104.806. Certain employees transferred to MoDOT, not to become members of MoDOT retirement system unless elect to, procedure.
Certain employees transferred to MoDOT, not to become members ofMoDOT retirement system unless elect to, procedure.
104.806. 1. Employees who are earning creditable service in theclosed plan of the Missouri state employees' retirement system and who aretransferred to the department of transportation as a result of theprovisions of executive order 03-05 will not become members of the closedplan of the highways and transportation employees' and highway patrolretirement system unless they elect to transfer membership and creditableservice to the closed plan of the highways and transportation employees'and highway patrol retirement system. The election must be in writing andmust be made within ninety days of July 1, 2003. Any election to transfermembership and creditable service to the highways and transportationemployees' and highway patrol retirement system shall result in theforfeiture of any rights or benefits in the Missouri state employees'retirement system. Any failure to elect to transfer membership andcreditable service pursuant to this subsection will result in the employeesremaining in the closed plan of the Missouri state employees' retirementsystem. If an election is made, the effective date for commencement ofmembership and transfer of such creditable service shall be January 1,2004.
2. Employees who are earning credited service in the year 2000 planof the Missouri state employees' retirement system and who are transferredto the department of transportation as a result of the provisions ofexecutive order 03-05 will remain in the year 2000 plan administered by theMissouri state employees' retirement system unless they elect to transfermembership and credited service to the year 2000 plan administered by thehighways and transportation employees' and highway patrol retirementsystem. The election must be in writing and must be made within ninetydays of July 1, 2003. Any election to transfer membership and creditedservice to the year 2000 plan administered by the highways andtransportation employees' and highway patrol retirement system shall resultin the forfeiture of any rights or benefits in the Missouri stateemployees' retirement system. Any failure to elect to transfer membershipand credited service pursuant to this subsection will result in theemployees remaining in the year 2000 plan administered by the Missouristate employees' retirement system. If an election is made, the effectivedate for commencement of membership and transfer of such creditable serviceshall be January 1, 2004.
3. For any employee who elects pursuant to subsection 1 or 2 of thissection to transfer to the highways and transportation employees' andhighway patrol retirement system, the Missouri state employees' retirementsystem shall pay to the highways and transportation employees' and highwaypatrol retirement system, by December 31, 2003, an amount actuariallydetermined to equal the liability at the time of the transfer to the extentthat liability is funded as of the most recent actuarial valuation, not toexceed one hundred percent.
4. In no event shall any employee receive service credit for the sameperiod of service under more than one retirement system as a result of theprovisions of this section.
5. For any transferred employee who elects pursuant to subsection 1or 2 of this section to transfer to the highways and transportationemployees' and highway patrol retirement system, the only medical coverageavailable for the employee shall be the medical coverage provided insection 104.270. The effective date for commencement of medical coverageshall be January 1, 2004. However, this does not preclude medical coveragefor the transferred employee as a dependent under any other health careplan.
(L. 2003 S.B. 248, et al.)