86.366. Retired members made special advisors, when--compensation--applicants, processing.
Retired members made special advisors, when--compensation--applicants,processing.
86.366. 1. The board of trustees shall by rule adopt a programwhereby, in addition to any retirement allowance, or compensation paid orpayable under sections 86.200 to 86.366, any retired member under suchsections who is receiving ordinary service retirement benefits and who hasnot received a lump sum payment equal to the retired member'scontributions, shall upon application to the retirement system of the cityand approval of the application by the board of trustees be made a specialadvisor to the retirement system and shall be paid as compensation forservices as special advisor a lump sum payment in an amount equal to thetotal amount of the retired member's contributions to the retirementsystem, without interest, in the manner provided in subsection 2 of thissection.
2. Within ninety days of August 28, 1990, the board of trustees shallestablish a system of processing and approving qualified applicants forappointment and payment under this section. Application for appointmentfor special advisor to the retirement system must be made within onehundred eighty days of August 28, 1990. All qualified applicants shall bedeemed appointed as of the date of their application, and shall be paidwithin one year of August 28, 1990.
3. Any diminishment of the assets of the system resulting from thecompensation paid the special advisors to the retirement system providedfor in sections 86.200 to 86.366 shall result in an increase in the fundingrequirement as computed under section 86.330 and made an obligation of thecity under sections 86.344 and 86.350.
(L. 1984 H.B. 1103, A.L. 1990 S.B. 593, A.L. 2000 H.B. 1808)Effective 7-1-00