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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