Effective - 28 Aug 1999
105.691. Definitions — agreements to transfer service between plans — election to transfer — transfer of service, determination of value — amount due, payment period — effect of transfer — transfer not to result in receipt of benefits under more than one plan. — 1. As used in this section, unless a different meaning is plainly required by the context, the following terms mean:
(1) "Accumulated contributions", the sum of all amounts deducted from the compensation of an individual and credited to the person's individual account in the applicable plan, together with interest allowed thereon by the plan;
(2) "Creditable service", the service of an individual, whether rendered while a member of a plan or not, which is recognized by a plan in determining the individual's eligibility for and the amount of the individual's benefits under the plan;
(3) "Plan" or "retirement plan", any retirement system established by the state of Missouri or any political subdivision or instrumentality of the state for the purpose of providing plan benefits for elected or appointed public officials or employees of the state of Missouri or any political subdivision or instrumentality of the state;
(4) "Receiving plan", a plan which pursuant to this section is receiving funds from another plan or an individual to provide creditable service for that individual;
(5) "Transferring plan", a plan which pursuant to this section is transferring funds to another plan for the purpose of providing creditable service for an individual;
(6) "Vested", having the right to receive the payment of a benefit from the plan, whether at present or at a future time. For the purpose of determining eligibility for transferring service credit, all plans shall be deemed to have five-year vesting.
2. Any retirement plan as defined in this section may enter into cooperative agreements to transfer creditable service from one retirement plan to another when a member who has been employed in a position covered by one plan is employed in a position covered by another plan. If any two plans already have in place on August 28, 1992, a cooperative agreement for transferring service between those plans, the existing agreement may remain in force upon agreement of both plans.
3. Any individual who has not yet retired and has earned creditable service under the provisions of a retirement plan which has entered into a cooperative agreement as specified in subsection 2 of this section, and who is vested in any plan may elect in writing to transfer the individual's creditable service from one plan to another plan upon employment and vesting in a position covered by the receiving plan. Within sixty days of such election the plan from which the individual is transferring shall transfer on the individual's behalf to the receiving plan an amount equal to the employee's pension benefit obligation at the time of transfer using the same assumption used in performing the last regular actuarial valuation of the transferring plan; except that in no event shall the transferred amount be less than the employee's accumulated contributions on deposit with the transferring plan.
4. The receiving plan shall determine, using accepted actuarial methods, the value of transferred service in the receiving plan. The amount of creditable service which shall be recognized in the receiving plan shall be determined by the actuarial value of the funds transferred, but in no event shall such creditable service exceed the actual number of years of creditable service from the transferring plan. If the actuarial value of the funds transferred to the receiving plan is less than that required to fund the liability created by the actual number of years of creditable service in the transferring plan, the employee may purchase additional creditable service in the receiving plan up to the actual number of years of creditable service in the transferring plan by paying the amount required by the receiving plan.
5. Any individual having earned creditable service under the provisions of any of the retirement plans identified in this section who is not vested in such plans and who becomes employed and vested in a position covered by another retirement plan identified in this section shall be permitted to purchase creditable service in the plan in which the individual is vested up to the actual number of years of creditable service the individual has in the other plans. The cost shall be determined using accepted actuarial methods by the receiving plan.
6. Payment in full of an amount due by an individual electing to transfer or purchase creditable service pursuant to this section shall be made over a period not to exceed two years, measured from the date of election, or prior to the effective date of retirement benefit payments to that individual by the receiving plan, whichever is earlier, and with interest compounded annually at the actuarially assumed interest rate of the plan receiving the payments. If payment in full is not made within this prescribed time period, any partial payments made by the individual because of the election shall be refunded, and no creditable service shall be allowable in the receiving plan as a result of the partial payments.
7. Any individual employed in nonfederal public employment in Missouri but not covered by a retirement plan who becomes employed and vested in a position covered by a retirement plan identified in this section shall be permitted to purchase creditable service in the plan up to the actual number of years of public service in an uncovered position. The cost and creditable service allowed shall be determined using accepted actuarial methods by the receiving plan.
8. When an individual elects to transfer creditable service from one plan to another plan, the individual thereby forfeits any claim to any benefit based on such service under the provisions of the retirement plan from which the creditable service is transferred.
9. In no event shall any individual receive credit or benefits for the same period of service or employment under more than one retirement plan as a consequence of transfer or purchase pursuant to the provisions of this section. Benefits paid on the basis of creditable service transferred or purchased pursuant to the provisions of this section shall be calculated using the formula applicable to the receiving plan.
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(L. 1992 S.B. 499, et al., A.L. 1993 H.B. 733 merged with S.B. 363, A.L. 1997 H.B. 356, A.L. 1999 S.B. 196)
CROSS REFERENCE:
Purchase or transfer of prior creditable service authorized for certain persons covered by retirement plans identified in chapter 104, 287 or 476
Structure Missouri Revised Statutes
Title VIII - Public Officers and Employees, Bonds and Records
Chapter 105 - Public Officers and Employees — Miscellaneous Provisions
Section 105.006 - State officials and employees, effective date for salary adjustments, exception.
Section 105.010 - Terms of office.
Section 105.020 - Governor to commission certain officers.
Section 105.030 - Vacancies, how filled.
Section 105.040 - United States senator — vacancy, how filled.
Section 105.050 - Vacancy in certain offices — how filled.
Section 105.060 - Settlement of account with court.
Section 105.070 - Settlement to be entered of record.
Section 105.080 - Duplicate copies of record.
Section 105.090 - Payment to county treasurer of full amount.
Section 105.100 - Duplicate receipts for payment.
Section 105.110 - Delinquent settlements, how enforced.
Section 105.120 - Penalty on delinquents.
Section 105.130 - Treasurer to settle quarterly.
Section 105.150 - No state officer or clerk to deal in state stocks — penalty.
Section 105.160 - United States savings bonds — authorization for withholding.
Section 105.170 - Duties of commissioner of administration.
Section 105.180 - Termination of withholdings.
Section 105.190 - Incurrence of certain liabilities prohibited.
Section 105.200 - Warrant to represent sum withheld.
Section 105.201 - Office of administration to develop flexible benefit plan.
Section 105.210 - Officer may call aid, when.
Section 105.230 - Officer liable to party injured, when.
Section 105.240 - Officers may break doors, when.
Section 105.255 - Discrimination in hiring based on educational programs prohibited, when.
Section 105.260 - Certain laws to apply to St. Louis.
Section 105.265 - Life insurance benefits, effect of active military duty.
Section 105.266 - Leave of absence granted, state employees, bone marrow or organ donation.
Section 105.273 - Definitions.
Section 105.274 - Facsimile signature on public securities, instruments, or contracts, effect.
Section 105.275 - Facsimile seal, use, effect.
Section 105.276 - Fraudulent use of facsimile signature or seal, penalty.
Section 105.277 - Uniformity of interpretation.
Section 105.278 - Short title.
Section 105.300 - Definitions.
Section 105.310 - Federal-state agreement — contents — services covered.
Section 105.320 - Contributions by state.
Section 105.330 - Agreements with bistate instrumentality, how made.
Section 105.340 - Contributions by state employees, liability for — collection.
Section 105.350 - Agreements between the state and its political subdivisions — contents.
Section 105.360 - Nonapproval or termination of plan — hearing.
Section 105.370 - Contributions by political subdivisions and employees — liability for.
Section 105.375 - Officer compensated solely by fees to reimburse county for contributions.
Section 105.400 - Certification and transfer of state's share — contribution fund.
Section 105.420 - Additional appropriations for federal payments authorized.
Section 105.430 - Rules and regulations — publication.
Section 105.450 - Definitions.
Section 105.452 - Prohibited acts by elected and appointed public officials and employees.
Section 105.462 - Prohibited acts by persons with rulemaking authority — appearances — exceptions.
Section 105.464 - Prohibited acts by persons in judicial or quasi-judicial positions.
Section 105.467 - Discharge and discrimination prohibited, reasons — reinstatement.
Section 105.470 - Definitions.
Section 105.472 - Violation of law — complaint — oath.
Section 105.475 - Lobbyist exceptions.
Section 105.476 - Applicability of other provisions of law — additional standards.
Section 105.482 - Severability.
Section 105.483 - Financial interest statements — who shall file, exception.
Section 105.487 - Financial interest statements — filed, when, exception.
Section 105.489 - Financial interest statements — to be kept with filing officer.
Section 105.491 - Executive director of commission — duties.
Section 105.494 - Governor — appointment to certain boards or commissions prohibited.
Section 105.496 - Permanent select committee on ethics.
Section 105.498 - Out-of-state travel costs for full-time employees, reporting requirements.
Section 105.500 - Definitions.
Section 105.503 - Applicability — exceptions — federal law supersedes, when.
Section 105.530 - Law not to be construed as granting right to strike.
Section 105.533 - Constitution and bylaws, requirements — financial report, contents — definitions.
Section 105.535 - Officer and employee report, certain financial disclosures required.
Section 105.537 - Attorney-client information not to be included in reports, when.
Section 105.540 - Reports deemed public records — department regulations.
Section 105.545 - Maintenance of records, requirements.
Section 105.550 - Filing of reports, when.
Section 105.580 - Bargaining agreement, procedure — renewal — term of agreement, limitation.
Section 105.583 - Tentative agreement, requirements.
Section 105.585 - Labor agreements, limitations on.
Section 105.590 - Copies of agreement provided to public employees.
Section 105.595 - Civil action for violations.
Section 105.598 - Rulemaking authority.
Section 105.600 - Definitions.
Section 105.620 - Status of exchanged employees.
Section 105.630 - Travel expenses during assignment.
Section 105.650 - Travel expenses of persons assigned to this state.
Section 105.660 - Definitions, retirement benefit changes.
Section 105.662 - Public pension funds not to be commingled — trusteeship.
Section 105.663 - Retirement plan may appoint attorney as legal advisor.
Section 105.665 - Cost statement of proposed changes prepared by actuary — contents.
Section 105.667 - Gain or profit from funds or transactions of plan, prohibited when.
Section 105.670 - Cost statement available for inspection — effect of changes (general assembly).
Section 105.675 - Cost statement available for inspection (political subdivisions).
Section 105.679 - Contact information for retired members to be provided, when (St. Louis City).
Section 105.680 - Expenses for cost statements, how paid.
Section 105.683 - Plan deemed delinquent, when, effect of.
Section 105.685 - Effective date of changes.
Section 105.687 - Definitions.
Section 105.688 - Investment fiduciaries, duties.
Section 105.689 - Investment fiduciary may make investments in certain countries.
Section 105.690 - Selection of fiduciaries, preference to Missouri firms.
Section 105.712 - Dental primary care and preventative health services.
Section 105.725 - Confidentiality agreement, not to be required for claims paid.
Section 105.800 - State employee defined.
Section 105.820 - Option, who shall exercise.
Section 105.840 - Legislators, certain travel covered.
Section 105.850 - Sovereign immunity not waived.
Section 105.900 - Employee defined — limitations — tax exempt, when.
Section 105.905 - Deferred payment agreements authorized — funds, how invested.
Section 105.927 - State's contribution to participants in deferred compensation program.
Section 105.950 - Compensation of certain department heads.
Section 105.956 - Advisory opinion, withdrawn, when.
Section 105.958 - Designated decision-making public servant, notification.
Section 105.962 - Position created in ethics commission for electronic reporting system management.
Section 105.964 - Deadline for filing of reports extended, when — no extension, when.
Section 105.967 - Lobbyists not to serve on certain commissions.
Section 105.969 - Executive branch code of conduct — adoption.
Section 105.975 - Signature not required, when.
Section 105.977 - Attorney general to represent commission, exception.
Section 105.981 - Rules, effective, when — rules invalid and void, when.
Section 105.1000 - Definition.
Section 105.1005 - Withholding part of gross compensation of employees to fund plan.
Section 105.1020 - Political subdivisions may establish and administer other life insurance plans.
Section 105.1073 - Liability coverage to be provided — amounts of coverage.
Section 105.1075 - Eligible insurers — department of commerce and insurance to approve policies.
Section 105.1077 - Definitions.
Section 105.1079 - No waiver of sovereign immunity intended.
Section 105.1100 - Citation of law.
Section 105.1102 - Definitions.
Section 105.1114 - Administrative rules to be provided by state personnel advisory board, procedure.
Section 105.1200 - Guidelines for standardized audits, additional information may be requested.
Section 105.1216 - Hiring authorities to verify registration.