Effective - 28 Aug 2007
169.471. Board of education authorized to increase retirement benefits, adopt and implement additional plans. — 1. The board of education is authorized from time to time, in its discretion, to increase the retirement benefits now or hereafter provided pursuant to sections 169.410 to 169.540 and to adopt and implement additional retirement benefits and plans, including without limitation early retirement plans, deferred retirement option plans and cost-of-living adjustments, but excluding compensation to retired members pursuant to section 169.475, and for such purpose the contribution rate of members of the retirement system may be increased to provide part of the cost thereof, subject to the following conditions:
(1) Any such increase in retirement benefits and additional retirement benefits and plans shall be approved by the board of trustees;
(2) The board of trustees shall have presented to the board of education the projected increases in rates of contribution which will be required to be made by members and the board of education to the retirement system to pay the cost of such increases in retirement benefits and additional retirement benefits and plans; and
(3) Any increase in the contribution rate of members of the retirement system shall be approved by the board of trustees and shall be deducted from the compensation of each member by the employing board and transferred and credited to the individual account of each member from whose compensation the deduction was made, and shall be administered in accordance with sections 169.410 to 169.540; provided that, any such increase in the members' contribution rate shall not exceed one-half of one percent of compensation in any year for such increases to retirement benefits and additional retirement benefits and plans adopted during such year by the board of education pursuant to this section, and all such increases in the members' contribution rate shall, in the aggregate, not exceed two percent of compensation.
2. The board of trustees is authorized from time to time, in its discretion, to increase the retirement benefits, now or hereinafter provided under sections 169.410 to 169.540, and to adopt and implement additional retirement benefits for persons who have retired, including cost-of-living adjustments, provided that the board of trustees finds the additional benefit will not require an increase in the contribution rate required by the members, will not increase the contribution required from the board of education, and is actuarially sound. In the event the board of trustees authorizes an increase under this section, it shall certify in writing to the board of education the findings, including but not limited to all actuarial assumptions, upon which the board of trustees determined that the increase in benefits would result in no increase in contributions by members or the board of education.
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(L. 1996 S.B. 860, A.L. 2001 H.B. 660, A.L. 2007 S.B. 406)
Structure Missouri Revised Statutes
Title XI - Education and Libraries
Chapter 169 - Teacher and School Employee Retirement Systems
Section 169.010 - Definitions.
Section 169.021 - Transfer of teachers from urban district to state retirement system — procedure.
Section 169.022 - Board of education in sections 169.020 and 169.021 defined.
Section 169.035 - Additional deposits by members, when.
Section 169.045 - Bank deposits of system, how secured.
Section 169.050 - Membership — prior service credit, withdrawal — reinstatement contributions.
Section 169.060 - Retirement and disability.
Section 169.080 - Correction of errors in benefits — adjustment.
Section 169.090 - Funds not subject to execution, garnishment, attachment.
Section 169.100 - Gifts accepted.
Section 169.110 - Appropriations made by general assembly to be repaid in two-year period.
Section 169.270 - Definitions.
Section 169.295 - Board of trustees, powers and duties.
Section 169.311 - One year creditable service, how computed.
Section 169.320 - Member may retire, when.
Section 169.326 - Optional plans for payment of benefits — limitations — waiver.
Section 169.380 - Immunity from execution, garnishment or attachment.
Section 169.390 - Limitation of state contributions.
Section 169.400 - Correction of errors in benefits — adjustment.
Section 169.410 - Definitions.
Section 169.420 - Retirement system — how managed.
Section 169.430 - Who shall be members.
Section 169.466 - Annual pension increase, when.
Section 169.476 - Insurance for retired members may be provided — rules and regulations.
Section 169.510 - Obligations of system paid how — effect of change in law.
Section 169.530 - False statement, misdemeanor — correction of records — adjustment.
Section 169.540 - State shall contribute no funds — exceptions.
Section 169.560 - Retirees may be employed, when — salary amount, effect on benefits, exception.
Section 169.566 - School retirement systems to conduct study.
Section 169.569 - Joint rules promulgated, procedure.
Section 169.573 - Plan for utilization of minority professionals, report.
Section 169.574 - Members may designate trust as beneficiary.
Section 169.587 - Benefits exempted from taxation and creditors — benefits not assignable.
Section 169.597 - Hancock amendment standing — certain statutes void, when.
Section 169.600 - Definitions.
Section 169.610 - System established — board of trustees to administer — funds to be kept separate.
Section 169.640 - Bank deposits of system, how secured.
Section 169.650 - Membership — prior service credit — reinstatement — procedure.
Section 169.670 - Benefits, how computed — beneficiary benefits, options, election of.
Section 169.680 - Penalty for false statements — correction of errors in benefits — adjustment.
Section 169.690 - Funds not subject to execution, garnishment, attachment.
Section 169.700 - Gifts accepted.
Section 169.750 - Indemnification permitted, when — insurance or indemnity policies authorized.