FIRST REGULAR SESSION
94TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE SCHLOTTACH.
Read 1st time February 22, 2007 and copies ordered printed.
D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 104, RSMo, by adding thereto one new section relating to state officers' and state employees' retirement system.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 104, RSMo, is amended by adding thereto one new section, to be known as section 104.015, to read as follows:
104.015. 1. Notwithstanding any law to the contrary, any person who is accruing creditable or credited service within a system established under this chapter may elect after January 1, 2008, to transfer any creditable or credited service in any other system established under this chapter.
2. The election shall be in writing and shall be sent to the system that would receive the transferred service. Upon receipt of the election, the receiving system shall notify the system that is to transfer the service of the election. Upon notification of the election, the transferring system shall calculate the amount to be transferred by using the product of the following:
(1) The accrued liabilities removed from the transferring system as a result of the transferred service based on the transferring system's valuation method or based on the entry-age actuarial cost method if the transferring system's valuation method does not produce an accrued liability; and
(2) The total funded percent of the system that has the lowest funded percent based on each system's actuarial cost method or based on the entry-age actuarial cost method if the transferring system's valuation method does not produce an accrued liability.
3. After calculating the amount to be transferred, the transferring system shall notify the receiving system of the amount and how the amount was calculated. If the receiving system disagrees with the calculated amount, the systems shall work to resolve the dispute. When both systems agree on the amount to be transferred, the service shall be transferred. The person shall forfeit all service in the transferring system and shall not be entitled to any benefits from the transferring system that would be based on the transferred service.
4. Both systems are authorized by a written agreement to establish when the transferred amount will be paid to the receiving system, provided that the amount is paid within one year from the date of the written agreement.
5. Any person who has retired and is entitled to benefits based on retirement from a system established under this chapter shall not be eligible to use this section to transfer service.
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