Effective - 28 Aug 2007
50.1250. Forfeiture of contributions, when — reversion of forfeitures — distribution of contribution account, when — death of a member, effect of. — 1. If a member has less than five years of creditable service upon termination of employment, the member shall forfeit the portion of his or her defined contribution account attributable to board matching contributions or county matching contributions pursuant to section 50.1230. The proceeds of such forfeiture shall be applied towards matching contributions made by the board for the calendar year in which the forfeiture occurs. If the board does not approve a matching contribution, then forfeitures shall revert to the county employees' retirement fund. The proceeds of such forfeiture with respect to county matching contributions shall be applied toward matching contributions made by the respective county in accordance with rules prescribed by the board.
2. A member shall be eligible to receive a distribution of the member's defined contribution account in such form selected by the member as permitted under and in accordance with the rules and regulations formulated and adopted by the board from time to time, and commencing as soon as administratively feasible following separation from service, unless the member elects to receive the account balance at a later time, but no later than his or her required beginning date. Notwithstanding the foregoing, if the value of a member's defined contribution account balance is one thousand dollars or less at the time of the member's separation from service, without respect to any board-matching contributions or employer-matching contribution which might be allocated following the member's separation from service, then his or her defined contribution account shall be distributed to the member in a single sum as soon as administratively feasible following his or her separation from service. The amount of the distribution shall be the amount determined as of the valuation date described in section 50.1240, if the member has at least five years of creditable service. If the member has less than five years of creditable service upon his or her separation from service, then the amount of the distribution shall equal the portion of the member's defined contribution account attributable to the member's seed contributions pursuant to section 50.1220, if any, determined as of the valuation date.
3. If the member dies before receiving the member's account balance, the member's designated beneficiary shall receive the member's defined contribution account balance, as determined as of the immediately preceding valuation date, in a single sum. The member's beneficiary shall be his or her spouse, if married, or his or her estate, if not married, unless the member designates an alternative beneficiary in accordance with procedures established by the board.
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(L. 1999 S.B. 308 & 314 merged with S.B. 467, A.L. 2001 S.B. 274, A.L. 2004 H.B. 795, et al., A.L. 2007 S.B. 22 merged with S.B. 406)
Structure Missouri Revised Statutes
Title VI - County, Township and Political Subdivision Government
Chapter 50 - County Finances, Budget and Retirement Systems
Section 50.010 - Fiscal year in counties.
Section 50.020 - Transfer of county funds.
Section 50.030 - Section 50.020 construed.
Section 50.032 - Mediation of disputes necessary for receipt of state funds.
Section 50.040 - County commission may invest school funds, when and how.
Section 50.050 - County treasurer to report.
Section 50.055 - Accounts of county may be audited (counties of the second classification).
Section 50.057 - Audit, when, by whom (certain counties of the first classification).
Section 50.060 - County commission may borrow money — amount (first and second class counties).
Section 50.070 - Tax anticipation notes may be issued in counties of first, third and fourth class.
Section 50.080 - Tax anticipation notes — how made, signed and attested.
Section 50.090 - Estimate of county revenue to be basis for issuing anticipated notes.
Section 50.100 - Note provisions.
Section 50.110 - Board of estimate of anticipated revenue.
Section 50.120 - County treasurer to sell notes — publication — private sale.
Section 50.130 - Registration of notes.
Section 50.150 - County warrants may be pledged — for what purpose — redemption.
Section 50.320 - Penalty for clerk or treasurer violating section 50.160, 50.166 or 50.172.
Section 50.330 - Salaries of county officers and assistants, how paid.
Section 50.350 - Salaried officer to collect fees (second class counties).
Section 50.390 - Officers to settle with county commission.
Section 50.400 - Refusal to settle — commission may estimate amount due.
Section 50.410 - Penalty of defaulting officer.
Section 50.420 - Damages against delinquents.
Section 50.430 - Commission determination final, when — interest — misdemeanor.
Section 50.440 - Penalties may be remitted, when.
Section 50.450 - County clerk to make abstract of settlement — record of.
Section 50.460 - Abstract to be a lien, when — execution.
Section 50.470 - Officers to keep an account of fees collected for others.
Section 50.490 - Treasurer to keep an account of such fees.
Section 50.510 - Books and fees to be turned over to successor.
Section 50.525 - County budget law.
Section 50.527 - Revenue defined.
Section 50.590 - Budget document — contents.
Section 50.600 - Form of budget documents — public hearing.
Section 50.610 - Commission may revise budget — adoption and appropriation order.
Section 50.620 - Appropriations (first and second class counties).
Section 50.650 - Liability of certain officers.
Section 50.660 - Rules governing contracts.
Section 50.745 - State auditor to develop, approve forms (third and fourth class counties).
Section 50.750 - Missouri products to be purchased by officers.
Section 50.753 - Purchasing agent, how appointed, compensation, assistants.
Section 50.755 - Purchasing agent to investigate need for supplies requested by officers.
Section 50.757 - Purchasing agent, duties — bids rejected, when.
Section 50.770 - Supplies defined (second class and certain first class counties).
Section 50.784 - Procurement authority delegation permitted, when — accepting department's duties.
Section 50.820 - Statement, how published — duties of state auditor.
Section 50.1000 - Definitions.
Section 50.1010 - Fund authorized, management — apportionment of benefits.
Section 50.1032 - Board to adopt rules for administration of retirement system.
Section 50.1036 - Errors, false statements, false records, consequences.
Section 50.1050 - Normal annuity, qualifications.
Section 50.1060 - Normal annuity, amount, limitation — board to recommend adjustments to formula.
Section 50.1070 - Increase in benefits, limitation — determination — waiver of increase.
Section 50.1080 - What calculators apply.
Section 50.1110 - Options in lieu of normal annuity, election — survivorship benefit.
Section 50.1120 - Death of beneficiary, reversion of normal annuity.
Section 50.1130 - Death benefit.
Section 50.1150 - Law not to affect certain rights — discrimination prohibited.
Section 50.1160 - Effect upon eligibility for other retirement systems.
Section 50.1170 - Applicability.
Section 50.1180 - Law not to apply to certain political subdivisions.
Section 50.1190 - Recorder of deeds, extra fees, deposit.
Section 50.1200 - Ex officio collector, fees, deposit.
Section 50.1220 - NonLAGERS member contribution, amount.
Section 50.1240 - Bookkeeping account established.
Section 50.1260 - Direct rollover permitted, when.
Section 50.1300 - Deferred compensation plan authorized — consolidation permitted, when.