Missouri Laws 104.344 – Member entitled to purchase prior creditable service for nonfederal ..
Terms Used In Missouri Laws 104.344
- Creditable prior service: the service of an employee which was either rendered prior to the establishment of a system, or prior to the date the employee last became a member of a system, and which is recognized in determining the member's eligibility and for the amount of the member's benefits under a system. See Missouri Laws 104.010
- Creditable service: the sum of membership service and creditable prior service, to the extent such service is standing to a member's credit as provided in this chapter. See Missouri Laws 104.010
- Department: any department or agency of the executive, legislative or judicial branch of the state of Missouri receiving state appropriations, including allocated funds from the federal government but not including any body corporate or politic unless its employees are eligible for retirement coverage from a system pursuant to this chapter as otherwise provided by law. See Missouri Laws 104.010
- Interest: interest at such rate as shall be determined and prescribed from time to time by a board. See Missouri Laws 104.010
- Member: as used in sections 104. See Missouri Laws 104.010
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- retirement system: the Missouri department of transportation and highway patrol employees' retirement system, as created by sections 104. See Missouri Laws 104.010
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
Notwithstanding any other law to the contrary, any person who is actively employed by the state of Missouri in a position covered by a retirement plan administered by the Missouri state employees’ retirement system and who had nonfederal full-time public employment in the state of Missouri, and who by virtue of such employment was a member of a retirement system or other employer-sponsored retirement plan other than the Missouri state employees’ retirement system but is not vested in such other retirement system or plan, or was not a member of any retirement system or plan, may elect, prior to retirement, to purchase all of the member’s creditable prior service but not to exceed four years for such service in any plan administered by the Missouri state employees’ retirement system in which the person is receiving service credit for active employment or is eligible for a deferred annuity. The purchase shall be effected by the person paying to the Missouri state employees’ retirement system an amount equal to what would have been contributed by the state in his or her behalf had the person been a member for the period for which he or she is electing to purchase credit and had the person’s compensation during such period been the same as the annual salary rate at which the person was initially employed in a position covered by a plan administered by the Missouri state employees’ retirement system or the Missouri department of transportation and highway patrol employees’ retirement system, with the calculations based on the contribution rate in effect on the date of his or her employment under the provisions of the Missouri state employees’ retirement system with simple interest calculated from the date of employment from which the person could first receive creditable service from the Missouri state employees’ retirement system to the date of election to purchase such service. The payment shall be made over a period of not longer than two years, with simple interest on the unpaid balance. In no event shall any individual be eligible to purchase creditable service under this section if such individual after the completion of such purchase has or will receive credit or service under another retirement plan as defined pursuant to section 105.691 for the same time period of service being purchased pursuant to the provisions of this section. The contribution rate for any judge who elects to purchase service for a period prior to July 1, 1998, shall be equal to a contribution rate which would be used if the judicial system were funded on an actuarial basis prior to that date.