Missouri Revised Statutes
Chapter 169
Teacher and School Employee Retirement Systems
←169.322
Section 169.324.1
169.326→
August 28, 2015
Retirement allowances, amounts--retirants may substitute without affecting allowance, limitation--annual determination of ability to provide benefits, standards--action plan for use of minority and women money managers, brokers and investment counselors.
169.324. 1. The annual service retirement allowance payable pursuant
to section 169.320 shall be the retirant's number of years of creditable
service multiplied by a percentage of the retirant's average final
compensation, determined as follows:
(1) A retirant whose last employment as a regular employee ended
prior to June 30, 1999, shall receive an annual service retirement
allowance payable pursuant to section 169.320 in equal monthly installments
for life equal to the retirant's number of years of creditable service
multiplied by one and three-fourths percent of the person's average final
compensation, subject to a maximum of sixty percent of the person's average
final compensation;
(2) A retirant whose number of years of creditable service is greater
than thirty-four and one-quarter on August 28, 1993, shall receive an
annual service retirement allowance payable pursuant to section 169.320 in
equal monthly installments for life equal to the retirant's number of years
of creditable service as of August 28, 1993, multiplied by one and
three-fourths percent of the person's average final compensation but shall
not receive a greater annual service retirement allowance based on
additional years of creditable service after August 28, 1993;
(3) A retirant who was an active member of the retirement system at
any time on or after June 30, 1999, and who either retires before January
1, 2014, or is a member of the retirement system on December 31, 2013, and
remains a member continuously to retirement shall receive an annual service
retirement allowance payable pursuant to section 169.320 in equal monthly
installments for life equal to the retirant's number of years of creditable
service multiplied by two percent of the person's average final
compensation, subject to a maximum of sixty percent of the person's final
compensation;
(4) A retirant who becomes a member of the retirement system on or
after January 1, 2014, including any retirant who was a member of the
retirement system before January 1, 2014, but ceased to be a member for any
reason other than retirement, shall receive an annual service retirement
allowance payable pursuant to section 169.320 in equal monthly installments
for life equal to the retirant's number of years of creditable service
multiplied by one and three-fourths percent of the person's average final
compensation, subject to a maximum of sixty percent of the person's average
final compensation;
(5) Notwithstanding the provisions of subdivisions (1) to (4) of this
subsection, effective January 1, 1996, any retirant who retired on, before
or after January 1, 1996, with at least twenty years of creditable service
shall receive at least three hundred dollars each month as a retirement
allowance, or the actuarial equivalent thereof if the retirant elected any
of the options available under section 169.326. Any retirant who retired
with at least ten years of creditable service shall receive at least one
hundred fifty dollars each month as a retirement allowance, plus fifteen
dollars for each additional full year of creditable service greater than
ten years but less than twenty years (or the actuarial equivalent thereof
if the retirant elected any of the options available under section
169.326). Any beneficiary of a deceased retirant who retired with at least
ten years of creditable service and elected one of the options available
under section 169.326 shall also be entitled to the actuarial equivalent of
the minimum benefit provided by this subsection, determined from the option
chosen.
2. Except as otherwise provided in sections 169.331, 169.580* and
169.585, payment of a retirant's retirement allowance will be suspended for
any month for which such person receives remuneration from the person's
employer or from any other employer in the retirement system established by
section 169.280 for the performance of services except any such person
other than a person receiving a disability retirement allowance under
section 169.322 may serve as a nonregular substitute, part-time or
temporary employee for not more than six hundred hours in any school year
without becoming a member and without having the person's retirement
allowance discontinued, provided that through such substitute, part-time,
or temporary employment, the person may earn no more than fifty percent of
the annual salary or wages the person was last paid by the employer before
the person retired and commenced receiving a retirement allowance, adjusted
for inflation. If a person exceeds such hours limit or such compensation
limit, payment of the person's retirement allowance shall be suspended for
the month in which such limit was exceeded and each subsequent month in the
school year for which the person receives remuneration from any employer in
the retirement system. If a retirant is reemployed by any employer in any
capacity, whether pursuant to this section, or section 169.331, 169.580*,
or 169.585, or as a regular employee, the amount of such person's
retirement allowance attributable to service prior to the person's first
retirement date shall not be changed by the reemployment. If the person
again becomes an active member and earns additional creditable service,
upon the person's second retirement the person's retirement allowance shall
be the sum of:
(1) The retirement allowance the person was receiving at the time the
person's retirement allowance was suspended, pursuant to the payment option
elected as of the first retirement date, plus the amount of any increase in
such retirement allowance the person would have received pursuant to
subsection 3 of this section had payments not been suspended during the
person's reemployment; and
(2) An additional retirement allowance computed using the benefit
formula in effect on the person's second retirement date, the person's
creditable service following reemployment, and the person's average final
annual compensation as of the second retirement date. The sum calculated
pursuant to this subsection shall not exceed the greater of sixty percent
of the person's average final compensation as of the second retirement date
or the amount determined pursuant to subdivision (1) of this subsection.
Compensation earned prior to the person's first retirement date shall be
considered in determining the person's average final compensation as of the
second retirement date if such compensation would otherwise be included in
determining the person's average final compensation.
3. The board of trustees shall determine annually whether the
investment return on funds of the system can provide for an increase in
benefits for retirants eligible for such increase. A retirant shall and
will be eligible for an increase awarded pursuant to this section as of the
second January following the date the retirant commenced receiving
retirement benefits. Any such increase shall also apply to any monthly
joint and survivor retirement allowance payable to such retirant's
beneficiaries, regardless of age. The board shall make such determination
as follows:
(1) After determination by the actuary of the investment return for
the preceding year as of December thirty-first (the "valuation year"), the
actuary shall recommend to the board of trustees what portion of the
investment return is available to provide such benefits increase, if any,
and shall recommend the amount of such benefits increase, if any, to be
implemented as of the first day of the thirteenth month following the end
of the valuation year, and first payable on or about the first day of the
fourteenth month following the end of the valuation year. The actuary
shall make such recommendations so as not to affect the financial soundness
of the retirement system, recognizing the following safeguards:
(a) The retirement system's funded ratio as of January first of the
year preceding the year of a proposed increase shall be at least one
hundred percent after adjusting for the effect of the proposed increase.
The funded ratio is the ratio of assets to the pension benefit obligation;
(b) The actuarially required contribution rate, after adjusting for
the effect of the proposed increase, may not exceed the then applicable
employer and member contribution rate as determined under subsection 4 of
section 169.350;
(c) The actuary shall certify to the board of trustees that the
proposed increase will not impair the actuarial soundness of the retirement
system;
(d) A benefit increase, under this section, once awarded, cannot be
reduced in succeeding years;
(2) The board of trustees shall review the actuary's recommendation
and report and shall, in their discretion, determine if any increase is
prudent and, if so, shall determine the amount of increase to be awarded.
4. This section does not guarantee an annual increase to any
retirant.
5. If an inactive member becomes an active member after June 30,
2001, and after a break in service, unless the person earns at least four
additional years of creditable service without another break in service,
upon retirement the person's retirement allowance shall be calculated
separately for each separate period of service ending in a break in
service. The retirement allowance shall be the sum of the separate
retirement allowances computed for each such period of service using the
benefit formula in effect, the person's average final compensation as of
the last day of such period of service and the creditable service the
person earned during such period of service; provided, however, if the
person earns at least four additional years of creditable service without
another break in service, all of the person's creditable service prior to
and including such service shall be aggregated and, upon retirement, the
retirement allowance shall be computed using the benefit formula in effect
and the person's average final compensation as of the last day of such
period of four or more years and all of the creditable service the person
earned prior to and during such period.
6. Notwithstanding anything contained in this section to the
contrary, the amount of the annual service retirement allowance payable to
any retirant pursuant to the provisions of sections 169.270 to 169.400,
including any adjustments made pursuant to subsection 3 of this section,
shall at all times comply with the provisions and limitations of Section
415 of the Internal Revenue Code of 1986, as amended, and the regulations
thereunder, the terms of which are specifically incorporated herein by
reference.
7. All retirement systems established by the laws of the state of
Missouri shall develop a procurement action plan for utilization of
minority and women money managers, brokers and investment counselors. Such
retirement systems shall report their progress annually to the joint
committee on public employee retirement and the governor's minority
advocacy commission.
(L. 1943 p. 787 § 6, A.L. 1945 p. 1342, A.L. 1951 p. 477, A.L. 1957 p.
396 § 169.320, A.L. 1961 p. 369, A.L. 1967 1st Ex. Sess. p. 885,
A.L. 1973 H.B. 375, A.L. 1977 S.B. 160, A.L. 1978 H.B. 1503, A.L.
1981 H.B. 530, A.L. 1982 H.B. 1522, A.L. 1989 S.B. 146, A.L. 1990
H.B. 1347, et al., A.L. 1993 S.B. 126, A.L. 1994 S.B. 575, A.L.
1995 S.B. 378, A.L. 1998 H.B. 1299 merged with S.B. 761, A.L.
2001 H.B. 660, A.L. 2004 H.B. 1502 merged with S.B. 1242, A.L.
2011 H.B. 229, A.L. 2013 S.B. 17 merged with S.B. 23)
*Section 169.580 was repealed by H.B. 1608, 2012
2011
2004
2001
1998
2011
169.324. 1. The annual service retirement allowance payable pursuant
to section 169.320 in equal monthly installments for life shall be the
retirant's number of years of creditable service multiplied by one and
three-fourths percent of the person's average final compensation, subject
to a maximum of sixty percent of the person's average final compensation.
For any member who retires as an active member on or after June 30, 1999,
the annual service retirement allowance payable pursuant to section 169.320
in equal monthly installments for life shall be the retirant's number of
years of creditable service multiplied by two percent of the person's
average final compensation, subject to a maximum of sixty percent of the
person's average final compensation. Any member whose number of years of
creditable service is greater than thirty-four and one-quarter on August
28, 1993, shall receive an annual service retirement allowance payable
pursuant to section 169.320 in equal monthly installments for life equal to
the retirant's number of years of creditable service as of August 28, 1993,
multiplied by one and three-fourths percent of the person's average final
compensation but shall not receive a greater annual service retirement
allowance based on additional years of creditable service after August 28,
1993. Provided, however, that, effective January 1, 1996, any retiree who
retired on, before or after January 1, 1996, with at least twenty years of
creditable service shall receive at least three hundred dollars each month
as a retirement allowance, or the actuarial equivalent thereof if the
retiree elected any of the options available under section 169.326.
Provided, further, any retiree who retired with at least ten years of
creditable service shall receive at least one hundred fifty dollars each
month as a retirement allowance, plus fifteen dollars for each additional
full year of creditable service greater than ten years but less than twenty
years (or the actuarial equivalent thereof if the retiree elected any of
the options available under section 169.326). Any beneficiary of a
deceased retiree who retired with at least ten years of creditable service
and elected one of the options available under section 169.326 shall also
be entitled to the actuarial equivalent of the minimum benefit provided by
this subsection, determined from the option chosen.
2. Except as otherwise provided in sections 169.331, 169.580 and
169.585, payment of a retirant's retirement allowance will be suspended for
any month for which such person receives remuneration from the person's
employer or from any other employer in the retirement system established by
section 169.280 for the performance of services except any such person
other than a person receiving a disability retirement allowance under
section 169.322 may serve as a nonregular substitute, part-time or
temporary employee for not more than six hundred hours in any school year
without becoming a member and without having the person's retirement
allowance discontinued, provided that through such substitute, part-time,
or temporary employment, the person may earn no more than fifty percent of
the annual salary or wages the person was last paid by the employer before
the person retired and commenced receiving a retirement allowance, adjusted
for inflation. If a person exceeds such hours limit or such compensation
limit, payment of the person's retirement allowance shall be suspended for
the month in which such limit was exceeded and each subsequent month in the
school year for which the person receives remuneration from any employer in
the retirement system. If a retirant is reemployed by any employer in any
capacity, whether pursuant to this section, or section 169.331, 169.580, or
169.585, or as a regular employee, the amount of such person's retirement
allowance attributable to service prior to the person's first retirement
date shall not be changed by the reemployment. If the person again becomes
an active member and earns additional creditable service, upon the person's
second retirement the person's retirement allowance shall be the sum of:
(1) The retirement allowance the person was receiving at the time the
person's retirement allowance was suspended, pursuant to the payment option
elected as of the first retirement date, plus the amount of any increase in
such retirement allowance the person would have received pursuant to
subsection 3 of this section had payments not been suspended during the
person's reemployment; and
(2) An additional retirement allowance computed using the benefit
formula in effect on the person's second retirement date, the person's
creditable service following reemployment, and the person's average final
annual compensation as of the second retirement date.
The sum calculated pursuant to this subsection shall not exceed the greater
of sixty percent of the person's average final compensation as of the
second retirement date or the amount determined pursuant to subdivision (1)
of this subsection. Compensation earned prior to the person's first
retirement date shall be considered in determining the person's average
final compensation as of the second retirement date if such compensation
would otherwise be included in determining the person's average final
compensation.
3. The board of trustees shall determine annually whether the
investment return on funds of the system can provide for an increase in
benefits for retirants eligible for such increase. A retirant shall and
will be eligible for an increase awarded pursuant to this section as of the
second January following the date the retirant commenced receiving
retirement benefits. Any such increase shall also apply to any monthly
joint and survivor retirement allowance payable to such retirant's
beneficiaries, regardless of age. The board shall make such determination
as follows:
(1) After determination by the actuary of the investment return for
the preceding year as of December thirty-first (the "valuation year"), the
actuary shall recommend to the board of trustees what portion of the
investment return is available to provide such benefits increase, if any,
and shall recommend the amount of such benefits increase, if any, to be
implemented as of the first day of the thirteenth month following the end
of the valuation year, and the first payable on or about the first day of
the fourteenth month following the end of the valuation year. The actuary
shall make such recommendations so as not to affect the financial soundness
of the retirement system, recognizing the following safeguards:
(a) The retirement system's funded ratio as of January first of the
year preceding the year of a proposed increase shall be at least one
hundred percent after adjusting for the effect of the proposed increase.
The funded ratio is the ratio of assets to the pension benefit obligation;
(b) The actuarially required contribution rate, after adjusting for
the effect of the proposed increase, may not exceed the statutory
contribution rate;
(c) The actuary shall certify to the board of trustees that the
proposed increase will not impair the actuarial soundness of the retirement
system;
(d) A benefit increase, under this section, once awarded, cannot be
reduced in succeeding years;
(2) The board of trustees shall review the actuary's recommendation
and report and shall, in their discretion, determine if any increase is
prudent and, if so, shall determine the amount of increase to be awarded.
4. This section does not guarantee an annual increase to any
retirant.
5. If an inactive member becomes an active member after June 30,
2001, and after a break in service, unless the person earns at least four
additional years of creditable service without another break in service,
upon retirement the person's retirement allowance shall be calculated
separately for each separate period of service ending in a break in
service. The retirement allowance shall be the sum of the separate
retirement allowances computed for each such period of service using the
benefit formula in effect, the person's average final compensation as of
the last day of such period of service and the creditable service the
person earned during such period of service; provided, however, if the
person earns at least four additional years of creditable service without
another break in service, all of the person's creditable service prior to
and including such service shall be aggregated and, upon retirement, the
retirement allowance shall be computed using the benefit formula in effect
and the person's average final compensation as of the last day of such
period of four or more years and all of the creditable service the person
earned prior to and during such period.
6. Notwithstanding anything contained in this section to the
contrary, the amount of the annual service retirement allowance payable to
any retirant pursuant to the provisions of sections 169.270 to 169.400,
including any adjustments made pursuant to subsection 3 of this section,
shall at all times comply with the provisions and limitations of Section
415 of the Internal Revenue Code of 1986, as amended, and the regulations
thereunder, the terms of which are specifically incorporated herein by
reference.
7. All retirement systems established by the laws of the state of
Missouri shall develop a procurement action plan for utilization of
minority and women money managers, brokers and investment counselors. Such
retirement systems shall report their progress annually to the joint
committee on public employee retirement and the governor's minority
advocacy commission.
2004
169.324. 1. The annual service retirement allowance payable pursuant to
section 169.320 in equal monthly installments for life shall be the retirant's
number of years of creditable service multiplied by one and three-fourths
percent of the person's average final compensation, subject to a maximum of
sixty percent of the person's average final compensation. For any member who
retires as an active member on or after June 30, 1999, the annual service
retirement allowance payable pursuant to section 169.320 in equal monthly
installments for life shall be the retirant's number of years of creditable
service multiplied by two percent of the person's average final compensation,
subject to a maximum of sixty percent of the person's average final
compensation. Any member whose number of years of creditable service is
greater than thirty-four and one-quarter on August 28, 1993, shall receive an
annual service retirement allowance payable pursuant to section 169.320 in
equal monthly installments for life equal to the retirant's number of years of
creditable service as of August 28, 1993, multiplied by one and three-fourths
percent of the person's average final compensation but shall not receive a
greater annual service retirement allowance based on additional years of
creditable service after August 28, 1993. Provided, however, that, effective
January 1, 1996, any retiree who retired on, before or after January 1, 1996,
with at least twenty years of creditable service shall receive at least three
hundred dollars each month as a retirement allowance, or the actuarial
equivalent thereof if the retiree elected any of the options available under
section 169.326. Provided, further, any retiree who retired with at least ten
years of creditable service shall receive at least one hundred fifty dollars
each month as a retirement allowance, plus fifteen dollars for each additional
full year of creditable service greater than ten years but less than twenty
years (or the actuarial equivalent thereof if the retiree elected any of the
options available under section 169.326). Any beneficiary of a deceased
retiree who retired with at least ten years of creditable service and elected
one of the options available under section 169.326 shall also be entitled to
the actuarial equivalent of the minimum benefit provided by this subsection,
determined from the option chosen.
2. Except as otherwise provided in sections 169.331, 169.580 and
169.585, payment of a retirant's retirement allowance will be suspended for
any month for which such person receives remuneration from the person's
employer or from any other employer in the retirement system established by
section 169.280 for the performance of services except any such person other
than a person receiving a disability retirement allowance under section
169.322 may serve as a nonregular substitute, part-time or temporary employee
for not more than six hundred hours in any school year without becoming a
member and without having the person's retirement allowance discontinued. If
a retirant is reemployed by any employer in any capacity, whether pursuant to
this section, or section 169.331, 169.580, or 169.585, or as a regular
employee, the amount of such person's retirement allowance attributable to
service prior to the person's first retirement date shall not be changed by
the reemployment. If the person again becomes an active member and earns
additional creditable service, upon the person's second retirement the
person's retirement allowance shall be the sum of:
(1) The retirement allowance the person was receiving at the time the
person's retirement allowance was suspended, pursuant to the payment option
elected as of the first retirement date, plus the amount of any increase in
such retirement allowance the person would have received pursuant to
subsection 3 of this section had payments not been suspended during the
person's reemployment; and
(2) An additional retirement allowance computed using the benefit
formula in effect on the person's second retirement date, the person's
creditable service following reemployment, and the person's average annual
compensation as of the second retirement date.
The sum calculated pursuant to this subsection shall not exceed the greater of
sixty percent of the person's average final compensation as of the second
retirement date or the amount determined pursuant to subdivision (1) of this
subsection. Compensation earned prior to the person's first retirement date
shall be considered in determining the person's average final compensation as
of the second retirement date if such compensation would otherwise be included
in determining the person's average final compensation.
3. The board of trustees shall determine annually whether the investment
return on funds of the system can provide for an increase in benefits for
retirants eligible for such increase. A retirant shall and will be eligible
for an increase awarded pursuant to this section as of the second January
following the date the retirant commenced receiving retirement benefits. Any
such increase shall also apply to any monthly joint and survivor retirement
allowance payable to such retirant's beneficiaries, regardless of age. The
board shall make such determination as follows:
(1) After determination by the actuary of the investment return for the
preceding year as of December thirty-first (the "valuation year"), the actuary
shall recommend to the board of trustees what portion of the investment return
is available to provide such benefits increase, if any, and shall recommend
the amount of such benefits increase, if any, to be implemented as of the
first day of the thirteenth month following the end of the valuation year, and
the first payable on or about the first day of the fourteenth month following
the end of the valuation year. The actuary shall make such recommendations so
as not to affect the financial soundness of the retirement system, recognizing
the following safeguards:
(a) The retirement system's funded ratio as of January first of the year
preceding the year of a proposed increase shall be at least one hundred
percent after adjusting for the effect of the proposed increase. The funded
ratio is the ratio of assets to the pension benefit obligation;
(b) The actuarially required contribution rate, after adjusting for the
effect of the proposed increase, may not exceed the statutory contribution
rate;
(c) The actuary shall certify to the board of trustees that the proposed
increase will not impair the actuarial soundness of the retirement system;
(d) A benefit increase, under this section, once awarded, cannot be
reduced in succeeding years;
(2) The board of trustees shall review the actuary's recommendation and
report and shall, in their discretion, determine if any increase is prudent
and, if so, shall determine the amount of increase to be awarded.
4. This section does not guarantee an annual increase to any retirant.
5. If an inactive member becomes an active member after June 30, 2001,
and after a break in service, unless the person earns at least four additional
years of creditable service without another break in service, upon retirement
the person's retirement allowance shall be calculated separately for each
separate period of service ending in a break in service. The retirement
allowance shall be the sum of the separate retirement allowances computed for
each such period of service using the benefit formula in effect, the person's
average final compensation as of the last day of such period of service and
the creditable service the person earned during such period of service;
provided, however, if the person earns at least four additional years of
creditable service without another break in service, all of the person's
creditable service prior to and including such service shall be aggregated
and, upon retirement, the retirement allowance shall be computed using the
benefit formula in effect and the person's average final compensation as of
the last day of such period of four or more years and all of the creditable
service the person earned prior to and during such period.
6. Notwithstanding anything contained in this section to the contrary,
the amount of the annual service retirement allowance payable to any retirant
pursuant to the provisions of sections 169.270 to 169.400, including any
adjustments made pursuant to subsection 3 of this section, shall at all times
comply with the provisions and limitations of Section 415 of the Internal
Revenue Code of 1986, as amended, and the regulations thereunder, the terms of
which are specifically incorporated herein by reference.
7. All retirement systems established by the laws of the state of
Missouri shall develop a procurement action plan for utilization of minority
and women money managers, brokers and investment counselors. Such retirement
systems shall report their progress annually to the joint committee on public
employee retirement and the governor's minority advocacy commission.
2001
169.324. 1. The annual service retirement allowance payable pursuant
to section 169.320 in equal monthly installments for life shall be the
retirant's number of years of creditable service multiplied by one and
three-fourths percent of the person's average final compensation, subject
to a maximum of sixty percent of the person's average final compensation.
For any member who retires as an active member on or after June 30, 1999,
the annual service retirement allowance payable pursuant to section 169.320
in equal monthly installments for life shall be the retirant's number of
years of creditable service multiplied by two percent of the person's
average final compensation, subject to a maximum of sixty percent of the
person's average final compensation. Any member whose number of years of
creditable service is greater than thirty-four and one-quarter on August
28, 1993, shall receive an annual service retirement allowance payable
pursuant to section 169.320 in equal monthly installments for life equal to
the retirant's number of years of creditable service as of August 28, 1993,
multiplied by one and three-fourths percent of the person's average final
compensation but shall not receive a greater annual service retirement
allowance based on additional years of creditable service after August 28,
1993. Provided, however, that, effective January 1, 1996, any retiree who
retired on, before or after January 1, 1996, with at least twenty years of
creditable service shall receive at least three hundred dollars each month
as a retirement allowance, or the actuarial equivalent thereof if the
retiree elected any of the options available under section 169.326.
Provided, further, any retiree who retired with at least ten years of
creditable service shall receive at least one hundred fifty dollars each
month as a retirement allowance, plus fifteen dollars for each additional
full year of creditable service greater than ten years but less than twenty
years (or the actuarial equivalent thereof if the retiree elected any of
the options available under section 169.326). Any beneficiary of a
deceased retiree who retired with at least ten years of creditable service
and elected one of the options available under section 169.326 shall also
be entitled to the actuarial equivalent of the minimum benefit provided by
this subsection, determined from the option chosen.
2. Except as otherwise provided in sections 169.580 and 169.585,
payment of a retirant's retirement allowance will be suspended for any
month for which such person receives remuneration from the person's
employer or from any other employer in the retirement system established by
section 169.280 for the performance of services except such person may
serve as a nonregular substitute, part-time or temporary employee for not*
more than six hundred hours in any school year without becoming a member
and without having the person's retirement allowance discontinued. If a
retirant is reemployed by any employer in any capacity, whether pursuant to
this section, section 169.580 or section 169.585 or as a regular employee,
the amount of such person's retirement allowance attributable to service
prior to the person's first retirement date shall not be changed by the
reemployment. If the person again becomes an active member and earns
additional creditable service, upon the person's second retirement the
person's retirement allowance shall be the sum of:
(1) The retirement allowance the person was receiving at the time the
person's retirement allowance was suspended, pursuant to the payment option
elected as of the first retirement date, plus the amount of any increase in
such retirement allowance the person would have received pursuant to
subsection 3 of this section had payments not been suspended during the
person's reemployment; and
(2) An additional retirement allowance computed using the benefit
formula in effect on the person's second retirement date, the person's
creditable service following reemployment, and the person's average annual
compensation as of the second retirement date.
The sum calculated pursuant to this subsection shall not exceed the greater
of sixty percent of the person's average final compensation as of the
second retirement date or the amount determined pursuant to subdivision (1)
of this subsection. Compensation earned prior to the person's first
retirement date shall be considered in determining the person's average
final compensation as of the second retirement date if such compensation
would otherwise be included in determining the person's average final
compensation.
3. The board of trustees shall determine annually whether the
investment return on funds of the system can provide for an increase in
benefits for retirants eligible for such increase. A retirant shall and
will be eligible for an increase awarded pursuant to this section as of the
second January following the date the retirant commenced receiving
retirement benefits. Any such increase shall also apply to any monthly
joint and survivor retirement allowance payable to such retirant's
beneficiaries, regardless of age. The board shall make such determination
as follows:
(1) After determination by the actuary of the investment return for
the preceding year as of December thirty-first (the "valuation year"), the
actuary shall recommend to the board of trustees what portion of the
investment return is available to provide such benefits increase, if any,
and shall recommend the amount of such benefits increase, if any, to be
implemented as of the first day of the thirteenth month following the end
of the valuation year, and the first payable on or about the first day of
the fourteenth month following the end of the valuation year. The actuary
shall make such recommendations so as not to affect the financial soundness
of the retirement system, recognizing the following safeguards:
(a) The retirement system's funded ratio as of January first of the
year preceding the year of a proposed increase shall be at least one
hundred percent after adjusting for the effect of the proposed increase.
The funded ratio is the ratio of assets to the pension benefit obligation;
(b) The actuarially required contribution rate, after adjusting for
the effect of the proposed increase, may not exceed the statutory
contribution rate;
(c) The actuary shall certify to the board of trustees that the
proposed increase will not impair the actuarial soundness of the retirement
system;
(d) A benefit increase, under this section, once awarded, cannot be
reduced in succeeding years;
(2) The board of trustees shall review the actuary's recommendation
and report and shall, in their discretion, determine if any increase is
prudent and, if so, shall determine the amount of increase to be awarded.
4. This section does not guarantee an annual increase to any
retirant.
5. If an inactive member becomes an active member after June 30,
2001, and after a break in service, unless the person earns at least four
additional years of creditable service without another break in service,
upon retirement the person's retirement allowance shall be calculated
separately for each separate period of service ending in a break in
service. The retirement allowance shall be the sum of the separate
retirement allowances computed for each such period of service using the
benefit formula in effect, the person's average final compensation as of
the last day of such period of service and the creditable service the
person earned during such period of service; provided, however, if the
person earns at least four additional years of creditable service without
another break in service, all of the person's creditable service prior to
and including such service shall be aggregated and, upon retirement, the
retirement allowance shall be computed using the benefit formula in effect
and the person's average final compensation as of the last day of such
period of four or more years and all of the creditable service the person
earned prior to and during such period.
6. Notwithstanding anything contained in this section to the
contrary, the amount of the annual service retirement allowance payable to
any retirant pursuant to the provisions of sections 169.270 to 169.400,
including any adjustments made pursuant to subsection 3 of this section,
shall at all times comply with the provisions and limitations of Section
415 of the Internal Revenue Code of 1986, as amended, and the regulations
thereunder, the terms of which are specifically incorporated herein by
reference.
7. All retirement systems established by the laws of the state of
Missouri shall develop a procurement action plan for utilization of
minority and women money managers, brokers and investment counselors. Such
retirement systems shall report their progress annually to the joint
committee on public employee retirement and the governor's minority
advocacy commission.
1998
169.324. 1. The annual service retirement allowance payable pursuant
to section 169.320 in equal monthly installments for life shall be the
retirant's number of years of creditable service multiplied by one and
three-fourths percent of the person's average final compensation, subject
to a maximum of sixty percent of the person's average final compensation.
For any member retiring on or after June 30, 1999, the annual service
retirement allowance payable pursuant to section 169.320 in equal monthly
installments for life shall be the retirant's number of years of creditable
service multiplied by two percent of the person's average final
compensation, subject to a maximum of sixty percent of the person's average
final compensation. Any member whose number of years of creditable service
is greater than thirty-four and one-quarter on August 28, 1993, that
provides for the foregoing formula for determining the annual service
retirement allowance shall receive an annual service retirement allowance
payable pursuant to section 169.320 in equal monthly installments for life
equal to the retirant's number of years of creditable service as of August
28, 1993, multiplied by one and three-fourths percent of the person's
average final compensation but shall not receive a greater annual service
retirement allowance based on additional years of creditable service after
August 28, 1993, that provides for the foregoing formula for determining
the annual service retirement allowance. Provided, however, that,
effective January 1, 1996, any retiree who retired on, before or after
January 1, 1996, with at least twenty years of creditable service shall
receive at least three hundred dollars each month as a retirement
allowance, or the actuarial equivalent thereof if the retiree elected any
of the options available under section 169.326. Provided, further, any
retiree who retired with at least ten years of creditable service shall
receive at least one hundred fifty dollars each month as a retirement
allowance, plus fifteen dollars for each additional full year of creditable
service greater than ten years but less than twenty years (or the actuarial
equivalent thereof if the retiree elected any of the options available
under section 169.326). Any beneficiary of a deceased retiree who retired
with at least ten years of creditable service and elected one of the
options available under section 169.326 shall also be entitled to the
actuarial equivalent of the minimum benefit provided by this subsection,
determined from the option chosen.
2. Except as otherwise provided in sections 169.580 and 169.585, a
retirant may not receive a retirement allowance payment in any month for
which such person receives remuneration from the person's employer for the
performance of services except such person may serve as a nonregular
substitute, part-time or temporary employee for not to exceed five hundred
thirty hours in any school year without becoming a member and without
having the person's retirement allowance discontinued.
3. The board of trustees shall determine annually whether the
investment return on funds of the system can provide for an increase in
benefits for retirants eligible for such increase. A retirant shall and
will be eligible for an increase awarded pursuant to this section as of the
fourth January following the date the retirant commenced receiving
retirement benefits. Any such increase shall also apply to any monthly
joint and survivor retirement allowance payable to such retirant's
beneficiaries, regardless of age. The board shall make such determination
as follows:
(1) After determination by the actuary of the investment return for
the preceding year as of December thirty-first (the "valuation year"), the
actuary shall recommend to the board of trustees what portion of the
investment return is available to provide such benefits increase, if any,
and shall recommend the amount of such benefits increase, if any, to be
implemented as of the first day of the thirteenth month following the end
of the valuation year, and the first payable on or about the first day of
the fourteenth month following the end of the valuation year. The actuary
shall make such recommendations so as not to affect the financial soundness
of the retirement system, recognizing the following safeguards:
(a) The retirement system's funded ratio as of January first of the
year preceding the year of a proposed increase shall be at least one
hundred percent after adjusting for the effect of the proposed increase.
The funded ratio is the ratio of assets to the pension benefit obligation;
(b) The actuarially required contribution rate, after adjusting for
the effect of the proposed increase, may not exceed the statutory
contribution rate;
(c) The actuary shall certify to the board of trustees that the
proposed increase will not impair the actuarial soundness of the retirement
system;
(d) A benefit increase, under this section, once awarded, cannot be
reduced in succeeding years;
(2) The board of trustees shall review the actuary's recommendation
and report and shall, in their discretion, determine if any increase is
prudent and, if so, shall determine the amount of increase to be awarded.
4. This section does not guarantee an annual increase to any
retirant.
5. Notwithstanding anything contained in this section to the
contrary, the amount of the annual service retirement allowance payable to
any retirant pursuant to the provisions of sections 169.270 to 169.400,
including any adjustments made pursuant to subsection 3 of this section,
shall at all times comply with the provisions and limitations of Section
415 of the Internal Revenue Code of 1986, as amended, and the regulations
thereunder, the terms of which are specifically incorporated herein by
reference.
6. All retirement systems established by the laws of the state of
Missouri shall develop a procurement action plan for utilization of
minority and women money managers, brokers and investment counselors. Such
retirement systems shall report their progress annually to the joint
committee on public employee retirement and the governor's minority
advocacy commission.
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