthlyannuityasprovidedbythis |
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| 297 | 297 | | 285sectionadollaramountequaltothelesserofsixtydollarsortheproductoftwodollars |
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| 298 | 298 | | 286multipliedbythemember'snumberofyearsofcreditableservice.BeginningSeptember1, |
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| 299 | 299 | | 2871999,thedesignatedbeneficiaryofthedeceasedmembershallascompensationforsuch |
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| 300 | 300 | | 288servicehaveadded,pursuanttothissubsection,tothemonthlyannuityasprovidedbythis |
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| 301 | 301 | | 289sectionadollaramountequaltothelesserofsixtydollarsortheproductoftwodollars |
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| 302 | 302 | | 290multipliedbythemember'snumberofyearsofcreditableservice.Thetotalcompensation |
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| 303 | 303 | | 291providedbythissectionincludingthecompensationprovidedbythissubsectionshallbeused |
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| 304 | 304 | | 292incalculatinganyfuturecost-of-livingadjustmentsprovidedbysubsection13ofthissection. |
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| 305 | 305 | | 293 20.AnymemberwhohasretiredpriortoJuly1,1998,andthedesignatedbeneficiary |
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| 306 | 306 | | 294ofadeceasedretiredmembershallbemade,constituted,appointedandemployedbythe |
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| 307 | 307 | | 295boardasaspecialconsultantonthemattersofeducation,retirementandaging,andupon |
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| 308 | 308 | | 296requestshallgivewrittenororalopinionstotheboardinresponsetosuchrequests.As |
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| 309 | 309 | | 297compensationforsuchdutiesthepersonshallreceiveapaymentequivalenttoeightand |
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| 310 | 310 | | 298seven-tenthspercentofthepreviousmonth'sbenefit,whichshallbeaddedtothemember'sor |
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| 311 | 311 | | 299beneficiary'smonthlyannuityandwhichshallnotbesubjecttotheprovisionsofsubsections |
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| 312 | 312 | | 30013and14ofthissectionforthepurposesofthelimitonthetotalamountofincreaseswhich |
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| 313 | 313 | | 301maybereceived. |
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| 314 | 314 | | 302 21.Anymemberwhohasretiredshallbemade,constituted,appointedandemployed |
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| 315 | 315 | | 303bytheboardasaspecialconsultantonthemattersofeducation,retirementandaging,and |
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| 316 | 316 | | 304uponrequestshallgivewrittenororalopinionstotheboardinresponsetosuchrequest.As |
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| 317 | 317 | | 305compensationforsuchduties,thebeneficiaryoftheretiredmember,or,ifthereisno |
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| 318 | 318 | | 306beneficiary,thesurvivingspouse,survivingchildreninequalshares,survivingparentsin |
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| 319 | 319 | | 307equalshares,orestateoftheretiredmember,inthatorderofprecedence,shallreceiveasa |
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| 320 | 320 | | 308partofcompensationforthesedutiesadeathbenefitoffivethousanddollars. |
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| 321 | 321 | | HB2430 9 309 22.AnymemberwhohasretiredpriortoJuly1,1999,andthedesignatedbeneficiary |
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| 322 | 322 | | 310ofaretiredmemberwhowasdeceasedpriortoJuly1,1999,shallbemade,constituted, |
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| 323 | 323 | | 311appointedandemployedbytheboardasaspecialconsultantonthemattersofeducation, |
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| 324 | 324 | | 312retirementandaging,anduponrequestshallgivewrittenororalopinionstotheboardin |
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| 325 | 325 | | 313responsetosuchrequests.Ascompensationforsuchduties,thepersonshallhaveadded, |
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| 326 | 326 | | 314pursuanttothissubsection,tothemonthlyannuityasprovidedbythissectionadollaramount |
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| 327 | 327 | | 315equaltofivedollarstimesthemember'snumberofyearsofcreditableservice. |
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| 328 | 328 | | 316 23.AnymemberwhohasretiredpriortoJuly1,2000,andthedesignatedbeneficiary |
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| 329 | 329 | | 317ofadeceasedretiredmembershallbemade,constituted,appointedandemployedbythe |
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| 330 | 330 | | 318boardasaspecialconsultantonthemattersofeducation,retirementandaging,andupon |
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| 331 | 331 | | 319requestshallgivewrittenororalopinionstotheboardinresponsetosuchrequests.As |
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| 332 | 332 | | 320compensationforsuchduties,thepersonshallreceiveapaymentequivalenttothreeandfive- |
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| 333 | 333 | | 321tenthspercentofthepreviousmonth'sbenefit,whichshallbeaddedtothememberor |
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| 334 | 334 | | 322beneficiary'smonthlyannuityandwhichshallnotbesubjecttotheprovisionsofsubsections |
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| 335 | 335 | | 32313and14ofthissectionforthepurposesofthelimitonthetotalamountofincreaseswhich |
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| 336 | 336 | | 324maybereceived. |
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| 337 | 337 | | 325 24.AnymemberwhohasretiredpriortoJuly1,2001,andthedesignatedbeneficiary |
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| 338 | 338 | | 326ofadeceasedretiredmembershallbemade,constituted,appointedandemployedbythe |
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| 339 | 339 | | 327boardasaspecialconsultantonthemattersofeducation,retirementandaging,andupon |
|---|
| 340 | 340 | | 328requestshallgivewrittenororalopinionstotheboardinresponsetosuchrequests.As |
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| 341 | 341 | | 329compensationforsuchduties,thepersonshallreceiveadollaramountequaltothreedollars |
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| 342 | 342 | | 330timesthemember'snumberofyearsofcreditableservice,whichshallbeaddedtothe |
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| 343 | 343 | | 331member'sorbeneficiary'smonthlyannuityandwhichshallnotbesubjecttotheprovisionsof |
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| 344 | 344 | | 332subsections13and14ofthissectionforthepurposesofthelimitonthetotalamountof |
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| 345 | 345 | | 333increaseswhichmaybereceived. |
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| 346 | 346 | | âś” |
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| 347 | 347 | | HB2430 10 |
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