Missouri Revised Statutes













Chapter 50

County Finances, Budget and Retirement Systems

←50.1050

Section 50.1060.1

50.1070→

August 28, 2015

Normal annuity, amount, limitation--board to recommend adjustments to formula.

50.1060. 1. The normal annuity of a retired member who is not a member

of LAGERS shall be a monthly benefit equal to the greater of:



(1) Twenty-four dollars multiplied by years of creditable service, up to

a maximum of twenty-five years; or



(2) An amount determined according to the formula: the target

replacement ratio applicable to the member times the member's average final

compensation minus the member's monthly primary Social Security amount and

that times the member's years of creditable service, up to a maximum of

twenty-five years, divided by twenty-five or ((TRR x AFC) - PSSA) x (CS

divided by 25).



2. The normal annuity of a retired member who is also a member of LAGERS

shall be sixty-six and two-thirds percent of the normal annuity determined

pursuant to subsection 1 of this section.



3. As provided in subsection 1 of section 50.1150, the normal annuity of

a member shall not be less than the annuity the member had earned as of the

day before January 1, 2000, under the terms of the retirement system in

effect on that date.



4. The board may recommend to the general assembly adjustments to the

formulas described in this section, provided:



(1) The recommended adjustment to the formula is actuarially feasible; and



(2) The adjustment does not reduce the annuity a member had earned as of

the date of the adjustment; provided, however, that the provisions of section

50.1010 apply and the board is authorized to apportion benefits if funds are

not available to pay accrued benefits.



(L. 1994 S.B. 579 § 7, A.L. 1999 S.B. 308 & 314 merged with S.B. 467)



Effective 1-1-00







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