104.335. Vesting service--members who are entitled to annuities--requirements, amounts--terminated vested member, judge, administrative law judge or legal advisor, election to pay present value of ann
Vesting service--members who are entitled toannuities--requirements, amounts--terminated vested member, judge,administrative law judge or legal advisor, election to pay presentvalue of annuity, eligibility, purchase of prior service credit.
104.335. 1. Any member whose employment terminated prior toSeptember 1, 1972, and (a) who had served at least three full biennialassemblies as a member of the general assembly, or (b) who was other than amember of the general assembly and who had fifteen or more years of vestingservice shall be entitled to a deferred normal annuity based on themember's creditable service, average compensation and the law in effect atthe time the member's employment was terminated.
2. (1) Any member whose employment terminated on or after September1, 1972, and prior to July 1, 1981, and (a) who had served at least threefull biennial assemblies as a member of the general assembly, or (b) whowas other than a member of the general assembly and who had fifteen or moreyears of vesting service or who had ten or more years of vesting serviceand was at least thirty-five years of age at the date of termination ofemployment shall be entitled to a deferred normal annuity based on themember's creditable service, average compensation and the law in effect atthe time the member's employment was terminated.
(2) Any member whose employment terminated on or after July 1, 1981,and (a) who had served at least three full biennial assemblies as a memberof the general assembly, or (b) who was other than a member of the generalassembly and who had ten or more years of vesting service at the date oftermination of employment shall be entitled to a deferred normal annuitybased on the member's creditable service, average compensation and the lawin effect at the time the member's employment was terminated.
(3) Any member whose employment terminated on or after September 1,1972, and who had four or more years of vesting service as governor,lieutenant governor, secretary of state, auditor, treasurer, or attorneygeneral of this state shall be entitled to a deferred normal annuity basedon the member's creditable service, average compensation and the law ineffect at the time the member's employment was terminated.
(4) Any member whose employment terminated on or after September 28,1985, and who (a) had served less than three full biennial assemblies as amember of the general assembly, and (b) has less than ten years of vestingservice as an employee other than a member of the general assembly shall beentitled to two years of vesting service for each full biennial assembly inwhich the member served plus an additional amount of vesting service foreach partial biennial assembly served, which amount shall be equal to thepro rata portion of the biennial assembly so served. The total amount ofvesting service provided for in this subdivision shall be used to calculatethe deferred normal annuity or deferred partial annuity to which suchmember is entitled based on the member's creditable service, which includesall service designated as vesting service under this subdivision, themember's average compensation, and the law in effect at the time themember's employment was terminated.
3. Any member whose employment terminated on or after October 1,1984, but before September 28, 1992, and who was other than a member of thegeneral assembly and who has five or more years of vesting service as anemployee at the date of termination of employment shall be entitled to adeferred partial annuity based on the member's creditable service, averagecompensation, and the law in effect at the time the member's employment wasterminated, in the following amounts:
(1) An employee with at least five years of vesting service, but lessthan six years, is entitled to fifty percent of the amount payable as adeferred normal annuity;
(2) An employee with six years of vesting service, but less thanseven years, is entitled to sixty percent of the amount payable as adeferred normal annuity;
(3) An employee with seven years of vesting service, but less thaneight years, is entitled to seventy percent of the amount payable as adeferred normal annuity;
(4) An employee with eight years of vesting service, but less thannine years, is entitled to eighty percent of the amount payable as adeferred normal annuity;
(5) An employee with nine years of vesting service, but less than tenyears, is entitled to ninety percent of the amount payable as a deferrednormal annuity.
4. Any member whose employment terminated on or after September 28,1992, and who was other than a member of the general assembly and who hasfive or more years of vesting service as an employee at the date oftermination of employment shall be entitled to a deferred normal annuitybased on the member's creditable service, average compensation, and the lawin effect at the time the member's employment was terminated.
5. Any member who is entitled to a deferred normal annuity asprovided in subsection 1, 2, 3, or 4 of this section and who reenters theservice of a department and again becomes a member of the system shall havethe member's prior period of vesting service combined with the member'scurrent membership service, so that any benefits that may become payableunder this system by reason of the member's retirement or subsequentwithdrawal will recognize such prior period of vesting service.
6. (1) A vested member, an administrative law judge or legal advisoras defined in section 287.812, RSMo, or a judge as defined in section476.515, RSMo, who has terminated all employment with the state of Missourifor a period of six months or longer, may make a one-time election for thesystem to pay the present value of a deferred annuity or a benefit asdefined in section 287.812, RSMo, or section 476.515, RSMo, if the amountof such terminated member's or person's creditable service is less than tenyears, and if such terminated member or person is not within five years ofeligibility for receiving an annuity or benefit. Any such member,administrative law judge, legal advisor or judge who terminates employmenton or after August 28, 1997, shall be eligible for the one-time electionprovided for in this subsection only if the present value of the deferredannuity does not exceed ten thousand dollars. The present value shall beactuarially determined by the system. Except as provided in subdivision(2) of this subsection, any payment so made shall be a complete dischargeof the existing liability of the system with respect to such terminatedmember or person.
(2) Upon subsequent employment in a position covered under a systemadministered by the Missouri state employees' retirement system, theemployee, administrative law judge or judge may elect, within one year ofsuch employment, to purchase creditable service equal to the amount ofcreditable service surrendered due to a payment as specified in thissubsection. The cost of such purchase shall be actuarially determined bythe system, and shall be paid over a period of not longer than two yearsfrom the date of election, with interest on the unpaid balance.
(3) Persons described in subdivision (1) of this subsection whoterminate employment on or after September 1, 2002, shall no longer beeligible to make the election described in subdivision (1) of thissubsection.
7. Any individual, covered by a retirement plan identified in thischapter, chapter 287 or chapter 476, RSMo, who terminated employment priorto August 28, 1993, shall, upon application to the board of trustees of theMissouri state employees' retirement system, be made, constituted andappointed and employed by the board as a special consultant on the problemsof retirement, aging and other state matters for the remainder of theperson's life. Upon request of the board or the court from which theperson retired, the consultant shall give opinions or be available to giveopinions in writing or orally in response to such requests. Ascompensation for such services, the consultant shall be eligible topurchase or transfer, prior to retirement, creditable service as set forthin section 105.691, RSMo.
(L. 1981 H.B. 835, et al., A.L. 1984 H.B. 1370, A.L. 1985 H.B. 790, A.L. 1988 H.B. 1643 & 1399, A.L. 1992 S.B. 499, et al., A.L. 1994 H.B. 1149, A.L. 1995 H.B. 416, et al., A.L. 1997 H.B. 356, A.L. 2000 H.B. 1808, A.L. 2002 H.B. 1455)Effective 7-11-02