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