Missouri Laws 104.400 – Normal retirement age — early retirement requirements — annuity, how computed
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1. Any member who terminates employment may retire with a normal annuity upon obtaining normal retirement age.
2. Any member after attaining fifty-five years of age who has at least ten years of vesting service may retire. In such case, the member, except uniformed members of the water patrol, shall receive an annuity in an amount which is the actuarial reduction approved by the board of the normal annuity the member would have received commencing at the earliest date on which the member is entitled to an unreduced benefit based on the member’s creditable service at the date of the member’s termination of employment.
Terms Used In Missouri Laws 104.400
- 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
- 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
- Member: as used in sections 104. See Missouri Laws 104.010
- Normal annuity: the annuity provided to a member upon retirement at or after the member's normal retirement age. 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
- Uniformed members of the water patrol: employees of the Missouri state water patrolMissouri Laws 104.010
- Vesting service: the sum of a member's prior service credit and creditable service which is recognized in determining the member's eligibility for benefits under the system. See Missouri Laws 104.010