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Section: 104.0603 Reciprocal transfer of creditable service, when. RSMO 104.603


Published: 2015

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Missouri Revised Statutes













Chapter 104

Retirement of State Officers and Employees

←104.602

Section 104.603.1

104.604→

August 28, 2015

Reciprocal transfer of creditable service, when.

104.603. 1. Effective with transfers of service between the Missouri

department of transportation and highway patrol employees' retirement

system and the Missouri state employees' retirement system that occur on or

after September 1, 2011, upon a reciprocal transfer of creditable or

credited service pursuant to section 104.602 or subsection 8 of section

104.1021, the sending system from which the service is transferred shall

pay the receiving system to which the service is transferred the present

value of the accrued benefit as determined pursuant to subsection 2 of this

section.



2. For purposes of this section, the present value of the accrued

benefit shall be determined using the actuarial assumptions of the sending

system used in that system's last regular valuation assuming active member

status and using the unit credit actuarial cost method. However, in no

event shall the payment amount be less than the sum of the member's

accumulated contributions and interest plus any purchased service payments

from the member held on deposit by the sending system. If the member had

received a refund of accumulated contributions from the sending system and

forfeited service credit with that system, the member would need to

reestablish that service with the sending system by again becoming an

active member of a system covered by this chapter and satisfying

requirements otherwise stipulated for reestablishing service credit.

However, in the event the member had previously transferred service from

the receiving system to the sending system which was not subject to an

asset transfer under this section, then that service will be excluded from

the computation of the accrued benefit. In the event any prior payments by

a sending system under this section included an amount for previously

transferred service that was not subject to this section, the receiving

system shall return to the sending system the present value amount

attributable to such service, including interest as determined and agreed

to by both systems.



3. The service transfer shall not be deemed completed until the

sending system makes payment to the receiving system as prescribed in this

section. Payments shall be made within ninety days of the date that a

completed transfer request is submitted by a member.



4. When the transfer payment includes an amount identified as

corresponding to a member's accumulated contributions, the accumulated

contributions portion shall be identified, and further, the accumulated

contributions balance as of the preceding July first shall be identified

and the receiving system shall be responsible for crediting interest

according to the terms of the receiving plan.



5. The systems shall coordinate their plan administration for

reciprocal transfers to give full effect to the transfer including the

transfer and acceptance of corresponding division of benefit orders.



6. The member or survivor obtaining a reciprocal transfer of service

covered by this section shall satisfy all requirements under section

104.602 or subsection 8 of section 104.1021 to obtain a transfer of

credited or creditable service and shall satisfy the requirements under

section 104.1091 with the receiving system to reestablish forfeited service

previously accrued at either system.



(L. 2011 H.B. 282, A.L. 2012 S.B. 625)





2011



2011



104.603. 1. Effective with transfers of service between the Missouri

department of transportation and highway patrol employees' retirement

system and the Missouri state employees' retirement system that occur on or

after September 1, 2011, upon a reciprocal transfer of creditable or

credited service pursuant to section 104.602 or subsection 8 of section

104.1021, the sending system from which the service is transferred shall

pay the receiving system to which the service is transferred the present

value of the accrued benefit as determined pursuant to subsection 2 of this

section.



2. For purposes of this section, the present value of the accrued

benefit shall be determined using the actuarial assumptions of the sending

system used in that system's last regular valuation assuming active member

status and using the unit credit actuarial cost method. However, in no

event shall the payment amount be less than the sum of the member's

accumulated contributions and interest plus any purchased service payments

from the member held on deposit by the sending system. If the member had

received a refund of accumulated contributions from the sending system and

forfeited service credit with that system, the member would need to

reestablish that service with the sending system by again becoming an

active member of a system covered by this chapter and satisfying

requirements otherwise stipulated for reestablishing service credit.



3. The service transfer shall not be deemed completed until the

sending system makes payment to the receiving system as prescribed in this

section. Payments shall be made within ninety days of the date that a

completed transfer request is submitted by a member.



4. When the transfer payment includes an amount identified as

corresponding to a member's accumulated contributions, the accumulated

contributions portion shall be identified, and further, the accumulated

contributions balance as of the preceding July first shall be identified

and the receiving system shall be responsible for crediting interest

according to the terms of the receiving plan.



5. The systems shall coordinate their plan administration for

reciprocal transfers to give full effect to the transfer including the

transfer and acceptance of corresponding division of benefit orders.



6. The member or survivor obtaining a reciprocal transfer of service

covered by this section shall satisfy all requirements under section

104.602 or subsection 8 of section 104.1021 to obtain a transfer of

credited or creditable service and shall satisfy the requirements under

section 104.1091 with the receiving system to reestablish forfeited service

previously accrued at either system.



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