Missouri 2025 Regular Session

Missouri Senate Bill SB709 Compare Versions

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Old	New	Differences
1	1
2	2	FIRST REGULAR SESSION
3	3	SENATE BILL NO. 709
4	4	103RD GENERAL ASSEMBLY
5	5	INTRODUCED BY SENATOR BLACK.
6	6	2888S.01I KRISTINA MARTIN, Secretary
7	7	AN ACT
8	8	To repeal sections 169.070 and 169.670, RSMo, and to enact in lieu thereof two new sections
9	9	relating to limitations on cost of living increases on retirement allowances for certain
10	10	public school employees.
11	11
12	12	Be it enacted by the General Assembly of the State of Missouri, as follows:
13	13	Section A. Sections 169.070 and 169.670, RSMo, are 1
14	14	repealed and two new sections enacted in lieu thereof, to be 2
15	15	known as sections 169.070 and 169.670, to read as follows:3
16	16	169.070. 1. The retirement allowance o f a member 1
17	17	whose age at retirement is sixty years or more and whose 2
18	18	creditable service is five years or more, or whose sum of 3
19	19	age and creditable service equals eighty years or more, or 4
20	20	who has attained age fifty -five and whose creditable service 5
21	21	is twenty-five years or more or whose creditable service is 6
22	22	thirty years or more regardless of age, may be the sum of 7
23	23	the following items, not to exceed one hundred percent of 8
24	24	the member's final average salary: 9
25	25	(1) Two and five-tenths percent of the me mber's final 10
26	26	average salary for each year of membership service; 11
27	27	(2) Six-tenths of the amount payable for a year of 12
28	28	membership service for each year of prior service not 13
29	29	exceeding thirty years. 14 SB 709 2
30	30	In lieu of the retirement allowance otherwise provide d in 15
31	31	subdivisions (1) and (2) of this subsection, a member may 16
32	32	elect to receive a retirement allowance of: 17
33	33	(3) Two and four-tenths percent of the member's final 18
34	34	average salary for each year of membership service, if the 19
35	35	member's creditable servic e is twenty-nine years or more but 20
36	36	less than thirty years, and the member has not attained age 21
37	37	fifty-five; 22
38	38	(4) Two and thirty-five-hundredths percent of the 23
39	39	member's final average salary for each year of membership 24
40	40	service, if the member's credit able service is twenty -eight 25
41	41	years or more but less than twenty -nine years, and the 26
42	42	member has not attained age fifty -five; 27
43	43	(5) Two and three-tenths percent of the member's final 28
44	44	average salary for each year of membership service, if the 29
45	45	member's creditable service is twenty -seven years or more 30
46	46	but less than twenty -eight years, and the member has not 31
47	47	attained age fifty-five; 32
48	48	(6) Two and twenty-five-hundredths percent of the 33
49	49	member's final average salary for each year of membership 34
50	50	service, if the member's creditable service is twenty -six 35
51	51	years or more but less than twenty -seven years, and the 36
52	52	member has not attained age fifty -five; 37
53	53	(7) Two and two-tenths percent of the member's final 38
54	54	average salary for each year of membership ser vice, if the 39
55	55	member's creditable service is twenty -five years or more but 40
56	56	less than twenty-six years, and the member has not attained 41
57	57	age fifty-five; 42
58	58	(8) Two and fifty-five hundredths percent of the 43
59	59	member's final average salary for each year of membership 44
60	60	service, if the member's creditable service is thirty -two 45
61	61	years or more regardless of age. 46 SB 709 3
62	62	2. In lieu of the retirement allowance provided in 47
63	63	subsection 1 of this section, a member whose age is sixty 48
64	64	years or more on September 28, 1975 , may elect to have the 49
65	65	member's retirement allowance calculated as a sum of the 50
66	66	following items: 51
67	67	(1) Sixty cents plus one and five -tenths percent of 52
68	68	the member's final average salary for each year of 53
69	69	membership service; 54
70	70	(2) Six-tenths of the amount payable for a year of 55
71	71	membership service for each year of prior service not 56
72	72	exceeding thirty years; 57
73	73	(3) Three-fourths of one percent of the sum of 58
74	74	subdivisions (1) and (2) of this subsection for each month 59
75	75	of attained age in excess of s ixty years but not in excess 60
76	76	of age sixty-five. 61
77	77	3. (1) In lieu of the retirement allowance provided 62
78	78	either in subsection 1 or 2 of this section, collectively 63
79	79	called "option 1", a member whose creditable service is 64
80	80	twenty-five years or more or wh o has attained the age of 65
81	81	fifty-five with five or more years of creditable service may 66
82	82	elect in the member's application for retirement to receive 67
83	83	the actuarial equivalent of the member's retirement 68
84	84	allowance in reduced monthly payments for life during 69
85	85	retirement with the provision that: 70
86	86	Option 2. 71
87	87	Upon the member's death the reduced retirement 72
88	88	allowance shall be continued throughout the life of and paid 73
89	89	to such person as has an insurable interest in the life of 74
90	90	the member as the member shall ha ve nominated in the 75
91	91	member's election of the option, and provided further that 76
92	92	if the person so nominated dies before the retired member, 77
93	93	the retirement allowance will be increased to the amount the 78 SB 709 4
94	94	retired member would be receiving had the retired mem ber 79
95	95	elected option 1; or 80
96	96	Option 3. 81
97	97	Upon the death of the member three -fourths of the 82
98	98	reduced retirement allowance shall be continued throughout 83
99	99	the life of and paid to such person as has an insurable 84
100	100	interest in the life of the member and as the m ember shall 85
101	101	have nominated in an election of the option, and provided 86
102	102	further that if the person so nominated dies before the 87
103	103	retired member, the retirement allowance will be increased 88
104	104	to the amount the retired member would be receiving had the 89
105	105	member elected option 1; or 90
106	106	Option 4. 91
107	107	Upon the death of the member one -half of the reduced 92
108	108	retirement allowance shall be continued throughout the life 93
109	109	of, and paid to, such person as has an insurable interest in 94
110	110	the life of the member and as the member s hall have 95
111	111	nominated in an election of the option, and provided further 96
112	112	that if the person so nominated dies before the retired 97
113	113	member, the retirement allowance shall be increased to the 98
114	114	amount the retired member would be receiving had the member 99
115	115	elected option 1; or 100
116	116	Option 5. 101
117	117	Upon the death of the member prior to the member having 102
118	118	received one hundred twenty monthly payments of the member's 103
119	119	reduced allowance, the remainder of the one hundred twenty 104
120	120	monthly payments of the reduced allowance shal l be paid to 105
121	121	such beneficiary as the member shall have nominated in the 106
122	122	member's election of the option or in a subsequent 107
123	123	nomination. If there is no beneficiary so nominated who 108
124	124	survives the member for the remainder of the one hundred 109
125	125	twenty monthly payments, the total of the remainder of such 110 SB 709 5
126	126	one hundred twenty monthly payments shall be paid to the 111
127	127	surviving spouse, surviving children in equal shares, 112
128	128	surviving parents in equal shares, or estate of the last 113
129	129	person, in that order of precedence, to receive a monthly 114
130	130	allowance in a lump sum payment. If the total of the one 115
131	131	hundred twenty payments paid to the retired individual and 116
132	132	the beneficiary of the retired individual is less than the 117
133	133	total of the member's accumulated contributions, the 118
134	134	difference shall be paid to the beneficiary in a lump sum; or 119
135	135	Option 6. 120
136	136	Upon the death of the member prior to the member having 121
137	137	received sixty monthly payments of the member's reduced 122
138	138	allowance, the remainder of the sixty monthly payments of 123
139	139	the reduced allowance shall be paid to such beneficiary as 124
140	140	the member shall have nominated in the member's election of 125
141	141	the option or in a subsequent nomination. If there is no 126
142	142	beneficiary so nominated who survives the member for the 127
143	143	remainder of the sixty mont hly payments, the total of the 128
144	144	remainder of such sixty monthly payments shall be paid to 129
145	145	the surviving spouse, surviving children in equal shares, 130
146	146	surviving parents in equal shares, or estate of the last 131
147	147	person, in that order of precedence, to receive a monthly 132
148	148	allowance in a lump sum payment. If the total of the sixty 133
149	149	payments paid to the retired individual and the beneficiary 134
150	150	of the retired individual is less than the total of the 135
151	151	member's accumulated contributions, the difference shall be 136
152	152	paid to the beneficiary in a lump sum. 137
153	153	(2) The election of an option may be made only in the 138
154	154	application for retirement and such application must be 139
155	155	filed prior to the date on which the retirement of the 140
156	156	member is to be effective. If either the member or the 141
157	157	person nominated to receive the survivorship payments dies 142 SB 709 6
158	158	before the effective date of retirement, the option shall 143
159	159	not be effective, provided that: 144
160	160	(a) If the member or a person retired on disability 145
161	161	retirement dies after acquiring twen ty-five or more years of 146
162	162	creditable service or after attaining the age of fifty -five 147
163	163	years and acquiring five or more years of creditable service 148
164	164	and before retirement, except retirement with disability 149
165	165	benefits, and the person named by the member as t he member's 150
166	166	beneficiary has an insurable interest in the life of the 151
167	167	deceased member, the designated beneficiary may elect to 152
168	168	receive either survivorship benefits under option 2 or a 153
169	169	payment of the accumulated contributions of the member. If 154
170	170	survivorship benefits under option 2 are elected and the 155
171	171	member at the time of death would have been eligible to 156
172	172	receive an actuarial equivalent of the member's retirement 157
173	173	allowance, the designated beneficiary may further elect to 158
174	174	defer the option 2 payments u ntil the date the member would 159
175	175	have been eligible to receive the retirement allowance 160
176	176	provided in subsection 1 or 2 of this section; 161
177	177	(b) If the member or a person retired on disability 162
178	178	retirement dies before attaining age fifty -five but after 163
179	179	acquiring five but fewer than twenty -five years of 164
180	180	creditable service, and the person named as the member's 165
181	181	beneficiary has an insurable interest in the life of the 166
182	182	deceased member, the designated beneficiary may elect to 167
183	183	receive either a payment of the m ember's accumulated 168
184	184	contributions, or survivorship benefits under option 2 to 169
185	185	begin on the date the member would first have been eligible 170
186	186	to receive an actuarial equivalent of the member's 171
187	187	retirement allowance, or to begin on the date the member 172
188	188	would first have been eligible to receive the retirement 173
189	189	allowance provided in subsection 1 or 2 of this section. 174 SB 709 7
190	190	4. If the total of the retirement or disability 175
191	191	allowance paid to an individual before the death of the 176
192	192	individual is less than the accumu lated contributions at the 177
193	193	time of retirement, the difference shall be paid to the 178
194	194	beneficiary of the individual, or to the surviving spouse, 179
195	195	surviving children in equal shares, surviving parents in 180
196	196	equal shares, or estate of the individual in that ord er of 181
197	197	precedence. If an optional benefit as provided in option 2, 182
198	198	3 or 4 in subsection 3 of this section had been elected, and 183
199	199	the beneficiary dies after receiving the optional benefit, 184
200	200	and if the total retirement allowance paid to the retired 185
201	201	individual and the beneficiary of the retired individual is 186
202	202	less than the total of the contributions, the difference 187
203	203	shall be paid to the surviving spouse, surviving children in 188
204	204	equal shares, surviving parents in equal shares, or estate 189
205	205	of the beneficiary, i n that order of precedence, unless the 190
206	206	retired individual designates a different recipient with the 191
207	207	board at or after retirement. 192
208	208	5. If a member dies and his or her financial 193
209	209	institution is unable to accept the final payment or 194
210	210	payments due to the member, the final payment or payments 195
211	211	shall be paid to the beneficiary of the member or, if there 196
212	212	is no beneficiary, to the surviving spouse, surviving 197
213	213	children in equal shares, surviving parents in equal shares, 198
214	214	or estate of the member, in that orde r of precedence, unless 199
215	215	otherwise stated. If the beneficiary of a deceased member 200
216	216	dies and his or her financial institution is unable to 201
217	217	accept the final payment or payments, the final payment or 202
218	218	payments shall be paid to the surviving spouse, survivi ng 203
219	219	children in equal shares, surviving parents in equal shares, 204
220	220	or estate of the member, in that order of precedence, unless 205
221	221	otherwise stated. 206 SB 709 8
222	222	6. If a member dies before receiving a retirement 207
223	223	allowance, the member's accumulated contributions at the 208
224	224	time of the death of the member shall be paid to the 209
225	225	beneficiary of the member or, if there is no beneficiary, to 210
226	226	the surviving spouse, surviving children in equal shares, 211
227	227	surviving parents in equal shares, or to the estate of the 212
228	228	member, in that order of precedence; except that, no such 213
229	229	payment shall be made if the beneficiary elects option 2 in 214
230	230	subsection 3 of this section, unless the beneficiary dies 215
231	231	before having received benefits pursuant to that subsection 216
232	232	equal to the accumulated contrib utions of the member, in 217
233	233	which case the amount of accumulated contributions in excess 218
234	234	of the total benefits paid pursuant to that subsection shall 219
235	235	be paid to the surviving spouse, surviving children in equal 220
236	236	shares, surviving parents in equal shares, o r estate of the 221
237	237	beneficiary, in that order of precedence. 222
238	238	7. If a member ceases to be a public school employee 223
239	239	as herein defined and certifies to the board of trustees 224
240	240	that such cessation is permanent, or if the membership of 225
241	241	the person is otherw ise terminated, the member shall be paid 226
242	242	the member's accumulated contributions with interest. 227
243	243	8. Notwithstanding any provisions of sections 169.010 228
244	244	to 169.141 to the contrary, if a member ceases to be a 229
245	245	public school employee after acquiring five or more years of 230
246	246	membership service in Missouri, the member may at the option 231
247	247	of the member leave the member's contributions with the 232
248	248	retirement system and claim a retirement allowance any time 233
249	249	after reaching the minimum age for voluntary retirement. 234
250	250	When the member's claim is presented to the board, the 235
251	251	member shall be granted an allowance as provided in sections 236
252	252	169.010 to 169.141 on the basis of the member's age, years 237
253	253	of service, and the provisions of the law in effect at the 238 SB 709 9
254	254	time the member requests the member's retirement to become 239
255	255	effective. 240
256	256	9. The retirement allowance of a member retired 241
257	257	because of disability shall be nine -tenths of the allowance 242
258	258	to which the member's creditable service would entitle the 243
259	259	member if the member's ag e were sixty, or fifty percent of 244
260	260	one-twelfth of the annual salary rate used in determining 245
261	261	the member's contributions during the last school year for 246
262	262	which the member received a year of creditable service 247
263	263	immediately prior to the member's disability, whichever is 248
264	264	greater, except that no such allowance shall exceed the 249
265	265	retirement allowance to which the member would have been 250
266	266	entitled upon retirement at age sixty if the member had 251
267	267	continued to teach from the date of disability until age 252
268	268	sixty at the same salary rate. 253
269	269	10. Notwithstanding any provisions of sections 169.010 254
270	270	to 169.141 to the contrary, from October 13, 1961, the 255
271	271	contribution rate pursuant to sections 169.010 to 169.141 256
272	272	shall be multiplied by the factor of two -thirds for any 257
273	273	member of the system for whom federal Old Age and Survivors 258
274	274	Insurance tax is paid from state or local tax funds on 259
275	275	account of the member's employment entitling the person to 260
276	276	membership in the system. The monetary benefits for a 261
277	277	member who elected not to exercise an option to pay into the 262
278	278	system a retroactive contribution of four percent on that 263
279	279	part of the member's annual salary rate which was in excess 264
280	280	of four thousand eight hundred dollars but not in excess of 265
281	281	eight thousand four hundred dollars for each year of 266
282	282	employment in a position covered by this system between July 267
283	283	1, 1957, and July 1, 1961, as provided in subsection 10 of 268
284	284	this section as it appears in RSMo, 1969, shall be the sum 269
285	285	of: 270 SB 709 10
286	286	(1) For years of service prior to July 1, 1946, s ix- 271
287	287	tenths of the full amount payable for years of membership 272
288	288	service; 273
289	289	(2) For years of membership service after July 1, 274
290	290	1946, in which the full contribution rate was paid, full 275
291	291	benefits under the formula in effect at the time of the 276
292	292	member's retirement; 277
293	293	(3) For years of membership service after July 1, 278
294	294	1957, and prior to July 1, 1961, the benefits provided in 279
295	295	this section as it appears in RSMo, 1959; except that if the 280
296	296	member has at least thirty years of creditable service at 281
297	297	retirement the member shall receive the benefit payable 282
298	298	pursuant to that section as though the member's age were 283
299	299	sixty-five at retirement; 284
300	300	(4) For years of membership service after July 1, 285
301	301	1961, in which the two -thirds contribution rate was paid, 286
302	302	two-thirds of the benefits under the formula in effect at 287
303	303	the time of the member's retirement. 288
304	304	11. The monetary benefits for each other member for 289
305	305	whom federal Old Age and Survivors Insurance tax is or was 290
306	306	paid at any time from state or local funds on acco unt of the 291
307	307	member's employment entitling the member to membership in 292
308	308	the system shall be the sum of: 293
309	309	(1) For years of service prior to July 1, 1946, six - 294
310	310	tenths of the full amount payable for years of membership 295
311	311	service; 296
312	312	(2) For years of membership service after July 1, 297
313	313	1946, in which the full contribution rate was paid, full 298
314	314	benefits under the formula in effect at the time of the 299
315	315	member's retirement; 300
316	316	(3) For years of membership service after July 1, 301
317	317	1957, in which the two -thirds contribution rate was paid, 302 SB 709 11
318	318	two-thirds of the benefits under the formula in effect at 303
319	319	the time of the member's retirement. 304
320	320	12. Any retired member of the system who was retired 305
321	321	prior to September 1, 1972, or beneficiary receiving 306
322	322	payments under option 1 or option 2 of subsection 3 of this 307
323	323	section, as such option existed prior to September 1, 1972, 308
324	324	will be eligible to receive an increase in the retirement 309
325	325	allowance of the member of two percent for each year, or 310
326	326	major fraction of more than one -half of a year, which the 311
327	327	retired member has been retired prior to July 1, 1975. This 312
328	328	increased amount shall be payable commencing with January, 313
329	329	1976, and shall thereafter be referred to as the member's 314
330	330	retirement allowance. The increase provided for in this 315
331	331	subsection shall not affect the retired member's eligibility 316
332	332	for compensation provided for in section 169.580 or 169.585, 317
333	333	nor shall the amount being paid pursuant to these sections 318
334	334	be reduced because of any increases provided for in this 319
335	335	section. 320
336	336	13. (1) If the board of trustees determines that the 321
337	337	cost of living, as measured by generally accepted standards, 322
338	338	increases two percent or more in the preceding fiscal year, 323
339	339	the board shall increase the retirement allowances which the 324
340	340	retired members or beneficiaries are receiving by two 325
341	341	percent of the amount being received by the retired member 326
342	342	or the beneficiary at the time the annual increase is 327
343	343	granted by the board with the provision that the increases 328
344	344	provided for in this subsection sha ll not become effective 329
345	345	until the fourth January first following the member's 330
346	346	retirement or January 1, 1977, whichever later occurs, or in 331
347	347	the case of any member retiring on or after July 1, 2000, 332
348	348	the increase provided for in this subsection shall not 333
349	349	become effective until the third January first following the 334 SB 709 12
350	350	member's retirement, or in the case of any member retiring 335
351	351	on or after July 1, 2001, the increase provided for in this 336
352	352	subsection shall not become effective until the second 337
353	353	January first following the member's retirement. Commencing 338
354	354	with January 1, 1992, if the board of trustees determines 339
355	355	that the cost of living has increased five percent or more 340
356	356	in the preceding fiscal year, the board shall increase the 341
357	357	retirement allowances by five p ercent. The total of the 342
358	358	increases granted to a retired member or the beneficiary 343
359	359	after December 31, 1976, may not exceed eighty percent of 344
360	360	the retirement allowance established at retirement or as 345
361	361	previously adjusted by other subsections. 346
362	362	(2) Notwithstanding any other provision of this 347
363	363	chapter to the contrary, the limitation on the total of the 348
364	364	increases granted to a retired member or beneficiary as 349
365	365	provided by subdivision (1) of this subsection shall be 350
366	366	subject to an annual increase approved by the board of 351
367	367	trustees beginning on December 31, 2025, and on each 352
368	368	December thirty-first thereafter, except that such annual 353
369	369	increase shall not exceed one percent per year. Any 354
370	370	increase to the limitation shall depend on the performance 355
371	371	of the system's investments. If the system's investments 356
372	372	earn two percent or greater returns in excess of the 357
373	373	investment return rate adopted by the board of trustees in 358
374	374	the immediately prior fiscal year, then the percentage of 359
375	375	the retirement allowance for the to tal of increases granted 360
376	376	to a retired member or beneficiary shall be increased by one 361
377	377	percent. The one percent increase shall be incorporated in 362
378	378	the calculation applicable to the retirement allowances in 363
379	379	the calendar year that immediately follows the fiscal year 364
380	380	in which the system's investments met or exceeded by two 365
381	381	percent the investment return rate. The total of the 366 SB 709 13
382	382	increases granted to a retired member or beneficiary shall 367
383	383	not exceed one hundred percent of the retirement allowance 368
384	384	established at retirement or as previously adjusted by other 369
385	385	sections. The percentage of the retirement allowance for 370
386	386	the total of increases granted to a retired member or 371
387	387	beneficiary shall not be decreased. Any reference to the 372
388	388	limitation on the total of incr eases granted to a retired 373
389	389	member or beneficiary in any other section of this chapter 374
390	390	shall be construed to be the percentage of the retirement 375
391	391	allowance in effect as increased pursuant to this 376
392	392	subdivision, unless such increase to the percentage of the 377
393	393	retirement allowance is otherwise expressly excluded. 378
394	394	(3) If the cost of living increases less than five 379
395	395	percent, the board of trustees may determine the percentage 380
396	396	of increase to be made in retirement allowances, but at no 381
397	397	time can the increase exceed five percent per year. If the 382
398	398	cost of living decreases in a fiscal year, there will be no 383
399	399	increase in allowances for retired members on the following 384
400	400	January first. 385
401	401	14. The board of trustees may reduce the amounts which 386
402	402	have been granted as increases to a member pursuant to 387
403	403	subsection 13 of this section if the cost of living, as 388
404	404	determined by the board and as measured by generally 389
405	405	accepted standards, is less than the cost of living was at 390
406	406	the time of the first increase granted to the member; except 391
407	407	that, the reductions shall not exceed the amount of 392
408	408	increases which have been made to the member's allowance 393
409	409	after December 31, 1976. 394
410	410	15. Any application for retirement shall include a 395
411	411	sworn statement by the member certifying that the spouse of 396
412	412	the member at the time the application was completed was 397 SB 709 14
413	413	aware of the application and the plan of retirement elected 398
414	414	in the application. 399
415	415	16. Notwithstanding any other provision of law, any 400
416	416	person retired prior to September 28, 1983, who is receiving 401
417	417	a reduced retirement allowance under option 1 or option 2 of 402
418	418	subsection 3 of this section, as such option existed prior 403
419	419	to September 28, 1983, and whose beneficiary nominated to 404
420	420	receive continued retirement allowance payments under th e 405
421	421	elected option dies or has died, shall upon application to 406
422	422	the board of trustees have his or her retirement allowance 407
423	423	increased to the amount he or she would have been receiving 408
424	424	had the option not been elected, actuarially adjusted to 409
425	425	recognize any excessive benefits which would have been paid 410
426	426	to him or her up to the time of application. 411
427	427	17. Benefits paid pursuant to the provisions of the 412
428	428	public school retirement system of Missouri shall not exceed 413
429	429	the limitations of Section 415 of Title 26 of the United 414
430	430	States Code except as provided pursuant to this subsection. 415
431	431	Notwithstanding any other law to the contrary, the board of 416
432	432	trustees may establish a benefit plan pursuant to Section 417
433	433	415(m) of Title 26 of the United States Code. Such plan 418
434	434	shall be created solely for the purpose described in Section 419
435	435	415(m)(3)(A) of Title 26 of the United States Code. The 420
436	436	board of trustees may promulgate regulations necessary to 421
437	437	implement the provisions of this subsection and to create 422
438	438	and administer such benefit plan. 423
439	439	18. Notwithstanding any other provision of law to the 424
440	440	contrary, any person retired before, on, or after May 26, 425
441	441	1994, shall be made, constituted, appointed and employed by 426
442	442	the board as a special consultant on the matters of 427
443	443	education, retirement and aging, and upon request shall give 428
444	444	written or oral opinions to the board in response to such 429 SB 709 15
445	445	requests. As compensation for such duties the person shall 430
446	446	receive an amount based on the person's years of service so 431
447	447	that the total amoun t received pursuant to sections 169.010 432
448	448	to 169.141 shall be at least the minimum amounts specified 433
449	449	in subdivisions (1) to (4) of this subsection. In 434
450	450	determining the minimum amount to be received, the amounts 435
451	451	in subdivisions (3) and (4) of this subsect ion shall be 436
452	452	adjusted in accordance with the actuarial adjustment, if 437
453	453	any, that was applied to the person's retirement allowance. 438
454	454	In determining the minimum amount to be received, beginning 439
455	455	September 1, 1996, the amounts in subdivisions (1) and (2) 440
456	456	of this subsection shall be adjusted in accordance with the 441
457	457	actuarial adjustment, if any, that was applied to the 442
458	458	person's retirement allowance due to election of an optional 443
459	459	form of retirement having a continued monthly payment after 444
460	460	the person's death. Notwithstanding any other provision of 445
461	461	law to the contrary, no person retired before, on, or after 446
462	462	May 26, 1994, and no beneficiary of such a person, shall 447
463	463	receive a retirement benefit pursuant to sections 169.010 to 448
464	464	169.141 based on the person's ye ars of service less than the 449
465	465	following amounts: 450
466	466	(1) Thirty or more years of service, one thousand two 451
467	467	hundred dollars; 452
468	468	(2) At least twenty-five years but less than thirty 453
469	469	years, one thousand dollars; 454
470	470	(3) At least twenty years but less than twenty-five 455
471	471	years, eight hundred dollars; 456
472	472	(4) At least fifteen years but less than twenty years, 457
473	473	six hundred dollars. 458
474	474	19. Notwithstanding any other provisions of law to the 459
475	475	contrary, any person retired prior to May 26, 1994, and any 460
476	476	designated beneficiary of such a retired member who was 461 SB 709 16
477	477	deceased prior to July 1, 1999, shall be made, constituted, 462
478	478	appointed and employed by the board as a special consultant 463
479	479	on the matters of education, retirement or aging and upon 464
480	480	request shall give w ritten or oral opinions to the board in 465
481	481	response to such requests. Beginning September 1, 1996, as 466
482	482	compensation for such service, the member shall have added, 467
483	483	pursuant to this subsection, to the member's monthly annuity 468
484	484	as provided by this section a d ollar amount equal to the 469
485	485	lesser of sixty dollars or the product of two dollars 470
486	486	multiplied by the member's number of years of creditable 471
487	487	service. Beginning September 1, 1999, the designated 472
488	488	beneficiary of the deceased member shall as compensation for 473
489	489	such service have added, pursuant to this subsection, to the 474
490	490	monthly annuity as provided by this section a dollar amount 475
491	491	equal to the lesser of sixty dollars or the product of two 476
492	492	dollars multiplied by the member's number of years of 477
493	493	creditable service. The total compensation provided by this 478
494	494	section including the compensation provided by this 479
495	495	subsection shall be used in calculating any future cost -of- 480
496	496	living adjustments provided by subsection 13 of this section. 481
497	497	20. Any member who has retired prior to July 1, 1998, 482
498	498	and the designated beneficiary of a deceased retired member 483
499	499	shall be made, constituted, appointed and employed by the 484
500	500	board as a special consultant on the matters of education, 485
501	501	retirement and aging, and upon request shall give w ritten or 486
502	502	oral opinions to the board in response to such requests. As 487
503	503	compensation for such duties the person shall receive a 488
504	504	payment equivalent to eight and seven -tenths percent of the 489
505	505	previous month's benefit, which shall be added to the 490
506	506	member's or beneficiary's monthly annuity and which shall 491
507	507	not be subject to the provisions of subsections 13 and 14 of 492 SB 709 17
508	508	this section for the purposes of the limit on the total 493
509	509	amount of increases which may be received. 494
510	510	21. Any member who has retired shall be made, 495
511	511	constituted, appointed and employed by the board as a 496
512	512	special consultant on the matters of education, retirement 497
513	513	and aging, and upon request shall give written or oral 498
514	514	opinions to the board in response to such request. As 499
515	515	compensation for such duties, the beneficiary of the retired 500
516	516	member, or, if there is no beneficiary, the surviving 501
517	517	spouse, surviving children in equal shares, surviving 502
518	518	parents in equal shares, or estate of the retired member, in 503
519	519	that order of precedence, shall receive as a part of 504
520	520	compensation for these duties a death benefit of five 505
521	521	thousand dollars. 506
522	522	22. Any member who has retired prior to July 1, 1999, 507
523	523	and the designated beneficiary of a retired member who was 508
524	524	deceased prior to July 1, 1999, shall be made, cons tituted, 509
525	525	appointed and employed by the board as a special consultant 510
526	526	on the matters of education, retirement and aging, and upon 511
527	527	request shall give written or oral opinions to the board in 512
528	528	response to such requests. As compensation for such duties, 513
529	529	the person shall have added, pursuant to this subsection, to 514
530	530	the monthly annuity as provided by this section a dollar 515
531	531	amount equal to five dollars times the member's number of 516
532	532	years of creditable service. 517
533	533	23. Any member who has retired prior to Jul y 1, 2000, 518
534	534	and the designated beneficiary of a deceased retired member 519
535	535	shall be made, constituted, appointed and employed by the 520
536	536	board as a special consultant on the matters of education, 521
537	537	retirement and aging, and upon request shall give written or 522
538	538	oral opinions to the board in response to such requests. As 523
539	539	compensation for such duties, the person shall receive a 524 SB 709 18
540	540	payment equivalent to three and five -tenths percent of the 525
541	541	previous month's benefit, which shall be added to the member 526
542	542	or beneficiary's monthly annuity and which shall not be 527
543	543	subject to the provisions of subsections 13 and 14 of this 528
544	544	section for the purposes of the limit on the total amount of 529
545	545	increases which may be received. 530
546	546	24. Any member who has retired prior to July 1, 2001, 531
547	547	and the designated beneficiary of a deceased retired member 532
548	548	shall be made, constituted, appointed and employed by the 533
549	549	board as a special consultant on the matters of education, 534
550	550	retirement and aging, and upon request shall give written or 535
551	551	oral opinions to the board in response to such requests. As 536
552	552	compensation for such duties, the person shall receive a 537
553	553	dollar amount equal to three dollars times the member's 538
554	554	number of years of creditable service, which shall be added 539
555	555	to the member's or beneficiary' s monthly annuity and which 540
556	556	shall not be subject to the provisions of subsections 13 and 541
557	557	14 of this section for the purposes of the limit on the 542
558	558	total amount of increases which may be received. 543
559	559	169.670. 1. The retirement allowance o f a member 1
560	560	whose age at retirement is sixty years or more and whose 2
561	561	creditable service is five years or more, or whose sum of 3
562	562	age and creditable service equals eighty years or more, or 4
563	563	whose creditable service is thirty years or more regardless 5
564	564	of age, shall be the sum of the following items: 6
565	565	(1) For each year of membership service, one and sixty - 7
566	566	one hundredths percent of the member's final average salary; 8
567	567	(2) Six-tenths of the amount payable for a year of 9
568	568	membership service for each year of prior service; 10
569	569	(3) Eighty-five one-hundredths of one percent of any 11
570	570	amount by which the member's average compensation for 12
571	571	services rendered prior to July 1, 1973, exceeds the average 13 SB 709 19
572	572	monthly compensation on which federal Social Security taxes 14
573	573	were paid during the period over which such average 15
574	574	compensation was computed, for each year of membership 16
575	575	service credit for services rendered prior to July 1, 1973, 17
576	576	plus six-tenths of the amount payable for a year of 18
577	577	membership service for each year of prior service credit; 19
578	578	(4) In lieu of the retirement allowance otherwise 20
579	579	provided by subdivisions (1) to (3) of this subsection, a 21
580	580	member may elect to receive a retirement allowance of: 22
581	581	(a) One and fifty-nine hundredths percent of the 23
582	582	member's final average salary for each year of membership 24
583	583	service, if the member's creditable service is twenty -nine 25
584	584	years or more but less than thirty years and the member has 26
585	585	not attained the age of fifty -five; 27
586	586	(b) One and fifty-seven hundredths percent of the 28
587	587	member's final average salary for each year of membership 29
588	588	service, if the member's creditable service is twenty -eight 30
589	589	years or more but less than twenty -nine years, and the 31
590	590	member has not attained the age of fifty -five; 32
591	591	(c) One and fifty-five hundredths percent of the 33
592	592	member's final average salary for each year of membership 34
593	593	service, if the member's creditable service is twenty -seven 35
594	594	years or more but less than twenty -eight years and the 36
595	595	member has not attained the age of fifty -five; 37
596	596	(d) One and fifty-three hundredths percent of the 38
597	597	member's final average salary for each year of membership 39
598	598	service, if the member's creditable service is twenty -six 40
599	599	years or more but less than twenty -seven years and the 41
600	600	member has not attain ed the age of fifty-five; 42
601	601	(e) One and fifty-one hundredths percent of the 43
602	602	member's final average salary for each year of membership 44
603	603	service, if the member's creditable service is twenty -five 45 SB 709 20
604	604	years or more but less than twenty -six years and the mem ber 46
605	605	has not attained the age of fifty -five; and 47
606	606	(5) In addition to the retirement allowance provided 48
607	607	in subdivisions (1) to (3) of this subsection, a member 49
608	608	retiring on or after July 1, 2001, whose creditable service 50
609	609	is thirty years or more or wh ose sum of age and creditable 51
610	610	service is eighty years or more, shall receive a temporary 52
611	611	retirement allowance equivalent to eight -tenths of one 53
612	612	percent of the member's final average salary multiplied by 54
613	613	the member's years of service until such time as the member 55
614	614	reaches the minimum age for Social Security retirement 56
615	615	benefits. 57
616	616	2. (1) If the board of trustees determines that the 58
617	617	cost of living, as measured by generally accepted standards, 59
618	618	increases five percent or more in the preceding fiscal y ear, 60
619	619	the board shall increase the retirement allowances which the 61
620	620	retired members or beneficiaries are receiving by five 62
621	621	percent of the amount being received by the retired member 63
622	622	or the beneficiary at the time the annual increase is 64
623	623	granted by the board; provided that, the increase provided 65
624	624	in this subsection shall not become effective until the 66
625	625	fourth January first following a member's retirement or 67
626	626	January 1, 1982, whichever occurs later, and the total of 68
627	627	the increases granted to a retired membe r or the beneficiary 69
628	628	after December 31, 1981, may not exceed eighty percent of 70
629	629	the retirement allowance established at retirement or as 71
630	630	previously adjusted by other provisions of law. 72
631	631	(2) Notwithstanding any other provision of this 73
632	632	chapter to the contrary, the limitation on the total of the 74
633	633	increases granted to a retired member or beneficiary as 75
634	634	provided by subdivision (1) of this subsection shall be 76
635	635	subject to an annual increase approved by the board of 77 SB 709 21
636	636	trustees beginning on December 31, 2025 , and on each 78
637	637	December thirty-first thereafter, except that such annual 79
638	638	increase shall not exceed one percent per year. Any 80
639	639	increase to the limitation shall depend on the performance 81
640	640	of the system's investments. If the system's investments 82
641	641	earn two percent or greater returns in excess of the 83
642	642	investment return rate adopted by the board of trustees in 84
643	643	the immediately prior fiscal year, then the percentage of 85
644	644	the retirement allowance for the total of increases granted 86
645	645	to a retired member or benefici ary shall be increased by one 87
646	646	percent. The one percent increase shall be incorporated in 88
647	647	the calculation applicable to the retirement allowances in 89
648	648	the calendar year that immediately follows the fiscal year 90
649	649	in which the system's investments met or exc eeded by two 91
650	650	percent the investment return rate. The total of the 92
651	651	increases granted to a retired member or beneficiary shall 93
652	652	not exceed one hundred percent of the retirement allowance 94
653	653	established at retirement or as previously adjusted by other 95
654	654	sections. The percentage of the retirement allowance for 96
655	655	the total of increases granted to a retired member or 97
656	656	beneficiary shall not be decreased. Any reference to the 98
657	657	limitation on the total of increases granted to a retired 99
658	658	member or beneficiary in any other section of this chapter 100
659	659	shall be construed to be the percentage of the retirement 101
660	660	allowance in effect as increased pursuant to this 102
661	661	subdivision, unless such increase to the percentage of the 103
662	662	retirement allowance is otherwise expressly excluded. 104
663	663	(3) If the cost of living increases less than five 105
664	664	percent, the board of trustees may determine the percentage 106
665	665	of increase to be made in retirement allowances, but at no 107
666	666	time can the increase exceed five percent per year. If the 108
667	667	cost of living decreases in a fiscal year, there will be no 109 SB 709 22
668	668	increase in allowances for retired members on the following 110
669	669	January first. 111
670	670	3. The board of trustees may reduce the amounts which 112
671	671	have been granted as increases to a member pursuant to 113
672	672	subsection 2 of this section if the cost of living, as 114
673	673	determined by the board and as measured by generally 115
674	674	accepted standards, is less than the cost of living was at 116
675	675	the time of the first increase granted to the member; 117
676	676	provided that, the reductions shall not exceed the amount of 118
677	677	increases which have been made to the member's allowance 119
678	678	after December 31, 1981. 120
679	679	4. (1) In lieu of the retirement allowance provided 121
680	680	in subsection 1 of this section, called option 1, a member 122
681	681	whose creditable service is twenty -five years or more or who 123
682	682	has attained age fifty -five with five or more years of 124
683	683	creditable service may elect, in the application for 125
684	684	retirement, to receive the actuarial equivalent of the 126
685	685	member's retirement allowance in reduced monthly payments 127
686	686	for life during retirement with the provision that: 128
687	687	Option 2. 129
688	688	Upon the member's death, the reduced retirement 130
689	689	allowance shall be continued throughout the life of and paid 131
690	690	to such person as has an insurable interest in the life of 132
691	691	the member as the member sha ll have nominated in the 133
692	692	member's election of the option, and provided further that 134
693	693	if the person so nominated dies before the retired member, 135
694	694	the retirement allowance will be increased to the amount the 136
695	695	retired member would be receiving had the member elected 137
696	696	option 1; or 138
697	697	Option 3. 139
698	698	Upon the death of the member three -fourths of the 140
699	699	reduced retirement allowance shall be continued throughout 141 SB 709 23
700	700	the life of and paid to such person as has an insurable 142
701	701	interest in the life of the member and as the memb er shall 143
702	702	have nominated in an election of the option, and provided 144
703	703	further that if the person so nominated dies before the 145
704	704	retired member, the retirement allowance will be increased 146
705	705	to the amount the retired member would be receiving had the 147
706	706	member elected option 1; or 148
707	707	Option 4. 149
708	708	Upon the death of the member one -half of the reduced 150
709	709	retirement allowance shall be continued throughout the life 151
710	710	of, and paid to, such person as has an insurable interest in 152
711	711	the life of the member and as the member shal l have 153
712	712	nominated in an election of the option, and provided further 154
713	713	that if the person so nominated dies before the retired 155
714	714	member, the retirement allowance shall be increased to the 156
715	715	amount the retired member would be receiving had the member 157
716	716	elected option 1; or 158
717	717	Option 5. 159
718	718	Upon the death of the member prior to the member having 160
719	719	received one hundred twenty monthly payments of the member's 161
720	720	reduced allowance, the remainder of the one hundred twenty 162
721	721	monthly payments of the reduced allowance shall b e paid to 163
722	722	such beneficiary as the member shall have nominated in the 164
723	723	member's election of the option or in a subsequent 165
724	724	nomination. If there is no beneficiary so nominated who 166
725	725	survives the member for the remainder of the one hundred 167
726	726	twenty monthly payments, the reserve for the remainder of 168
727	727	such one hundred twenty monthly payments shall be paid to 169
728	728	the surviving spouse, surviving children in equal shares, 170
729	729	surviving parents in equal shares, or estate of the last 171
730	730	person, in that order of precedence, to receive a monthly 172
731	731	allowance in a lump sum payment. If the total of the one 173 SB 709 24
732	732	hundred twenty payments paid to the retired individual and 174
733	733	the beneficiary of the retired individual is less than the 175
734	734	total of the member's accumulated contributions, the 176
735	735	difference shall be paid to the beneficiary in a lump sum; or 177
736	736	Option 6. 178
737	737	Upon the death of the member prior to the member having 179
738	738	received sixty monthly payments of the member's reduced 180
739	739	allowance, the remainder of the sixty monthly payments of 181
740	740	the reduced allowance shall be paid to such beneficiary as 182
741	741	the member shall have nominated in the member's election of 183
742	742	the option or in a subsequent nomination. If there is no 184
743	743	beneficiary so nominated who survives the member for the 185
744	744	remainder of the sixty mon thly payments, the reserve for the 186
745	745	remainder of such sixty monthly payments shall be paid to 187
746	746	the surviving spouse, surviving children in equal shares, 188
747	747	surviving parents in equal shares, or estate of the last 189
748	748	person, in that order of precedence, to rece ive a monthly 190
749	749	allowance in a lump sum payment. If the total of the sixty 191
750	750	payments paid to the retired individual and the beneficiary 192
751	751	of the retired individual is less than the total of the 193
752	752	member's accumulated contributions, the difference shall be 194
753	753	paid to the beneficiary in a lump sum; or 195
754	754	Option 7. 196
755	755	A plan of variable monthly benefit payments which 197
756	756	provides, in conjunction with the member's retirement 198
757	757	benefits under the federal Social Security laws, level or 199
758	758	near-level retirement benefit payme nts to the member for 200
759	759	life during retirement, and if authorized, to an appropriate 201
760	760	beneficiary designated by the member. Such a plan shall be 202
761	761	actuarially equivalent to the retirement allowance under 203
762	762	option 1 and shall be available for election only if 204 SB 709 25
763	763	established by the board of trustees under duly adopted 205
764	764	rules. 206
765	765	(2) The election of an option may be made only in the 207
766	766	application for retirement and such application must be 208
767	767	filed prior to the date on which the retirement of the 209
768	768	member is to be effective. If either the member or the 210
769	769	person nominated dies before the effective date of 211
770	770	retirement, the option shall not be effective, provided that: 212
771	771	(a) If the member or a person retired on disability 213
772	772	retirement dies after attaining age fifty -five and acquiring 214
773	773	five or more years of creditable service or after acquiring 215
774	774	twenty-five or more years of creditable service and before 216
775	775	retirement, except retirement with disability benefits, and 217
776	776	the person named by the member as the member's benefic iary 218
777	777	has an insurable interest in the life of the deceased 219
778	778	member, the designated beneficiary may elect to receive 220
779	779	either survivorship payments under option 2 or a payment of 221
780	780	the member's accumulated contributions. If survivorship 222
781	781	benefits under option 2 are elected and the member at the 223
782	782	time of death would have been eligible to receive an 224
783	783	actuarial equivalent of the member's retirement allowance, 225
784	784	the designated beneficiary may further elect to defer the 226
785	785	option 2 payments until the date the member would have been 227
786	786	eligible to receive the retirement allowance provided in 228
787	787	subsection 1 of this section. 229
788	788	(b) If the member or a person retired on disability 230
789	789	retirement dies before attaining age fifty -five but after 231
790	790	acquiring five but fewer than tw enty-five years of 232
791	791	creditable service, and the person named as the beneficiary 233
792	792	has an insurable interest in the life of the deceased member 234
793	793	or disability retiree, the designated beneficiary may elect 235
794	794	to receive either a payment of the person's accumula ted 236 SB 709 26
795	795	contributions or survivorship benefits under option 2 to 237
796	796	begin on the date the member would first have been eligible 238
797	797	to receive an actuarial equivalent of the person's 239
798	798	retirement allowance, or to begin on the date the member 240
799	799	would first have been eligible to receive the retirement 241
800	800	allowance provided in subsection 1 of this section. 242
801	801	5. If the total of the retirement or disability 243
802	802	allowances paid to an individual before the person's death 244
803	803	is less than the person's accumulated contributions a t the 245
804	804	time of the person's retirement, the difference shall be 246
805	805	paid to the person's beneficiary or, if there is no 247
806	806	beneficiary, to the surviving spouse, surviving children in 248
807	807	equal shares, surviving parents in equal shares, or person's 249
808	808	estate, in that order of precedence; provided, however, that 250
809	809	if an optional benefit, as provided in option 2, 3 or 4 in 251
810	810	subsection 4 of this section, had been elected and the 252
811	811	beneficiary dies after receiving the optional benefit, then, 253
812	812	if the total retirement allowan ces paid to the retired 254
813	813	individual and the individual's beneficiary are less than 255
814	814	the total of the contributions, the difference shall be paid 256
815	815	to the surviving spouse, surviving children in equal shares, 257
816	816	surviving parents in equal shares, or estate of the 258
817	817	beneficiary, in that order of precedence, unless the retired 259
818	818	individual designates a different recipient with the board 260
819	819	at or after retirement. 261
820	820	6. If a member dies and his or her financial 262
821	821	institution is unable to accept the final payment or 263
822	822	payments due to the member, the final payment or payments 264
823	823	shall be paid to the beneficiary of the member or, if there 265
824	824	is no beneficiary, to the surviving spouse, surviving 266
825	825	children in equal shares, surviving parents in equal shares, 267
826	826	or estate of the member, in that order of precedence, unless 268 SB 709 27
827	827	otherwise stated. If the beneficiary of a deceased member 269
828	828	dies and his or her financial institution is unable to 270
829	829	accept the final payment or payments, the final payment or 271
830	830	payments shall be paid to the surviv ing spouse, surviving 272
831	831	children in equal shares, surviving parents in equal shares, 273
832	832	or estate of the member, in that order of precedence, unless 274
833	833	otherwise stated. 275
834	834	7. If a member dies before receiving a retirement 276
835	835	allowance, the member's accumulate d contributions at the 277
836	836	time of the member's death shall be paid to the member's 278
837	837	beneficiary or, if there is no beneficiary, to the surviving 279
838	838	spouse, surviving children in equal shares, surviving 280
839	839	parents in equal shares, or to the member's estate; 281
840	840	provided, however, that no such payment shall be made if the 282
841	841	beneficiary elects option 2 in subsection 4 of this section, 283
842	842	unless the beneficiary dies before having received benefits 284
843	843	pursuant to that subsection equal to the accumulated 285
844	844	contributions of the member, in which case the amount of 286
845	845	accumulated contributions in excess of the total benefits 287
846	846	paid pursuant to that subsection shall be paid to the 288
847	847	surviving spouse, surviving children in equal shares, 289
848	848	surviving parents in equal shares, or estate of th e 290
849	849	beneficiary, in that order of precedence. 291
850	850	8. If a member ceases to be an employee as defined in 292
851	851	section 169.600 and certifies to the board of trustees that 293
852	852	such cessation is permanent or if the person's membership is 294
853	853	otherwise terminated, the p erson shall be paid the person's 295
854	854	accumulated contributions with interest. 296
855	855	9. Notwithstanding any provisions of sections 169.600 297
856	856	to 169.715 to the contrary, if a member ceases to be an 298
857	857	employee as defined in section 169.600 after acquiring five 299
858	858	or more years of creditable service, the member may, at the 300 SB 709 28
859	859	option of the member, leave the member's contributions with 301
860	860	the retirement system and claim a retirement allowance any 302
861	861	time after the member reaches the minimum age for voluntary 303
862	862	retirement. When the member's claim is presented to the 304
863	863	board, the member shall be granted an allowance as provided 305
864	864	in sections 169.600 to 169.715 on the basis of the member's 306
865	865	age and years of service. 307
866	866	10. The retirement allowance of a member retired 308
867	867	because of disability shall be nine -tenths of the allowance 309
868	868	to which the member's creditable service would entitle the 310
869	869	member if the member's age were sixty. 311
870	870	11. Notwithstanding any provisions of sections 169.600 312
871	871	to 169.715 to the contrary, any member who is a member prior 313
872	872	to October 13, 1969, may elect to have the member's 314
873	873	retirement allowance computed in accordance with sections 315
874	874	169.600 to 169.715 as they existed prior to October 13, 1969. 316
875	875	12. Any application for retirement shall include a 317
876	876	sworn statement by the member certifying that the spouse of 318
877	877	the member at the time the application was completed was 319
878	878	aware of the application and the plan of retirement elected 320
879	879	in the application. 321
880	880	13. Notwithstanding any other provision of law, any 322
881	881	person retired prior to August 14, 1984, who is receiving a 323
882	882	reduced retirement allowance under option 1 or 2 of 324
883	883	subsection 4 of this section, as the option existed prior to 325
884	884	August 14, 1984, and whose beneficiary nominated to receive 326
885	885	continued retirement allowance payments under the elected 327
886	886	option dies or has died, shall upon application to the board 328
887	887	of trustees have the person's retirement allowance increased 329
888	888	to the amount the person would have been receiving had the 330
889	889	person not elected the option actu arially adjusted to 331 SB 709 29
890	890	recognize any excessive benefits which would have been paid 332
891	891	to the person up to the time of the application. 333
892	892	14. Benefits paid pursuant to the provisions of the 334
893	893	public education employee retirement system of Missouri 335
894	894	shall not exceed the limitations of Section 415 of Title 26 336
895	895	of the United States Code, except as provided under this 337
896	896	subsection. Notwithstanding any other law, the board of 338
897	897	trustees may establish a benefit plan under Section 415(m) 339
898	898	of Title 26 of the United St ates Code. Such plan shall be 340
899	899	credited solely for the purpose described in Section 341
900	900	415(m)(3)(A) of Title 26 of the United States Code. The 342
901	901	board of trustees may promulgate regulations necessary to 343
902	902	implement the provisions of this subsection and to cr eate 344
903	903	and administer such benefit plan. 345
904	904	15. Any member who has retired prior to July 1, 1999, 346
905	905	and the designated beneficiary of a deceased retired member 347
906	906	upon request shall be made, constituted, appointed and 348
907	907	employed by the board as a special con sultant on the matters 349
908	908	of education, retirement and aging. As compensation for 350
909	909	such duties the person shall receive a payment equivalent to 351
910	910	seven and four-tenths percent of the previous month's 352
911	911	benefit, which shall be added to the member's or 353
912	912	beneficiary's monthly annuity and which shall not be subject 354
913	913	to the provisions of subsections 2 and 3 of this section for 355
914	914	the purposes of the limit on the total amount of increases 356
915	915	which may be received. 357
916	916	16. Any member who has retired prior to July 1, 20 00, 358
917	917	and the designated beneficiary of a deceased retired member 359
918	918	upon request shall be made, constituted, appointed and 360
919	919	employed by the board as a special consultant on the matters 361
920	920	of education, retirement and aging. As compensation for 362
921	921	such duties the person shall receive a payment equivalent to 363 SB 709 30
922	922	three and four-tenths percent of the previous month's 364
923	923	benefit, which shall be added to the member's or 365
924	924	beneficiary's monthly annuity and which shall not be subject 366
925	925	to the provisions of subsections 2 and 3 of this section for 367
926	926	the purposes of the limit on the total amount of increases 368
927	927	which may be received. 369
928	928	17. Any member who has retired prior to July 1, 2001, 370
929	929	and the designated beneficiary of a deceased retired member 371
930	930	upon request shall be made, co nstituted, appointed and 372
931	931	employed by the board as a special consultant on the matters 373
932	932	of education, retirement and aging. As compensation for 374
933	933	such duties the person shall receive a payment equivalent to 375
934	934	seven and one-tenth percent of the previous mont h's benefit, 376
935	935	which shall be added to the member's or beneficiary's 377
936	936	monthly annuity and which shall not be subject to the 378
937	937	provisions of subsections 2 and 3 of this section for the 379
938	938	purposes of the limit on the total amount of increases which 380
939	939	may be received. 381
940	940	