| 1 | 1 | | FIRSTREGULARSESSION |
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| 2 | 2 | | HOUSEBILLNO.329 |
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| 3 | 3 | | 103RDGENERALASSEMBLY |
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| 4 | 4 | | INTRODUCEDBYREPRESENTATIVEHALEY. |
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| 5 | 5 | | 1346H.01I DANARADEMANMILLER,ChiefClerk |
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| 6 | 6 | | ANACT |
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| 7 | 7 | | Torepealsections169.070and169.670,RSMo,andtoenactinlieuthereoftwonewsections |
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| 8 | 8 | | relatingtolimitationsoncostoflivingincreasesonretirementallowancesforcertain |
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| 9 | 9 | | publicschoolemployees. |
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| 10 | 10 | | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: |
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| 11 | 11 | | SectionA.Sections169.070and169.670,RSMo,arerepealedandtwonewsections |
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| 12 | 12 | | 2enactedinlieuthereof,tobeknownassections169.070and169.670,toreadasfollows: |
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| 13 | 13 | | 169.070.1.Theretirementallowanceofamemberwhoseageatretirementissixty |
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| 14 | 14 | | 2yearsormoreandwhosecreditableserviceisfiveyearsormore,orwhosesumofageand |
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| 15 | 15 | | 3creditableserviceequalseightyyearsormore,orwhohasattainedagefifty-fiveandwhose |
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| 16 | 16 | | 4creditableserviceistwenty-fiveyearsormoreorwhosecreditableserviceisthirtyyearsor |
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| 17 | 17 | | 5moreregardlessofage,maybethesumofthefollowingitems,nottoexceedonehundred |
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| 18 | 18 | | 6percentofthemember'sfinalaveragesalary: |
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| 19 | 19 | | 7 (1)Twoandfive-tenthspercentofthemember'sfinalaveragesalaryforeachyearof |
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| 20 | 20 | | 8membershipservice; |
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| 21 | 21 | | 9 (2)Six-tenthsoftheamountpayableforayearofmembershipserviceforeachyear |
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| 22 | 22 | | 10ofpriorservicenotexceedingthirtyyears. |
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| 23 | 23 | | 11 |
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| 24 | 24 | | 12Inlieuoftheretirementallowanceotherwiseprovidedinsubdivisions(1)and(2)ofthis |
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| 25 | 25 | | 13subsection,amembermayelecttoreceivearetirementallowanceof: |
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| 26 | 26 | | 14 (3)Twoandfour-tenthspercentofthemember'sfinalaveragesalaryforeachyearof |
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| 27 | 27 | | 15membershipservice,ifthemember'screditableserviceistwenty-nineyearsormorebutless |
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| 28 | 28 | | 16thanthirtyyears,andthememberhasnotattainedagefifty-five; |
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| 29 | 29 | | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis |
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| 30 | 30 | | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 17 (4)Twoandthirty-five-hundredthspercentofthemember'sfinalaveragesalaryfor |
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| 31 | 31 | | 18eachyearofmembershipservice,ifthemember'screditableserviceistwenty-eightyearsor |
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| 32 | 32 | | 19morebutlessthantwenty-nineyears,andthememberhasnotattainedagefifty-five; |
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| 33 | 33 | | 20 (5)Twoandthree-tenthspercentofthemember'sfinalaveragesalaryforeachyearof |
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| 34 | 34 | | 21membershipservice,ifthemember'screditableserviceistwenty-sevenyearsormorebutless |
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| 35 | 35 | | 22thantwenty-eightyears,andthememberhasnotattainedagefifty-five; |
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| 36 | 36 | | 23 (6)Twoandtwenty-five-hundredthspercentofthemember'sfinalaveragesalaryfor |
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| 37 | 37 | | 24eachyearofmembershipservice,ifthemember'screditableserviceistwenty-sixyearsor |
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| 38 | 38 | | 25morebutlessthantwenty-sevenyears,andthememberhasnotattainedagefifty-five; |
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| 39 | 39 | | 26 (7)Twoandtwo-tenthspercentofthemember'sfinalaveragesalaryforeachyearof |
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| 40 | 40 | | 27membershipservice,ifthemember'screditableserviceistwenty-fiveyearsormorebutless |
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| 41 | 41 | | 28thantwenty-sixyears,andthememberhasnotattainedagefifty-five; |
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| 42 | 42 | | 29 (8)Twoandfifty-fivehundredthspercentofthemember'sfinalaveragesalaryfor |
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| 43 | 43 | | 30eachyearofmembershipservice,ifthemember'screditableserviceisthirty-twoyearsor |
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| 44 | 44 | | 31moreregardlessofage. |
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| 45 | 45 | | 32 2.Inlieuoftheretirementallowanceprovidedinsubsection1ofthissection,a |
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| 46 | 46 | | 33memberwhoseageissixtyyearsormoreonSeptember28,1975,mayelecttohavethe |
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| 47 | 47 | | 34member'sretirementallowancecalculatedasasumofthefollowingitems: |
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| 48 | 48 | | 35 (1)Sixtycentsplusoneandfive-tenthspercentofthemember'sfinalaveragesalary |
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| 49 | 49 | | 36foreachyearofmembershipservice; |
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| 50 | 50 | | 37 (2)Six-tenthsoftheamountpayableforayearofmembershipserviceforeachyear |
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| 51 | 51 | | 38ofpriorservicenotexceedingthirtyyears; |
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| 52 | 52 | | 39 (3)Three-fourthsofonepercentofthesumofsubdivisions(1)and(2)ofthis |
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| 53 | 53 | | 40subsectionforeachmonthofattainedageinexcessofsixtyyearsbutnotinexcessofage |
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| 54 | 54 | | 41sixty-five. |
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| 55 | 55 | | 42 3.(1)Inlieuoftheretirementallowanceprovidedeitherinsubsection1or2ofthis |
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| 56 | 56 | | 43section,collectivelycalled"option1",amemberwhosecreditableserviceistwenty-fiveyears |
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| 57 | 57 | | 44ormoreorwhohasattainedtheageoffifty-fivewithfiveormoreyearsofcreditableservice |
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| 58 | 58 | | 45mayelectinthemember'sapplicationforretirementtoreceivetheactuarialequivalentofthe |
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| 59 | 59 | | 46member'sretirementallowanceinreducedmonthlypaymentsforlifeduringretirementwith |
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| 60 | 60 | | 47theprovisionthat: |
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| 61 | 61 | | 48 Option2. |
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| 62 | 62 | | 49 Uponthemember'sdeaththereducedretirementallowanceshallbecontinued |
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| 63 | 63 | | 50throughoutthelifeofandpaidtosuchpersonashasaninsurableinterestinthelifeofthe |
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| 64 | 64 | | 51memberasthemembershallhavenominatedinthemember'selectionoftheoption,and |
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| 65 | 65 | | 52providedfurtherthatifthepersonsonominateddiesbeforetheretiredmember,theretirement |
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| 66 | 66 | | HB329 2 53allowancewillbeincreasedtotheamounttheretiredmemberwouldbereceivinghadthe |
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| 67 | 67 | | 54retiredmemberelectedoption1;or |
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| 68 | 68 | | 55 Option3. |
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| 69 | 69 | | 56 Uponthedeathofthememberthree-fourthsofthereducedretirementallowanceshall |
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| 70 | 70 | | 57becontinuedthroughoutthelifeofandpaidtosuchpersonashasaninsurableinterestinthe |
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| 71 | 71 | | 58lifeofthememberandasthemembershallhavenominatedinanelectionoftheoption,and |
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| 72 | 72 | | 59providedfurtherthatifthepersonsonominateddiesbeforetheretiredmember,theretirement |
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| 73 | 73 | | 60allowancewillbeincreasedtotheamounttheretiredmemberwouldbereceivinghadthe |
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| 74 | 74 | | 61memberelectedoption1;or |
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| 75 | 75 | | 62 Option4. |
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| 76 | 76 | | 63 Uponthedeathofthememberone-halfofthereducedretirementallowanceshallbe |
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| 77 | 77 | | 64continuedthroughoutthelifeof,andpaidto,suchpersonashasaninsurableinterestinthe |
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| 78 | 78 | | 65lifeofthememberandasthemembershallhavenominatedinanelectionoftheoption,and |
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| 79 | 79 | | 66providedfurtherthatifthepersonsonominateddiesbeforetheretiredmember,theretirement |
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| 80 | 80 | | 67allowanceshallbeincreasedtotheamounttheretiredmemberwouldbereceivinghadthe |
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| 81 | 81 | | 68memberelectedoption1;or |
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| 82 | 82 | | 69 Option5. |
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| 83 | 83 | | 70 Uponthedeathofthememberpriortothememberhavingreceivedonehundred |
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| 84 | 84 | | 71twentymonthlypaymentsofthemember'sreducedallowance,theremainderoftheone |
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| 85 | 85 | | 72hundredtwentymonthlypaymentsofthereducedallowanceshallbepaidtosuchbeneficiary |
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| 86 | 86 | | 73asthemembershallhavenominatedinthemember'selectionoftheoptionorinasubsequent |
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| 87 | 87 | | 74nomination.Ifthereisnobeneficiarysonominatedwhosurvivesthememberforthe |
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| 88 | 88 | | 75remainderoftheonehundredtwentymonthlypayments,thetotaloftheremainderofsuch |
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| 89 | 89 | | 76onehundredtwentymonthlypaymentsshallbepaidtothesurvivingspouse,surviving |
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| 90 | 90 | | 77childreninequalshares,survivingparentsinequalshares,orestateofthelastperson,inthat |
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| 91 | 91 | | 78orderofprecedence,toreceiveamonthlyallowanceinalumpsumpayment.Ifthetotalof |
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| 92 | 92 | | 79theonehundredtwentypaymentspaidtotheretiredindividualandthebeneficiaryofthe |
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| 93 | 93 | | 80retiredindividualislessthanthetotalofthemember'saccumulatedcontributions,the |
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| 94 | 94 | | 81differenceshallbepaidtothebeneficiaryinalumpsum;or |
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| 95 | 95 | | 82 Option6. |
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| 96 | 96 | | 83 Uponthedeathofthememberpriortothememberhavingreceivedsixtymonthly |
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| 97 | 97 | | 84paymentsofthemember'sreducedallowance,theremainderofthesixtymonthlypayments |
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| 98 | 98 | | 85ofthereducedallowanceshallbepaidtosuchbeneficiaryasthemembershallhave |
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| 99 | 99 | | 86nominatedinthemember'selectionoftheoptionorinasubsequentnomination.Ifthereisno |
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| 100 | 100 | | 87beneficiarysonominatedwhosurvivesthememberfortheremainderofthesixtymonthly |
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| 101 | 101 | | 88payments,thetotaloftheremainderofsuchsixtymonthlypaymentsshallbepaidtothe |
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| 102 | 102 | | 89survivingspouse,survivingchildreninequalshares,survivingparentsinequalshares,or |
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| 103 | 103 | | HB329 3 90estateofthelastperson,inthatorderofprecedence,toreceiveamonthlyallowanceinalump |
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| 104 | 104 | | 91sumpayment.Ifthetotalofthesixtypaymentspaidtotheretiredindividualandthe |
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| 105 | 105 | | 92beneficiaryoftheretiredindividualislessthanthetotalofthemember'saccumulated |
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| 106 | 106 | | 93contributions,thedifferenceshallbepaidtothebeneficiaryinalumpsum. |
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| 107 | 107 | | 94 (2)Theelectionofanoptionmaybemadeonlyintheapplicationforretirementand |
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| 108 | 108 | | 95suchapplicationmustbefiledpriortothedateonwhichtheretirementofthememberistobe |
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| 109 | 109 | | 96effective.Ifeitherthememberorthepersonnominatedtoreceivethesurvivorshippayments |
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| 110 | 110 | | 97diesbeforetheeffectivedateofretirement,theoptionshallnotbeeffective,providedthat: |
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| 111 | 111 | | 98 (a)Ifthememberorapersonretiredondisabilityretirementdiesafteracquiring |
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| 112 | 112 | | 99twenty-fiveormoreyearsofcreditableserviceorafterattainingtheageoffifty-fiveyearsand |
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| 113 | 113 | | 100acquiringfiveormoreyearsofcreditableserviceandbeforeretirement,exceptretirement |
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| 114 | 114 | | 101withdisabilitybenefits,andthepersonnamedbythememberasthemember'sbeneficiaryhas |
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| 115 | 115 | | 102aninsurableinterestinthelifeofthedeceasedmember,thedesignatedbeneficiarymayelect |
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| 116 | 116 | | 103toreceiveeithersurvivorshipbenefitsunderoption2orapaymentoftheaccumulated |
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| 117 | 117 | | 104contributionsofthemember.Ifsurvivorshipbenefitsunderoption2areelectedandthe |
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| 118 | 118 | | 105memberatthetimeofdeathwouldhavebeeneligibletoreceiveanactuarialequivalentofthe |
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| 119 | 119 | | 106member'sretirementallowance,thedesignatedbeneficiarymayfurtherelecttodeferthe |
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| 120 | 120 | | 107option2paymentsuntilthedatethememberwouldhavebeeneligibletoreceivethe |
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| 121 | 121 | | 108retirementallowanceprovidedinsubsection1or2ofthissection; |
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| 122 | 122 | | 109 (b)Ifthememberorapersonretiredondisabilityretirementdiesbeforeattainingage |
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| 123 | 123 | | 110fifty-fivebutafteracquiringfivebutfewerthantwenty-fiveyearsofcreditableservice,and |
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| 124 | 124 | | 111thepersonnamedasthemember'sbeneficiaryhasaninsurableinterestinthelifeofthe |
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| 125 | 125 | | 112deceasedmember,thedesignatedbeneficiarymayelecttoreceiveeitherapaymentofthe |
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| 126 | 126 | | 113member'saccumulatedcontributions,orsurvivorshipbenefitsunderoption2tobeginonthe |
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| 127 | 127 | | 114datethememberwouldfirsthavebeeneligibletoreceiveanactuarialequivalentofthe |
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| 128 | 128 | | 115member'sretirementallowance,ortobeginonthedatethememberwouldfirsthavebeen |
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| 129 | 129 | | 116eligibletoreceivetheretirementallowanceprovidedinsubsection1or2ofthissection. |
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| 130 | 130 | | 117 4.Ifthetotaloftheretirementordisabilityallowancepaidtoanindividualbeforethe |
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| 131 | 131 | | 118deathoftheindividualislessthantheaccumulatedcontributionsatthetimeofretirement,the |
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| 132 | 132 | | 119differenceshallbepaidtothebeneficiaryoftheindividual,ortothesurvivingspouse, |
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| 133 | 133 | | 120survivingchildreninequalshares,survivingparentsinequalshares,orestateofthe |
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| 134 | 134 | | 121individualinthatorderofprecedence.Ifanoptionalbenefitasprovidedinoption2,3or4in |
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| 135 | 135 | | 122subsection3ofthissectionhadbeenelected,andthebeneficiarydiesafterreceivingthe |
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| 136 | 136 | | 123optionalbenefit,andifthetotalretirementallowancepaidtotheretiredindividualandthe |
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| 137 | 137 | | 124beneficiaryoftheretiredindividualislessthanthetotalofthecontributions,thedifference |
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| 138 | 138 | | 125shallbepaidtothesurvivingspouse,survivingchildreninequalshares,survivingparentsin |
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| 139 | 139 | | HB329 4 126equalshares,orestateofthebeneficiary,inthatorderofprecedence,unlesstheretired |
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| 140 | 140 | | 127individualdesignatesadifferentrecipientwiththeboardatorafterretirement. |
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| 141 | 141 | | 128 5.Ifamemberdiesandhisorherfinancialinstitutionisunabletoacceptthefinal |
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| 142 | 142 | | 129paymentorpaymentsduetothemember,thefinalpaymentorpaymentsshallbepaidtothe |
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| 143 | 143 | | 130beneficiaryofthememberor,ifthereisnobeneficiary,tothesurvivingspouse,surviving |
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| 144 | 144 | | 131childreninequalshares,survivingparentsinequalshares,orestateofthemember,inthat |
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| 145 | 145 | | 132orderofprecedence,unlessotherwisestated.Ifthebeneficiaryofadeceasedmemberdies |
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| 146 | 146 | | 133andhisorherfinancialinstitutionisunabletoacceptthefinalpaymentorpayments,thefinal |
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| 147 | 147 | | 134paymentorpaymentsshallbepaidtothesurvivingspouse,survivingchildreninequalshares, |
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| 148 | 148 | | 135survivingparentsinequalshares,orestateofthemember,inthatorderofprecedence,unless |
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| 149 | 149 | | 136otherwisestated. |
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| 150 | 150 | | 137 6.Ifamemberdiesbeforereceivingaretirementallowance,themember's |
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| 151 | 151 | | 138accumulatedcontributionsatthetimeofthedeathofthemembershallbepaidtothe |
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| 152 | 152 | | 139beneficiaryofthememberor,ifthereisnobeneficiary,tothesurvivingspouse,surviving |
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| 153 | 153 | | 140childreninequalshares,survivingparentsinequalshares,ortotheestateofthemember,in |
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| 154 | 154 | | 141thatorderofprecedence;exceptthat,nosuchpaymentshallbemadeifthebeneficiaryelects |
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| 155 | 155 | | 142option2insubsection3ofthissection,unlessthebeneficiarydiesbeforehavingreceived |
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| 156 | 156 | | 143benefitspursuanttothatsubsectionequaltotheaccumulatedcontributionsofthemember,in |
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| 157 | 157 | | 144whichcasetheamountofaccumulatedcontributionsinexcessofthetotalbenefitspaid |
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| 158 | 158 | | 145pursuanttothatsubsectionshallbepaidtothesurvivingspouse,survivingchildreninequal |
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| 159 | 159 | | 146shares,survivingparentsinequalshares,orestateofthebeneficiary,inthatorderof |
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| 160 | 160 | | 147precedence. |
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| 161 | 161 | | 148 7.Ifamemberceasestobeapublicschoolemployeeashereindefinedandcertifies |
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| 162 | 162 | | 149totheboardoftrusteesthatsuchcessationispermanent,orifthemembershipofthepersonis |
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| 163 | 163 | | 150otherwiseterminated,themembershallbepaidthemember'saccumulatedcontributionswith |
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| 164 | 164 | | 151interest. |
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| 165 | 165 | | 152 8.Notwithstandinganyprovisionsofsections169.010to169.141tothecontrary,ifa |
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| 166 | 166 | | 153memberceasestobeapublicschoolemployeeafteracquiringfiveormoreyearsof |
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| 167 | 167 | | 154membershipserviceinMissouri,themembermayattheoptionofthememberleavethe |
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| 168 | 168 | | 155member'scontributionswiththeretirementsystemandclaimaretirementallowanceanytime |
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| 169 | 169 | | 156afterreachingtheminimumageforvoluntaryretirement.Whenthemember'sclaimis |
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| 170 | 170 | | 157presentedtotheboard,themembershallbegrantedanallowanceasprovidedinsections |
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| 171 | 171 | | 158169.010to169.141onthebasisofthemember'sage,yearsofservice,andtheprovisionsof |
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| 172 | 172 | | 159thelawineffectatthetimethememberrequeststhemember'sretirementtobecome |
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| 173 | 173 | | 160effective. |
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| 174 | 174 | | 161 9.Theretirementallowanceofamemberretiredbecauseofdisabilityshallbenine- |
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| 175 | 175 | | 162tenthsoftheallowancetowhichthemember'screditableservicewouldentitlethememberif |
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| 176 | 176 | | HB329 5 163themember'sageweresixty,orfiftypercentofone-twelfthoftheannualsalaryrateusedin |
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| 177 | 177 | | 164determiningthemember'scontributionsduringthelastschoolyearforwhichthemember |
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| 178 | 178 | | 165receivedayearofcreditableserviceimmediatelypriortothemember'sdisability,whichever |
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| 179 | 179 | | 166isgreater,exceptthatnosuchallowanceshallexceedtheretirementallowancetowhichthe |
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| 180 | 180 | | 167memberwouldhavebeenentitleduponretirementatagesixtyifthememberhadcontinuedto |
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| 181 | 181 | | 168teachfromthedateofdisabilityuntilagesixtyatthesamesalaryrate. |
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| 182 | 182 | | 169 10.Notwithstandinganyprovisionsofsections169.010to169.141tothecontrary, |
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| 183 | 183 | | 170fromOctober13,1961,thecontributionratepursuanttosections169.010to169.141shallbe |
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| 184 | 184 | | 171multipliedbythefactoroftwo-thirdsforanymemberofthesystemforwhomfederalOld |
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| 185 | 185 | | 172AgeandSurvivorsInsurancetaxispaidfromstateorlocaltaxfundsonaccountofthe |
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| 186 | 186 | | 173member'semploymententitlingthepersontomembershipinthesystem.Themonetary |
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| 187 | 187 | | 174benefitsforamemberwhoelectednottoexerciseanoptiontopayintothesystema |
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| 188 | 188 | | 175retroactivecontributionoffourpercentonthatpartofthemember'sannualsalaryratewhich |
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| 189 | 189 | | 176wasinexcessoffourthousandeighthundreddollarsbutnotinexcessofeightthousandfour |
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| 190 | 190 | | 177hundreddollarsforeachyearofemploymentinapositioncoveredbythissystembetween |
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| 191 | 191 | | 178July1,1957,andJuly1,1961,asprovidedinsubsection10ofthissectionasitappearsin |
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| 192 | 192 | | 179RSMo,1969,shallbethesumof: |
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| 193 | 193 | | 180 (1)ForyearsofservicepriortoJuly1,1946,six-tenthsofthefullamountpayablefor |
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| 194 | 194 | | 181yearsofmembershipservice; |
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| 195 | 195 | | 182 (2)ForyearsofmembershipserviceafterJuly1,1946,inwhichthefullcontribution |
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| 196 | 196 | | 183ratewaspaid,fullbenefitsundertheformulaineffectatthetimeofthemember'sretirement; |
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| 197 | 197 | | 184 (3)ForyearsofmembershipserviceafterJuly1,1957,andpriortoJuly1,1961,the |
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| 198 | 198 | | 185benefitsprovidedinthissectionasitappearsinRSMo,1959;exceptthatifthememberhasat |
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| 199 | 199 | | 186leastthirtyyearsofcreditableserviceatretirementthemembershallreceivethebenefit |
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| 200 | 200 | | 187payablepursuanttothatsectionasthoughthemember'sageweresixty-fiveatretirement; |
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| 201 | 201 | | 188 (4)ForyearsofmembershipserviceafterJuly1,1961,inwhichthetwo-thirds |
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| 202 | 202 | | 189contributionratewaspaid,two-thirdsofthebenefitsundertheformulaineffectatthetimeof |
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| 203 | 203 | | 190themember'sretirement. |
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| 204 | 204 | | 191 11.ThemonetarybenefitsforeachothermemberforwhomfederalOldAgeand |
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| 205 | 205 | | 192SurvivorsInsurancetaxisorwaspaidatanytimefromstateorlocalfundsonaccountofthe |
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| 206 | 206 | | 193member'semploymententitlingthemembertomembershipinthesystemshallbethesumof: |
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| 207 | 207 | | 194 (1)ForyearsofservicepriortoJuly1,1946,six-tenthsofthefullamountpayablefor |
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| 208 | 208 | | 195yearsofmembershipservice; |
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| 209 | 209 | | 196 (2)ForyearsofmembershipserviceafterJuly1,1946,inwhichthefullcontribution |
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| 210 | 210 | | 197ratewaspaid,fullbenefitsundertheformulaineffectatthetimeofthemember'sretirement; |
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| 211 | 211 | | HB329 6 198 (3)ForyearsofmembershipserviceafterJuly1,1957,inwhichthetwo-thirds |
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| 212 | 212 | | 199contributionratewaspaid,two-thirdsofthebenefitsundertheformulaineffectatthetimeof |
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| 213 | 213 | | 200themember'sretirement. |
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| 214 | 214 | | 201 12.AnyretiredmemberofthesystemwhowasretiredpriortoSeptember1,1972,or |
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| 215 | 215 | | 202beneficiaryreceivingpaymentsunderoption1oroption2ofsubsection3ofthissection,as |
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| 216 | 216 | | 203suchoptionexistedpriortoSeptember1,1972,willbeeligibletoreceiveanincreaseinthe |
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| 217 | 217 | | 204retirementallowanceofthememberoftwopercentforeachyear,ormajorfractionofmore |
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| 218 | 218 | | 205thanone-halfofayear,whichtheretiredmemberhasbeenretiredpriortoJuly1,1975.This |
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| 219 | 219 | | 206increasedamountshallbepayablecommencingwithJanuary,1976,andshallthereafterbe |
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| 220 | 220 | | 207referredtoasthemember'sretirementallowance.Theincreaseprovidedforinthis |
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| 221 | 221 | | 208subsectionshallnotaffecttheretiredmember'seligibilityforcompensationprovidedforin |
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| 222 | 222 | | 209section[169.580or]169.585,norshalltheamountbeingpaidpursuanttothesesectionsbe |
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| 223 | 223 | | 210reducedbecauseofanyincreasesprovidedforinthissection. |
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| 224 | 224 | | 211 13.(1)Iftheboardoftrusteesdeterminesthatthecostofliving,asmeasuredby |
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| 225 | 225 | | 212generallyacceptedstandards,increasestwopercentormoreintheprecedingfiscalyear,the |
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| 226 | 226 | | 213boardshallincreasetheretirementallowanceswhichtheretiredmembersorbeneficiariesare |
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| 227 | 227 | | 214receivingbytwopercentoftheamountbeingreceivedbytheretiredmemberorthe |
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| 228 | 228 | | 215beneficiaryatthetimetheannualincreaseisgrantedbytheboardwiththeprovisionthatthe |
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| 229 | 229 | | 216increasesprovidedforinthissubsectionshallnotbecomeeffectiveuntilthefourthJanuary |
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| 230 | 230 | | 217firstfollowingthemember'sretirementorJanuary1,1977,whicheverlateroccurs,orinthe |
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| 231 | 231 | | 218caseofanymemberretiringonorafterJuly1,2000,theincreaseprovidedforinthis |
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| 232 | 232 | | 219subsectionshallnotbecomeeffectiveuntilthethirdJanuaryfirstfollowingthemember's |
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| 233 | 233 | | 220retirement,orinthecaseofanymemberretiringonorafterJuly1,2001,theincrease |
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| 234 | 234 | | 221providedforinthissubsectionshallnotbecomeeffectiveuntilthesecondJanuaryfirst |
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| 235 | 235 | | 222followingthemember'sretirement.CommencingwithJanuary1,1992,iftheboardof |
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| 236 | 236 | | 223trusteesdeterminesthatthecostoflivinghasincreasedfivepercentormoreinthepreceding |
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| 237 | 237 | | 224fiscalyear,theboardshallincreasetheretirementallowancesbyfivepercent.Thetotalofthe |
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| 238 | 238 | | 225increasesgrantedtoaretiredmemberorthebeneficiaryafterDecember31,1976,maynot |
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| 239 | 239 | | 226exceedeightypercentoftheretirementallowanceestablishedatretirementoraspreviously |
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| 240 | 240 | | 227adjustedbyothersubsections. |
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| 241 | 241 | | 228 (2)Notwithstandinganyotherprovisionofthischaptertothecontrary,the |
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| 242 | 242 | | 229limitationonthetotaloftheincreasesgrantedtoaretiredmemberorbeneficiaryas |
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| 243 | 243 | | 230providedbysubdivision(1)ofthissubsectionshallbesubjecttoanannualincrease |
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| 244 | 244 | | 231approvedbytheboardoftrusteesbeginningonDecember31,2025,andoneach |
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| 245 | 245 | | 232Decemberthirty-firstthereafter,exceptthatsuchannualincreaseshallnotexceedone |
|---|
| 246 | 246 | | 233percentperyear.Anyincreasetothelimitationshalldependontheperformanceofthe |
|---|
| 247 | 247 | | 234system'sinvestments.Ifthesystem'sinvestmentsearntwopercentorgreaterreturnsin |
|---|
| 248 | 248 | | HB329 7 235excessoftheinvestmentreturnrateadoptedbytheboardoftrusteesintheimmediately |
|---|
| 249 | 249 | | 236priorfiscalyear,thenthepercentageoftheretirementallowanceforthetotalof |
|---|
| 250 | 250 | | 237increasesgrantedtoaretiredmemberorbeneficiaryshallbeincreasedbyonepercent. |
|---|
| 251 | 251 | | 238Theonepercentincreaseshallbeincorporatedinthecalculationapplicabletothe |
|---|
| 252 | 252 | | 239retirementallowancesinthecalendaryearthatimmediatelyfollowsthefiscalyearin |
|---|
| 253 | 253 | | 240whichthesystem'sinvestmentsmetorexceededbytwopercenttheinvestmentreturn |
|---|
| 254 | 254 | | 241rate.Thetotaloftheincreasesgrantedtoaretiredmemberorbeneficiaryshallnot |
|---|
| 255 | 255 | | 242exceedonehundredpercentoftheretirementallowanceestablishedatretirementoras |
|---|
| 256 | 256 | | 243previouslyadjustedbyothersections.Thepercentageoftheretirementallowancefor |
|---|
| 257 | 257 | | 244thetotalofincreasesgrantedtoaretiredmemberorbeneficiaryshallnotbedecreased. |
|---|
| 258 | 258 | | 245Anyreferencetothelimitationonthetotalofincreasesgrantedtoaretiredmemberor |
|---|
| 259 | 259 | | 246beneficiaryinanyothersectionofthischaptershallbeconstruedtobethepercentageof |
|---|
| 260 | 260 | | 247theretirementallowanceineffectasincreasedpursuanttothissubdivision,unlesssuch |
|---|
| 261 | 261 | | 248increasetothepercentageoftheretirementallowanceisotherwiseexpresslyexcluded. |
|---|
| 262 | 262 | | 249 (3)Ifthecostoflivingincreaseslessthanfivepercent,theboardoftrusteesmay |
|---|
| 263 | 263 | | 250determinethepercentageofincreasetobemadeinretirementallowances,butatnotimecan |
|---|
| 264 | 264 | | 251theincreaseexceedfivepercentperyear.Ifthecostoflivingdecreasesinafiscalyear,there |
|---|
| 265 | 265 | | 252willbenoincreaseinallowancesforretiredmembersonthefollowingJanuaryfirst. |
|---|
| 266 | 266 | | 253 14.Theboardoftrusteesmayreducetheamountswhichhavebeengrantedas |
|---|
| 267 | 267 | | 254increasestoamemberpursuanttosubsection13ofthissectionifthecostofliving,as |
|---|
| 268 | 268 | | 255determinedbytheboardandasmeasuredbygenerallyacceptedstandards,islessthanthe |
|---|
| 269 | 269 | | 256costoflivingwasatthetimeofthefirstincreasegrantedtothemember;exceptthat,the |
|---|
| 270 | 270 | | 257reductionsshallnotexceedtheamountofincreaseswhichhavebeenmadetothemember's |
|---|
| 271 | 271 | | 258allowanceafterDecember31,1976. |
|---|
| 272 | 272 | | 259 15.Anyapplicationforretirementshallincludeaswornstatementbythemember |
|---|
| 273 | 273 | | 260certifyingthatthespouseofthememberatthetimetheapplicationwascompletedwasaware |
|---|
| 274 | 274 | | 261oftheapplicationandtheplanofretirementelectedintheapplication. |
|---|
| 275 | 275 | | 262 16.Notwithstandinganyotherprovisionoflaw,anypersonretiredpriortoSeptember |
|---|
| 276 | 276 | | 26328,1983,whoisreceivingareducedretirementallowanceunderoption1oroption2of |
|---|
| 277 | 277 | | 264subsection3ofthissection,assuchoptionexistedpriortoSeptember28,1983,andwhose |
|---|
| 278 | 278 | | 265beneficiarynominatedtoreceivecontinuedretirementallowancepaymentsundertheelected |
|---|
| 279 | 279 | | 266optiondiesorhasdied,shalluponapplicationtotheboardoftrusteeshavehisorher |
|---|
| 280 | 280 | | 267retirementallowanceincreasedtotheamountheorshewouldhavebeenreceivinghadthe |
|---|
| 281 | 281 | | 268optionnotbeenelected,actuariallyadjustedtorecognizeanyexcessivebenefitswhichwould |
|---|
| 282 | 282 | | 269havebeenpaidtohimorheruptothetimeofapplication. |
|---|
| 283 | 283 | | 270 17.Benefitspaidpursuanttotheprovisionsofthepublicschoolretirementsystemof |
|---|
| 284 | 284 | | 271MissourishallnotexceedthelimitationsofSection415ofTitle26oftheUnitedStatesCode |
|---|
| 285 | 285 | | HB329 8 272exceptasprovidedpursuanttothissubsection.Notwithstandinganyotherlawtothe |
|---|
| 286 | 286 | | 273contrary,theboardoftrusteesmayestablishabenefitplanpursuanttoSection415(m)ofTitle |
|---|
| 287 | 287 | | 27426oftheUnitedStatesCode.Suchplanshallbecreatedsolelyforthepurposedescribedin |
|---|
| 288 | 288 | | 275Section415(m)(3)(A)ofTitle26oftheUnitedStatesCode.Theboardoftrusteesmay |
|---|
| 289 | 289 | | 276promulgateregulationsnecessarytoimplementtheprovisionsofthissubsectionandtocreate |
|---|
| 290 | 290 | | 277andadministersuchbenefitplan. |
|---|
| 291 | 291 | | 278 18.Notwithstandinganyotherprovisionoflawtothecontrary,anypersonretired |
|---|
| 292 | 292 | | 279before,on,orafterMay26,1994,shallbemade,constituted,appointedandemployedbythe |
|---|
| 293 | 293 | | 280boardasaspecialconsultantonthemattersofeducation,retirementandaging,andupon |
|---|
| 294 | 294 | | 281requestshallgivewrittenororalopinionstotheboardinresponsetosuchrequests.As |
|---|
| 295 | 295 | | 282compensationforsuchdutiesthepersonshallreceiveanamountbasedontheperson'syears |
|---|
| 296 | 296 | | 283ofservicesothatthetotalamountreceivedpursuanttosections169.010to169.141shallbeat |
|---|
| 297 | 297 | | 284leasttheminimumamountsspecifiedinsubdivisions(1)to(4)ofthissubsection.In |
|---|
| 298 | 298 | | 285determiningtheminimumamounttobereceived,theamountsinsubdivisions(3)and(4)of |
|---|
| 299 | 299 | | 286thissubsectionshallbeadjustedinaccordancewiththeactuarialadjustment,ifany,thatwas |
|---|
| 300 | 300 | | 287appliedtotheperson'sretirementallowance.Indeterminingtheminimumamounttobe |
|---|
| 301 | 301 | | 288received,beginningSeptember1,1996,theamountsinsubdivisions(1)and(2)ofthis |
|---|
| 302 | 302 | | 289subsectionshallbeadjustedinaccordancewiththeactuarialadjustment,ifany,thatwas |
|---|
| 303 | 303 | | 290appliedtotheperson'sretirementallowanceduetoelectionofanoptionalformofretirement |
|---|
| 304 | 304 | | 291havingacontinuedmonthlypaymentaftertheperson'sdeath.Notwithstandinganyother |
|---|
| 305 | 305 | | 292provisionoflawtothecontrary,nopersonretiredbefore,on,orafterMay26,1994,andno |
|---|
| 306 | 306 | | 293beneficiaryofsuchaperson,shallreceivearetirementbenefitpursuanttosections169.010to |
|---|
| 307 | 307 | | 294169.141basedontheperson'syearsofservicelessthanthefollowingamounts: |
|---|
| 308 | 308 | | 295 (1)Thirtyormoreyearsofservice,onethousandtwohundreddollars; |
|---|
| 309 | 309 | | 296 (2)Atleasttwenty-fiveyearsbutlessthanthirtyyears,onethousanddollars; |
|---|
| 310 | 310 | | 297 (3)Atleasttwentyyearsbutlessthantwenty-fiveyears,eighthundreddollars; |
|---|
| 311 | 311 | | 298 (4)Atleastfifteenyearsbutlessthantwentyyears,sixhundreddollars. |
|---|
| 312 | 312 | | 299 19.Notwithstandinganyotherprovisionsoflawtothecontrary,anypersonretired |
|---|
| 313 | 313 | | 300priortoMay26,1994,andanydesignatedbeneficiaryofsucharetiredmemberwhowas |
|---|
| 314 | 314 | | 301deceasedpriortoJuly1,1999,shallbemade,constituted,appointedandemployedbythe |
|---|
| 315 | 315 | | 302boardasaspecialconsultantonthemattersofeducation,retirementoragingandupon |
|---|
| 316 | 316 | | 303requestshallgivewrittenororalopinionstotheboardinresponsetosuchrequests. |
|---|
| 317 | 317 | | 304BeginningSeptember1,1996,ascompensationforsuchservice,themembershallhave |
|---|
| 318 | 318 | | 305added,pursuanttothissubsection,tothemember'smonthlyannuityasprovidedbythis |
|---|
| 319 | 319 | | 306sectionadollaramountequaltothelesserofsixtydollarsortheproductoftwodollars |
|---|
| 320 | 320 | | 307multipliedbythemember'snumberofyearsofcreditableservice.BeginningSeptember1, |
|---|
| 321 | 321 | | 3081999,thedesignatedbeneficiaryofthedeceasedmembershallascompensationforsuch |
|---|
| 322 | 322 | | HB329 9 309servicehaveadded,pursuanttothissubsection,tothemonthlyannuityasprovidedbythis |
|---|
| 323 | 323 | | 310sectionadollaramountequaltothelesserofsixtydollarsortheproductoftwodollars |
|---|
| 324 | 324 | | 311multipliedbythemember'snumberofyearsofcreditableservice.Thetotalcompensation |
|---|
| 325 | 325 | | 312providedbythissectionincludingthecompensationprovidedbythissubsectionshallbeused |
|---|
| 326 | 326 | | 313incalculatinganyfuturecost-of-livingadjustmentsprovidedbysubsection13ofthissection. |
|---|
| 327 | 327 | | 314 20.AnymemberwhohasretiredpriortoJuly1,1998,andthedesignatedbeneficiary |
|---|
| 328 | 328 | | 315ofadeceasedretiredmembershallbemade,constituted,appointedandemployedbythe |
|---|
| 329 | 329 | | 316boardasaspecialconsultantonthemattersofeducation,retirementandaging,andupon |
|---|
| 330 | 330 | | 317requestshallgivewrittenororalopinionstotheboardinresponsetosuchrequests.As |
|---|
| 331 | 331 | | 318compensationforsuchdutiesthepersonshallreceiveapaymentequivalenttoeightand |
|---|
| 332 | 332 | | 319seven-tenthspercentofthepreviousmonth'sbenefit,whichshallbeaddedtothemember'sor |
|---|
| 333 | 333 | | 320beneficiary'smonthlyannuityandwhichshallnotbesubjecttotheprovisionsofsubsections |
|---|
| 334 | 334 | | 32113and14ofthissectionforthepurposesofthelimitonthetotalamountofincreaseswhich |
|---|
| 335 | 335 | | 322maybereceived. |
|---|
| 336 | 336 | | 323 21.Anymemberwhohasretiredshallbemade,constituted,appointedandemployed |
|---|
| 337 | 337 | | 324bytheboardasaspecialconsultantonthemattersofeducation,retirementandaging,and |
|---|
| 338 | 338 | | 325uponrequestshallgivewrittenororalopinionstotheboardinresponsetosuchrequest.As |
|---|
| 339 | 339 | | 326compensationforsuchduties,thebeneficiaryoftheretiredmember,or,ifthereisno |
|---|
| 340 | 340 | | 327beneficiary,thesurvivingspouse,survivingchildreninequalshares,survivingparentsin |
|---|
| 341 | 341 | | 328equalshares,orestateoftheretiredmember,inthatorderofprecedence,shallreceiveasa |
|---|
| 342 | 342 | | 329partofcompensationforthesedutiesadeathbenefitoffivethousanddollars. |
|---|
| 343 | 343 | | 330 22.AnymemberwhohasretiredpriortoJuly1,1999,andthedesignatedbeneficiary |
|---|
| 344 | 344 | | 331ofaretiredmemberwhowasdeceasedpriortoJuly1,1999,shallbemade,constituted, |
|---|
| 345 | 345 | | 332appointedandemployedbytheboardasaspecialconsultantonthemattersofeducation, |
|---|
| 346 | 346 | | 333retirementandaging,anduponrequestshallgivewrittenororalopinionstotheboardin |
|---|
| 347 | 347 | | 334responsetosuchrequests.Ascompensationforsuchduties,thepersonshallhaveadded, |
|---|
| 348 | 348 | | 335pursuanttothissubsection,tothemonthlyannuityasprovidedbythissectionadollaramount |
|---|
| 349 | 349 | | 336equaltofivedollarstimesthemember'snumberofyearsofcreditableservice. |
|---|
| 350 | 350 | | 337 23.AnymemberwhohasretiredpriortoJuly1,2000,andthedesignatedbeneficiary |
|---|
| 351 | 351 | | 338ofadeceasedretiredmembershallbemade,constituted,appointedandemployedbythe |
|---|
| 352 | 352 | | 339boardasaspecialconsultantonthemattersofeducation,retirementandaging,andupon |
|---|
| 353 | 353 | | 340requestshallgivewrittenororalopinionstotheboardinresponsetosuchrequests.As |
|---|
| 354 | 354 | | 341compensationforsuchduties,thepersonshallreceiveapaymentequivalenttothreeandfive- |
|---|
| 355 | 355 | | 342tenthspercentofthepreviousmonth'sbenefit,whichshallbeaddedtothememberor |
|---|
| 356 | 356 | | 343beneficiary'smonthlyannuityandwhichshallnotbesubjecttotheprovisionsofsubsections |
|---|
| 357 | 357 | | 34413and14ofthissectionforthepurposesofthelimitonthetotalamountofincreaseswhich |
|---|
| 358 | 358 | | 345maybereceived. |
|---|
| 359 | 359 | | HB329 10 346 24.AnymemberwhohasretiredpriortoJuly1,2001,andthedesignatedbeneficiary |
|---|
| 360 | 360 | | 347ofadeceasedretiredmembershallbemade,constituted,appointedandemployedbythe |
|---|
| 361 | 361 | | 348boardasaspecialconsultantonthemattersofeducation,retirementandaging,andupon |
|---|
| 362 | 362 | | 349requestshallgivewrittenororalopinionstotheboardinresponsetosuchrequests.As |
|---|
| 363 | 363 | | 350compensationforsuchduties,thepersonshallreceiveadollaramountequaltothreedollars |
|---|
| 364 | 364 | | 351timesthemember'snumberofyearsofcreditableservice,whichshallbeaddedtothe |
|---|
| 365 | 365 | | 352member'sorbeneficiary'smonthlyannuityandwhichshallnotbesubjecttotheprovisionsof |
|---|
| 366 | 366 | | 353subsections13and14ofthissectionforthepurposesofthelimitonthetotalamountof |
|---|
| 367 | 367 | | 354increaseswhichmaybereceived. |
|---|
| 368 | 368 | | 169.670.1.Theretirementallowanceofamemberwhoseageatretirementissixty |
|---|
| 369 | 369 | | 2yearsormoreandwhosecreditableserviceisfiveyearsormore,orwhosesumofageand |
|---|
| 370 | 370 | | 3creditableserviceequalseightyyearsormore,orwhosecreditableserviceisthirtyyearsor |
|---|
| 371 | 371 | | 4moreregardlessofage,shallbethesumofthefollowingitems: |
|---|
| 372 | 372 | | 5 (1)Foreachyearofmembershipservice,oneandsixty-onehundredthspercentofthe |
|---|
| 373 | 373 | | 6member'sfinalaveragesalary; |
|---|
| 374 | 374 | | 7 (2)Six-tenthsoftheamountpayableforayearofmembershipserviceforeachyear |
|---|
| 375 | 375 | | 8ofpriorservice; |
|---|
| 376 | 376 | | 9 (3)Eighty-fiveone-hundredthsofonepercentofanyamountbywhichthemember's |
|---|
| 377 | 377 | | 10averagecompensationforservicesrenderedpriortoJuly1,1973,exceedstheaverage |
|---|
| 378 | 378 | | 11monthlycompensationonwhichfederalSocialSecuritytaxeswerepaidduringtheperiod |
|---|
| 379 | 379 | | 12overwhichsuchaveragecompensationwascomputed,foreachyearofmembershipservice |
|---|
| 380 | 380 | | 13creditforservicesrenderedpriortoJuly1,1973,plussix-tenthsoftheamountpayablefora |
|---|
| 381 | 381 | | 14yearofmembershipserviceforeachyearofpriorservicecredit; |
|---|
| 382 | 382 | | 15 (4)Inlieuoftheretirementallowanceotherwiseprovidedbysubdivisions(1)to(3) |
|---|
| 383 | 383 | | 16ofthissubsection,amembermayelecttoreceivearetirementallowanceof: |
|---|
| 384 | 384 | | 17 (a)Oneandfifty-ninehundredthspercentofthemember'sfinalaveragesalaryfor |
|---|
| 385 | 385 | | 18eachyearofmembershipservice,ifthemember'screditableserviceistwenty-nineyearsor |
|---|
| 386 | 386 | | 19morebutlessthanthirtyyearsandthememberhasnotattainedtheageoffifty-five; |
|---|
| 387 | 387 | | 20 (b)Oneandfifty-sevenhundredthspercentofthemember'sfinalaveragesalaryfor |
|---|
| 388 | 388 | | 21eachyearofmembershipservice,ifthemember'screditableserviceistwenty-eightyearsor |
|---|
| 389 | 389 | | 22morebutlessthantwenty-nineyears,andthememberhasnotattainedtheageoffifty-five; |
|---|
| 390 | 390 | | 23 (c)Oneandfifty-fivehundredthspercentofthemember'sfinalaveragesalaryfor |
|---|
| 391 | 391 | | 24eachyearofmembershipservice,ifthemember'screditableserviceistwenty-sevenyearsor |
|---|
| 392 | 392 | | 25morebutlessthantwenty-eightyearsandthememberhasnotattainedtheageoffifty-five; |
|---|
| 393 | 393 | | 26 (d)Oneandfifty-threehundredthspercentofthemember'sfinalaveragesalaryfor |
|---|
| 394 | 394 | | 27eachyearofmembershipservice,ifthemember'screditableserviceistwenty-sixyearsor |
|---|
| 395 | 395 | | 28morebutlessthantwenty-sevenyearsandthememberhasnotattainedtheageoffifty-five; |
|---|
| 396 | 396 | | HB329 11 29 (e)Oneandfifty-onehundredthspercentofthemember'sfinalaveragesalaryfor |
|---|
| 397 | 397 | | 30eachyearofmembershipservice,ifthemember'screditableserviceistwenty-fiveyearsor |
|---|
| 398 | 398 | | 31morebutlessthantwenty-sixyearsandthememberhasnotattainedtheageoffifty-five;and |
|---|
| 399 | 399 | | 32 (5)Inadditiontotheretirementallowanceprovidedinsubdivisions(1)to(3)ofthis |
|---|
| 400 | 400 | | 33subsection,amemberretiringonorafterJuly1,2001,whosecreditableserviceisthirtyyears |
|---|
| 401 | 401 | | 34ormoreorwhosesumofageandcreditableserviceiseightyyearsormore,shallreceivea |
|---|
| 402 | 402 | | 35temporaryretirementallowanceequivalenttoeight-tenthsofonepercentofthemember's |
|---|
| 403 | 403 | | 36finalaveragesalarymultipliedbythemember'syearsofserviceuntilsuchtimeasthe |
|---|
| 404 | 404 | | 37memberreachestheminimumageforSocialSecurityretirementbenefits. |
|---|
| 405 | 405 | | 38 2.(1)Iftheboardoftrusteesdeterminesthatthecostofliving,asmeasuredby |
|---|
| 406 | 406 | | 39generallyacceptedstandards,increasesfivepercentormoreintheprecedingfiscalyear,the |
|---|
| 407 | 407 | | 40boardshallincreasetheretirementallowanceswhichtheretiredmembersorbeneficiariesare |
|---|
| 408 | 408 | | 41receivingbyfivepercentoftheamountbeingreceivedbytheretiredmemberorthe |
|---|
| 409 | 409 | | 42beneficiaryatthetimetheannualincreaseisgrantedbytheboard;providedthat,theincrease |
|---|
| 410 | 410 | | 43providedinthissubsectionshallnotbecomeeffectiveuntilthefourthJanuaryfirstfollowing |
|---|
| 411 | 411 | | 44amember'sretirementorJanuary1,1982,whicheveroccurslater,andthetotalofthe |
|---|
| 412 | 412 | | 45increasesgrantedtoaretiredmemberorthebeneficiaryafterDecember31,1981,maynot |
|---|
| 413 | 413 | | 46exceedeightypercentoftheretirementallowanceestablishedatretirementoraspreviously |
|---|
| 414 | 414 | | 47adjustedbyotherprovisionsoflaw. |
|---|
| 415 | 415 | | 48 (2)Notwithstandinganyotherprovisionofthischaptertothecontrary,the |
|---|
| 416 | 416 | | 49limitationonthetotaloftheincreasesgrantedtoaretiredmemberorbeneficiaryas |
|---|
| 417 | 417 | | 50providedbysubdivision(1)ofthissubsectionshallbesubjecttoanannualincrease |
|---|
| 418 | 418 | | 51approvedbytheboardoftrusteesbeginningonDecember31,2025,andoneach |
|---|
| 419 | 419 | | 52Decemberthirty-firstthereafter,exceptthatsuchannualincreaseshallnotexceedone |
|---|
| 420 | 420 | | 53percentperyear.Anyincreasetothelimitationshalldependontheperformanceofthe |
|---|
| 421 | 421 | | 54system'sinvestments.Ifthesystem'sinvestmentsearntwopercentorgreaterreturnsin |
|---|
| 422 | 422 | | 55excessoftheinvestmentreturnrateadoptedbytheboardoftrusteesintheimmediately |
|---|
| 423 | 423 | | 56priorfiscalyear,thenthepercentageoftheretirementallowanceforthetotalof |
|---|
| 424 | 424 | | 57increasesgrantedtoaretiredmemberorbeneficiaryshallbeincreasedbyonepercent. |
|---|
| 425 | 425 | | 58Theonepercentincreaseshallbeincorporatedinthecalculationapplicabletothe |
|---|
| 426 | 426 | | 59retirementallowancesinthecalendaryearthatimmediatelyfollowsthefiscalyearin |
|---|
| 427 | 427 | | 60whichthesystem'sinvestmentsmetorexceededbytwopercenttheinvestmentreturn |
|---|
| 428 | 428 | | 61rate.Thetotaloftheincreasesgrantedtoaretiredmemberorbeneficiaryshallnot |
|---|
| 429 | 429 | | 62exceedonehundredpercentoftheretirementallowanceestablishedatretirementoras |
|---|
| 430 | 430 | | 63previouslyadjustedbyothersections.Thepercentageoftheretirementallowancefor |
|---|
| 431 | 431 | | 64thetotalofincreasesgrantedtoaretiredmemberorbeneficiaryshallnotbedecreased. |
|---|
| 432 | 432 | | 65Anyreferencetothelimitationonthetotalofincreasesgrantedtoaretiredmemberor |
|---|
| 433 | 433 | | HB329 12 66beneficiaryinanyothersectionofthischaptershallbeconstruedtobethepercentageof |
|---|
| 434 | 434 | | 67theretirementallowanceineffectasincreasedpursuanttothissubdivision,unlesssuch |
|---|
| 435 | 435 | | 68increasetothepercentageoftheretirementallowanceisotherwiseexpresslyexcluded. |
|---|
| 436 | 436 | | 69 (3)Ifthecostoflivingincreaseslessthanfivepercent,theboardoftrusteesmay |
|---|
| 437 | 437 | | 70determinethepercentageofincreasetobemadeinretirementallowances,butatnotimecan |
|---|
| 438 | 438 | | 71theincreaseexceedfivepercentperyear.Ifthecostoflivingdecreasesinafiscalyear,there |
|---|
| 439 | 439 | | 72willbenoincreaseinallowancesforretiredmembersonthefollowingJanuaryfirst. |
|---|
| 440 | 440 | | 73 3.Theboardoftrusteesmayreducetheamountswhichhavebeengrantedas |
|---|
| 441 | 441 | | 74increasestoamemberpursuanttosubsection2ofthissectionifthecostofliving,as |
|---|
| 442 | 442 | | 75determinedbytheboardandasmeasuredbygenerallyacceptedstandards,islessthanthe |
|---|
| 443 | 443 | | 76costoflivingwasatthetimeofthefirstincreasegrantedtothemember;providedthat,the |
|---|
| 444 | 444 | | 77reductionsshallnotexceedtheamountofincreaseswhichhavebeenmadetothemember's |
|---|
| 445 | 445 | | 78allowanceafterDecember31,1981. |
|---|
| 446 | 446 | | 79 4.(1)Inlieuoftheretirementallowanceprovidedinsubsection1ofthissection, |
|---|
| 447 | 447 | | 80calledoption1,amemberwhosecreditableserviceistwenty-fiveyearsormoreorwhohas |
|---|
| 448 | 448 | | 81attainedagefifty-fivewithfiveormoreyearsofcreditableservicemayelect,inthe |
|---|
| 449 | 449 | | 82applicationforretirement,toreceivetheactuarialequivalentofthemember'sretirement |
|---|
| 450 | 450 | | 83allowanceinreducedmonthlypaymentsforlifeduringretirementwiththeprovisionthat: |
|---|
| 451 | 451 | | 84 Option2. |
|---|
| 452 | 452 | | 85 Uponthemember'sdeath,thereducedretirementallowanceshallbecontinued |
|---|
| 453 | 453 | | 86throughoutthelifeofandpaidtosuchpersonashasaninsurableinterestinthelifeofthe |
|---|
| 454 | 454 | | 87memberasthemembershallhavenominatedinthemember'selectionoftheoption,and |
|---|
| 455 | 455 | | 88providedfurtherthatifthepersonsonominateddiesbeforetheretiredmember,theretirement |
|---|
| 456 | 456 | | 89allowancewillbeincreasedtotheamounttheretiredmemberwouldbereceivinghadthe |
|---|
| 457 | 457 | | 90memberelectedoption1;or |
|---|
| 458 | 458 | | 91 Option3. |
|---|
| 459 | 459 | | 92 Uponthedeathofthememberthree-fourthsofthereducedretirementallowanceshall |
|---|
| 460 | 460 | | 93becontinuedthroughoutthelifeofandpaidtosuchpersonashasaninsurableinterestinthe |
|---|
| 461 | 461 | | 94lifeofthememberandasthemembershallhavenominatedinanelectionoftheoption,and |
|---|
| 462 | 462 | | 95providedfurtherthatifthepersonsonominateddiesbeforetheretiredmember,theretirement |
|---|
| 463 | 463 | | 96allowancewillbeincreasedtotheamounttheretiredmemberwouldbereceivinghadthe |
|---|
| 464 | 464 | | 97memberelectedoption1;or |
|---|
| 465 | 465 | | 98 Option4. |
|---|
| 466 | 466 | | 99 Uponthedeathofthememberone-halfofthereducedretirementallowanceshallbe |
|---|
| 467 | 467 | | 100continuedthroughoutthelifeof,andpaidto,suchpersonashasaninsurableinterestinthe |
|---|
| 468 | 468 | | 101lifeofthememberandasthemembershallhavenominatedinanelectionoftheoption,and |
|---|
| 469 | 469 | | 102providedfurtherthatifthepersonsonominateddiesbeforetheretiredmember,theretirement |
|---|
| 470 | 470 | | HB329 13 103allowanceshallbeincreasedtotheamounttheretiredmemberwouldbereceivinghadthe |
|---|
| 471 | 471 | | 104memberelectedoption1;or |
|---|
| 472 | 472 | | 105 Option5. |
|---|
| 473 | 473 | | 106 Uponthedeathofthememberpriortothememberhavingreceivedonehundred |
|---|
| 474 | 474 | | 107twentymonthlypaymentsofthemember'sreducedallowance,theremainderoftheone |
|---|
| 475 | 475 | | 108hundredtwentymonthlypaymentsofthereducedallowanceshallbepaidtosuchbeneficiary |
|---|
| 476 | 476 | | 109asthemembershallhavenominatedinthemember'selectionoftheoptionorinasubsequent |
|---|
| 477 | 477 | | 110nomination.Ifthereisnobeneficiarysonominatedwhosurvivesthememberforthe |
|---|
| 478 | 478 | | 111remainderoftheonehundredtwentymonthlypayments,thereservefortheremainderofsuch |
|---|
| 479 | 479 | | 112onehundredtwentymonthlypaymentsshallbepaidtothesurvivingspouse,surviving |
|---|
| 480 | 480 | | 113childreninequalshares,survivingparentsinequalshares,orestateofthelastperson,inthat |
|---|
| 481 | 481 | | 114orderofprecedence,toreceiveamonthlyallowanceinalumpsumpayment.Ifthetotalof |
|---|
| 482 | 482 | | 115theonehundredtwentypaymentspaidtotheretiredindividualandthebeneficiaryofthe |
|---|
| 483 | 483 | | 116retiredindividualislessthanthetotalofthemember'saccumulatedcontributions,the |
|---|
| 484 | 484 | | 117differenceshallbepaidtothebeneficiaryinalumpsum;or |
|---|
| 485 | 485 | | 118 Option6. |
|---|
| 486 | 486 | | 119 Uponthedeathofthememberpriortothememberhavingreceivedsixtymonthly |
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| 487 | 487 | | 120paymentsofthemember'sreducedallowance,theremainderofthesixtymonthlypayments |
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| 488 | 488 | | 121ofthereducedallowanceshallbepaidtosuchbeneficiaryasthemembershallhave |
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| 489 | 489 | | 122nominatedinthemember'selectionoftheoptionorinasubsequentnomination.Ifthereisno |
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| 490 | 490 | | 123beneficiarysonominatedwhosurvivesthememberfortheremainderofthesixtymonthly |
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| 491 | 491 | | 124payments,thereservefortheremainderofsuchsixtymonthlypaymentsshallbepaidtothe |
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| 492 | 492 | | 125survivingspouse,survivingchildreninequalshares,survivingparentsinequalshares,or |
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| 493 | 493 | | 126estateofthelastperson,inthatorderofprecedence,toreceiveamonthlyallowanceinalump |
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| 494 | 494 | | 127sumpayment.Ifthetotalofthesixtypaymentspaidtotheretiredindividualandthe |
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| 495 | 495 | | 128beneficiaryoftheretiredindividualislessthanthetotalofthemember'saccumulated |
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| 496 | 496 | | 129contributions,thedifferenceshallbepaidtothebeneficiaryinalumpsum;or |
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| 497 | 497 | | 130 Option7. |
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| 498 | 498 | | 131 Aplanofvariablemonthlybenefitpaymentswhichprovides,inconjunctionwiththe |
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| 499 | 499 | | 132member'sretirementbenefitsunderthefederalSocialSecuritylaws,levelornear-level |
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| 500 | 500 | | 133retirementbenefitpaymentstothememberforlifeduringretirement,andifauthorized,toan |
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| 501 | 501 | | 134appropriatebeneficiarydesignatedbythemember.Suchaplanshallbeactuariallyequivalent |
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| 502 | 502 | | 135totheretirementallowanceunderoption1andshallbeavailableforelectiononlyif |
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| 503 | 503 | | 136establishedbytheboardoftrusteesunderdulyadoptedrules. |
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| 504 | 504 | | 137 (2)Theelectionofanoptionmaybemadeonlyintheapplicationforretirementand |
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| 505 | 505 | | 138suchapplicationmustbefiledpriortothedateonwhichtheretirementofthememberistobe |
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| 506 | 506 | | HB329 14 139effective.Ifeitherthememberorthepersonnominateddiesbeforetheeffectivedateof |
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| 507 | 507 | | 140retirement,theoptionshallnotbeeffective,providedthat: |
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| 508 | 508 | | 141 (a)Ifthememberorapersonretiredondisabilityretirementdiesafterattainingage |
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| 509 | 509 | | 142fifty-fiveandacquiringfiveormoreyearsofcreditableserviceorafteracquiringtwenty-five |
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| 510 | 510 | | 143ormoreyearsofcreditableserviceandbeforeretirement,exceptretirementwithdisability |
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| 511 | 511 | | 144benefits,andthepersonnamedbythememberasthemember'sbeneficiaryhasaninsurable |
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| 512 | 512 | | 145interestinthelifeofthedeceasedmember,thedesignatedbeneficiarymayelecttoreceive |
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| 513 | 513 | | 146eithersurvivorshippaymentsunderoption2orapaymentofthemember'saccumulated |
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| 514 | 514 | | 147contributions.Ifsurvivorshipbenefitsunderoption2areelectedandthememberatthetime |
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| 515 | 515 | | 148ofdeathwouldhavebeeneligibletoreceiveanactuarialequivalentofthemember's |
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| 516 | 516 | | 149retirementallowance,thedesignatedbeneficiarymayfurtherelecttodefertheoption2 |
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| 517 | 517 | | 150paymentsuntilthedatethememberwouldhavebeeneligibletoreceivetheretirement |
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| 518 | 518 | | 151allowanceprovidedinsubsection1ofthissection. |
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| 519 | 519 | | 152 (b)Ifthememberorapersonretiredondisabilityretirementdiesbeforeattainingage |
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| 520 | 520 | | 153fifty-fivebutafteracquiringfivebutfewerthantwenty-fiveyearsofcreditableservice,and |
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| 521 | 521 | | 154thepersonnamedasthebeneficiaryhasaninsurableinterestinthelifeofthedeceased |
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| 522 | 522 | | 155memberordisabilityretiree,thedesignatedbeneficiarymayelecttoreceiveeitherapayment |
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| 523 | 523 | | 156oftheperson'saccumulatedcontributionsorsurvivorshipbenefitsunderoption2tobeginon |
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| 524 | 524 | | 157thedatethememberwouldfirsthavebeeneligibletoreceiveanactuarialequivalentofthe |
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| 525 | 525 | | 158person'sretirementallowance,ortobeginonthedatethememberwouldfirsthavebeen |
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| 526 | 526 | | 159eligibletoreceivetheretirementallowanceprovidedinsubsection1ofthissection. |
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| 527 | 527 | | 160 5.Ifthetotaloftheretirementordisabilityallowancespaidtoanindividualbefore |
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| 528 | 528 | | 161theperson'sdeathislessthantheperson'saccumulatedcontributionsatthetimeofthe |
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| 529 | 529 | | 162person'sretirement,thedifferenceshallbepaidtotheperson'sbeneficiaryor,ifthereisno |
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| 530 | 530 | | 163beneficiary,tothesurvivingspouse,survivingchildreninequalshares,survivingparentsin |
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| 531 | 531 | | 164equalshares,orperson'sestate,inthatorderofprecedence;provided,however,thatifan |
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| 532 | 532 | | 165optionalbenefit,asprovidedinoption2,3or4insubsection4ofthissection,hadbeen |
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| 533 | 533 | | 166electedandthebeneficiarydiesafterreceivingtheoptionalbenefit,then,ifthetotal |
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| 534 | 534 | | 167retirementallowancespaidtotheretiredindividualandtheindividual'sbeneficiaryareless |
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| 535 | 535 | | 168thanthetotalofthecontributions,thedifferenceshallbepaidtothesurvivingspouse, |
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| 536 | 536 | | 169survivingchildreninequalshares,survivingparentsinequalshares,orestateofthe |
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| 537 | 537 | | 170beneficiary,inthatorderofprecedence,unlesstheretiredindividualdesignatesadifferent |
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| 538 | 538 | | 171recipientwiththeboardatorafterretirement. |
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| 539 | 539 | | 172 6.Ifamemberdiesandhisorherfinancialinstitutionisunabletoacceptthefinal |
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| 540 | 540 | | 173paymentorpaymentsduetothemember,thefinalpaymentorpaymentsshallbepaidtothe |
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| 541 | 541 | | 174beneficiaryofthememberor,ifthereisnobeneficiary,tothesurvivingspouse,surviving |
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| 542 | 542 | | 175childreninequalshares,survivingparentsinequalshares,orestateofthemember,inthat |
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| 543 | 543 | | HB329 15 176orderofprecedence,unlessotherwisestated.Ifthebeneficiaryofadeceasedmemberdies |
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| 544 | 544 | | 177andhisorherfinancialinstitutionisunabletoacceptthefinalpaymentorpayments,thefinal |
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| 545 | 545 | | 178paymentorpaymentsshallbepaidtothesurvivingspouse,survivingchildreninequalshares, |
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| 546 | 546 | | 179survivingparentsinequalshares,orestateofthemember,inthatorderofprecedence,unless |
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| 547 | 547 | | 180otherwisestated. |
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| 548 | 548 | | 181 7.Ifamemberdiesbeforereceivingaretirementallowance,themember's |
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| 549 | 549 | | 182accumulatedcontributionsatthetimeofthemember'sdeathshallbepaidtothemember's |
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| 550 | 550 | | 183beneficiaryor,ifthereisnobeneficiary,tothesurvivingspouse,survivingchildreninequal |
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| 551 | 551 | | 184shares,survivingparentsinequalshares,ortothemember'sestate;provided,however,that |
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| 552 | 552 | | 185nosuchpaymentshallbemadeifthebeneficiaryelectsoption2insubsection4ofthis |
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| 553 | 553 | | 186section,unlessthebeneficiarydiesbeforehavingreceivedbenefitspursuanttothatsubsection |
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| 554 | 554 | | 187equaltotheaccumulatedcontributionsofthemember,inwhichcasetheamountof |
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| 555 | 555 | | 188accumulatedcontributionsinexcessofthetotalbenefitspaidpursuanttothatsubsectionshall |
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| 556 | 556 | | 189bepaidtothesurvivingspouse,survivingchildreninequalshares,survivingparentsinequal |
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| 557 | 557 | | 190shares,orestateofthebeneficiary,inthatorderofprecedence. |
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| 558 | 558 | | 191 8.Ifamemberceasestobeanemployeeasdefinedinsection169.600andcertifiesto |
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| 559 | 559 | | 192theboardoftrusteesthatsuchcessationispermanentoriftheperson'smembershipis |
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| 560 | 560 | | 193otherwiseterminated,thepersonshallbepaidtheperson'saccumulatedcontributionswith |
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| 561 | 561 | | 194interest. |
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| 562 | 562 | | 195 9.Notwithstandinganyprovisionsofsections169.600to169.715tothecontrary,ifa |
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| 563 | 563 | | 196memberceasestobeanemployeeasdefinedinsection169.600afteracquiringfiveormore |
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| 564 | 564 | | 197yearsofcreditableservice,themembermay,attheoptionofthemember,leavethemember's |
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| 565 | 565 | | 198contributionswiththeretirementsystemandclaimaretirementallowanceanytimeafterthe |
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| 566 | 566 | | 199memberreachestheminimumageforvoluntaryretirement.Whenthemember'sclaimis |
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| 567 | 567 | | 200presentedtotheboard,themembershallbegrantedanallowanceasprovidedinsections |
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| 568 | 568 | | 201169.600to169.715onthebasisofthemember'sageandyearsofservice. |
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| 569 | 569 | | 202 10.Theretirementallowanceofamemberretiredbecauseofdisabilityshallbenine- |
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| 570 | 570 | | 203tenthsoftheallowancetowhichthemember'screditableservicewouldentitlethememberif |
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| 571 | 571 | | 204themember'sageweresixty. |
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| 572 | 572 | | 205 11.Notwithstandinganyprovisionsofsections169.600to169.715tothecontrary, |
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| 573 | 573 | | 206anymemberwhoisamemberpriortoOctober13,1969,mayelecttohavethemember's |
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| 574 | 574 | | 207retirementallowancecomputedinaccordancewithsections169.600to169.715asthey |
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| 575 | 575 | | 208existedpriortoOctober13,1969. |
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| 576 | 576 | | 209 12.Anyapplicationforretirementshallincludeaswornstatementbythemember |
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| 577 | 577 | | 210certifyingthatthespouseofthememberatthetimetheapplicationwascompletedwasaware |
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| 578 | 578 | | 211oftheapplicationandtheplanofretirementelectedintheapplication. |
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| 579 | 579 | | HB329 16 212 13.Notwithstandinganyotherprovisionoflaw,anypersonretiredpriortoAugust |
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| 580 | 580 | | 21314,1984,whoisreceivingareducedretirementallowanceunderoption1or2ofsubsection4 |
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| 581 | 581 | | 214ofthissection,astheoptionexistedpriortoAugust14,1984,andwhosebeneficiary |
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| 582 | 582 | | 215nominatedtoreceivecontinuedretirementallowancepaymentsundertheelectedoptiondies |
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| 583 | 583 | | 216orhasdied,shalluponapplicationtotheboardoftrusteeshavetheperson'sretirement |
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| 584 | 584 | | 217allowanceincreasedtotheamountthepersonwouldhavebeenreceivinghadthepersonnot |
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| 585 | 585 | | 218electedtheoptionactuariallyadjustedtorecognizeanyexcessivebenefitswhichwouldhave |
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| 586 | 586 | | 219beenpaidtothepersonuptothetimeoftheapplication. |
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| 587 | 587 | | 220 14.Benefitspaidpursuanttotheprovisionsofthepubliceducationemployee |
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| 588 | 588 | | 221retirementsystemofMissourishallnotexceedthelimitationsofSection415ofTitle26of |
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| 589 | 589 | | 222theUnitedStatesCode,exceptasprovidedunderthissubsection.Notwithstandinganyother |
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| 590 | 590 | | 223law,theboardoftrusteesmayestablishabenefitplanunderSection415(m)ofTitle26ofthe |
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| 591 | 591 | | 224UnitedStatesCode.SuchplanshallbecreditedsolelyforthepurposedescribedinSection |
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| 592 | 592 | | 225415(m)(3)(A)ofTitle26oftheUnitedStatesCode.Theboardoftrusteesmaypromulgate |
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| 593 | 593 | | 226regulationsnecessarytoimplementtheprovisionsofthissubsectionandtocreateand |
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| 594 | 594 | | 227administersuchbenefitplan. |
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| 595 | 595 | | 228 15.AnymemberwhohasretiredpriortoJuly1,1999,andthedesignatedbeneficiary |
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| 596 | 596 | | 229ofadeceasedretiredmemberuponrequestshallbemade,constituted,appointedand |
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| 597 | 597 | | 230employedbytheboardasaspecialconsultantonthemattersofeducation,retirementand |
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| 598 | 598 | | 231aging.Ascompensationforsuchdutiesthepersonshallreceiveapaymentequivalentto |
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| 599 | 599 | | 232sevenandfour-tenthspercentofthepreviousmonth'sbenefit,whichshallbeaddedtothe |
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| 600 | 600 | | 233member'sorbeneficiary'smonthlyannuityandwhichshallnotbesubjecttotheprovisionsof |
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| 601 | 601 | | 234subsections2and3ofthissectionforthepurposesofthelimitonthetotalamountof |
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| 602 | 602 | | 235increaseswhichmaybereceived. |
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| 603 | 603 | | 236 16.AnymemberwhohasretiredpriortoJuly1,2000,andthedesignatedbeneficiary |
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| 604 | 604 | | 237ofadeceasedretiredmemberuponrequestshallbemade,constituted,appointedand |
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| 605 | 605 | | 238employedbytheboardasaspecialconsultantonthemattersofeducation,retirementand |
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| 606 | 606 | | 239aging.Ascompensationforsuchdutiesthepersonshallreceiveapaymentequivalentto |
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| 607 | 607 | | 240threeandfour-tenthspercentofthepreviousmonth'sbenefit,whichshallbeaddedtothe |
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| 608 | 608 | | 241member'sorbeneficiary'smonthlyannuityandwhichshallnotbesubjecttotheprovisionsof |
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| 609 | 609 | | 242subsections2and3ofthissectionforthepurposesofthelimitonthetotalamountof |
|---|
| 610 | 610 | | 243increaseswhichmaybereceived. |
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| 611 | 611 | | 244 17.AnymemberwhohasretiredpriortoJuly1,2001,andthedesignatedbeneficiary |
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| 612 | 612 | | 245ofadeceasedretiredmemberuponrequestshallbemade,constituted,appointedand |
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| 613 | 613 | | 246employedbytheboardasaspecialconsultantonthemattersofeducation,retirementand |
|---|
| 614 | 614 | | 247aging.Ascompensationforsuchdutiesthepersonshallreceiveapaymentequivalentto |
|---|
| 615 | 615 | | 248sevenandone-tenthpercentofthepreviousmonth'sbenefit,whichshallbeaddedtothe |
|---|
| 616 | 616 | | HB329 17 249member'sorbeneficiary'smonthlyannuityandwhichshallnotbesubjecttotheprovisionsof |
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| 617 | 617 | | 250subsections2and3ofthissectionforthepurposesofthelimitonthetotalamountof |
|---|
| 618 | 618 | | 251increaseswhichmaybereceived. |
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| 619 | 619 | | âś” |
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| 620 | 620 | | HB329 18 |
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