Missouri Laws 104.1092 – Deferred annuity, one-time election, when — forfeiture of creditable ..
1. In lieu of retirement annuity benefits otherwise payable under the closed plan or year 2000 plan, any member who has terminated employment, is entitled to a deferred annuity, and has not yet reached normal retirement age or eligibility may make a one-time election to receive a lump sum payment equal to a percentage of the present value of such member’s deferred annuity should a board choose to establish such a program by board rule pursuant to section 104.1063.
2. Any such election under subsection 1 of this section may be made by the member beginning on a date as established by the board under such program but not after May 31, 2018. After May 31, 2018, no such election shall be made and retirement annuity benefits shall only be paid as otherwise provided by law under this chapter.
Terms Used In Missouri Laws 104.1092
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Annuity: annual payments, made in equal monthly installments, to a retired member from funds provided for in, or authorized by, this chapter. See Missouri Laws 104.010
- Chapter: sections 104. See Missouri Laws 104.010
- Disability benefits: benefits paid to any employee while totally disabled as provided in this chapter. See Missouri Laws 104.010
- employee: shall include :
a. See Missouri Laws 104.010
- Member: as used in sections 104. See Missouri Laws 104.010
- Normal retirement age: an employee's attainment of sixty-five years of age and the completion of four years of creditable service or the attainment of age sixty-five years of age and the completion of five years of creditable service by a member who has terminated employment and is entitled to a deferred normal annuity or the member's attainment of age sixty and the completion of fifteen years of creditable service, except that normal retirement age for uniformed members of the highway patrol shall be fifty-five years of age and the completion of four years of creditable service and uniformed employees of the water patrol shall be fifty-five years of age and the completion of four years of creditable service or the attainment of age fifty-five and the completion of five years of creditable service by a member of the water patrol who has terminated employment and is entitled to a deferred normal annuity and members of the general assembly shall be fifty-five years of age and the completion of three full biennial assemblies. See Missouri Laws 104.010
3. Any such member making such election under subsection 1 of this section shall forfeit all such member’s creditable or credited service and future rights to receive retirement annuity benefits from the system under this chapter and shall not be eligible to receive any long-term disability benefits. If such member subsequently becomes an employee, such member shall be considered a new employee with no prior credited service and shall be subject to the provisions of section 104.1091.