Missouri Laws 104.1090 – Additional credited service, when
1. Any member who as described in subdivision (1) of subsection 1 of section 104.1009 has been employed in a position covered by the system for at least ten or more years and has received credited service for such employment in the year 2000 plan shall receive additional credited service for previous public employment within the state covered by another retirement plan as defined in section 105.691, if all of the following conditions are met:
(1) Such member has a vested right to receive a retirement benefit from the other retirement plan at the time of application pursuant to this section;
Terms Used In Missouri Laws 104.1090
- Accumulated contributions: the sum of all deductions for retirement benefit purposes from a member's compensation which shall be credited to the member's individual account and interest allowed thereon. See Missouri Laws 104.010
- Actuary: the actuary who is a member of the American Academy of Actuaries or who is an enrolled actuary under the Employee Retirement Income Security Act of 1974 and who is employed by a board at any given time. See Missouri Laws 104.010
- employee: shall include :
a. See Missouri Laws 104.010
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Member: as used in sections 104. See Missouri Laws 104.010
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
(2) The other retirement plan transfers to the system an amount equal to the employee‘s account balance under a defined contribution plan or the amount equal to the employee’s pension benefit obligation under a defined benefit plan at the time of transfer to the extent that obligation is funded as of the plan’s most recent actuarial valuation, not to exceed one hundred percent, as determined by the other retirement plan’s actuary 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;
(3) No such credited service remains credited in such other retirement plan;
(4) The member applies for the additional credited service prior to the members’s annuity starting date in manner and form established by the appropriate board. Such additional credited service shall be added to the credited service in the first position of employment held as a member of the system; and
(5) The other retirement plan enters into an agreement with the system to comply with the provisions of this section.
2. Any member described in subsection 3 of section 104.1015 who elects to be covered by the year 2000 plan shall be eligible to receive service under the terms and conditions of subsection 1 of this section.