16 CSR 10-6.060 - Service Retirement
(1) The
earliest date on which retirement may become effective is the first day of the
calendar month following the calendar month in which the services of the member
are terminated, or the first day of the calendar month following the filing of
the application for retirement, whichever is later; except that the earliest
date on which retirement may become effective for a member who receives a year
of membership service credit for the final school year in which the member
serves shall be July 1 next following the member's last day of service. The
member must complete any changes to the application by the close of business on
the day the member's first monthly benefit is paid by the Public Education
Employee Retirement System of Missouri. Termination from employment covered by
the retirement system prior to the effective date of retirement is required to
be eligible for a retirement benefit. A member shall not be deemed to have
terminated employment if the member is employed in any capacity by an employer
covered by the retirement system within one (1) month after his or her
effective date of retirement. Effective July 1, 2016, a member shall not be
deemed to have terminated employment if, prior to receipt of his or her first
benefit payment, the member reaches an agreement, whether written or unwritten,
for future employment in any capacity by an employer covered by the retirement
system. The member shall be required to repay any benefit payments paid if it
is determined that the member did not terminate employment covered by the
retirement system.
(2) If a retiree
receiving a retirement allowance returns to active service, his/her retirement
allowance shall cease, s/he shall become a new member of the retirement system
and s/he shall make contributions to the system. Upon a subsequent termination
of his/her services, payment of his/her previously determined retirement
allowance shall be resumed.
(3) A
retirement allowance shall not be paid a retiree for any month in which
compensation is earned for services as a regular employee of a school district
included in the system.
(4) A
retiree may serve as an employee of a district included in the system on a
part-time or temporary-substitute basis not to exceed five hundred fifty (550)
hours in a school year and continue to receive a retirement allowance. To be
considered as serving on a temporary-substitute basis, a person must be serving
for a regular employee who is temporarily absent or in a position which is
temporarily vacant. The employer covered by the Public Education Employee
Retirement System of Missouri (PEERS) and the retiree shall maintain a log of
all dates worked, hours worked, wage earned, and the employer in substantially
the same form as provided below. The employer and retiree shall provide a copy
of the work log upon request of retirement system.
|
Employee Name: |
School Year: |
||
|
Date Worked |
Hours Worked |
Wage Earned |
Employer |
The working after retirement limits set forth in section 169.660.2, RSMo, shall be applied on a pro rata basis as provided below to a retiree's hours of work during the school year in which the retiree's date of retirement is effective.
|
Effective date of retirement |
Hours allowed after retirement for school year |
|
July 1 |
550 |
|
August 1 |
504 |
|
September 1 |
458 |
|
October 1 |
413 |
|
November 1 |
367 |
|
December 1 |
321 |
|
January 1 |
275 |
|
February 1 |
229 |
|
March 1 |
183 |
|
April 1 |
138 |
|
May 1 |
92 |
|
June 1 |
0 |
If such employment exceeds the limitation on hours worked, the person shall repay the retirement systems the total amount earned in excess of the limit, or the entire amount of their monthly benefit for any month during which the limit was exceeded, whichever is less. Any such payment, except for excess payments as a result of fraud by the retired member or any other person who received such payment, shall be considered de minimis if the amount of the excess payment is fifty ($50) dollars or less and shall not be collected.
(5) Effective July
1, 2022, and until June 30, 2025, pursuant to section 168.036.6, RSMo, and
notwithstanding any other provisions to the contrary, any person retired and
currently receiving a retirement benefit under sections
169.600 to
169.715, RSMo, other than for
disability, may be employed to substitute teach on a part-time or temporary
substitute basis by an employer included in the retirement system and for such
work may exceed five hundred fifty (550) hours in any one (1) school year
without a discontinuance of the retiree's retirement allowance. For purposes of
administering this section as applicable to PEERS retirees, to substitute teach
shall mean to instruct or guide the studies of students in a teaching position
which requires a Department of Elementary and Secondary Education (DESE)-issued
certificate in place of a regularly employed teacher who is temporarily
unavailable. For community colleges, to substitute teach shall mean to instruct
or guide the studies of students in a teaching position certified by the
executive officer of the institution pursuant to section
169.140, RSMo, in place of a
regularly employed teacher who is temporarily unavailable. A regularly employed
teacher is considered temporarily unavailable when the teacher's position is
unfilled due to the absence of the regular or former teacher for twelve (12)
months or less.
(6) Effective July
1, 2015, for any employment teaching at a community college included in the
system, each credit hour taught by a retired member will be the equivalent of
thirty (30) hours for the purposes of this rule and section
169.560, RSMo, regardless of the
number of hours actually worked by the retired member related to the course(s)
taught. For any said course(s) taught during summer session, all hours for said
course(s) shall be counted as having occurred during the school year in which
the course(s) commence. Any hours worked performing additional duties for a
community college not related to said course(s) for which a retired member
receives compensation above and beyond that received for teaching said
course(s) shall be counted on a hour-by-hour basis for the purposes of this
rule and section 169.560, RSMo.
(7) A member electing Option 2, Option 3, or
Option 4 in his/her application for service retirement shall furnish proof of
date of birth of the person nominated to receive the survivorship
payments.
(8) A member electing
Option 2, Option 3, or Option 4 in his/her application for service retirement
shall indicate the relationship establishing an insurable interest in his/her
life for the person nominated and, if requested by the board, shall furnish
evidence of the existence of the insurable interest. An insurable interest
shall be considered to exist because of the relationship to a member of a wife,
husband, father, mother, child (including a stepchild or adopted child), or any
other person who has a financial interest in the continued life of the member
or who is dependent upon the member for all or part of his/her
support.
(9) Any member retiring
under the provisions of section
169.563, RSMo, shall have the
same rights of retirement benefit plan election as a member retiring under
section 169.670, RSMo. Further, the
surviving spouse of any member who dies prior to retirement and while eligible
to retire under section
169.563, RSMo, shall have the
same survivorship benefit rights as provided under section
169.670, RSMo.
(10) Any actuarial adjustment to a retirement
allowance payment made because of the nomination of a successor beneficiary as
provided in 169.715, RSMo, shall take effect in the month a properly completed
nomination of successor beneficiary form is received by the Retirement System
or the month of the retiree's marriage to the successor beneficiary, whichever
occurs later. The nomination of a successor beneficiary shall be effective
immediately upon receipt by the Retirement System of the properly completed
nomination of successor beneficiary form or the date of the retiree's marriage
to the successor beneficiary, whichever occurs later. Effective August 28,
2017, the properly completed nomination of successor beneficiary form submitted
pursuant to section 169.715, RSMo, must be received
by the Retirement System within one (1) year of remarriage of the retirement
member and the new spouse.
(11) The
effective date of any monthly benefit to a service retiree shall be the first
day of the calendar month following the event establishing eligibility for the
benefit, assuming all other requirements of the law and rules of the board of
trustees have been met. Monthly benefit payments shall be made on the last day
of each calendar month and shall be only for complete months. The initial
payment shall include all benefits accrued since the effective date.
(12) A qualified member who desires to elect
retirement Option 7 "Accelerated Payment Option" must do so in accordance with
the terms, conditions, and limitations of this paragraph and section
169.670, RSMo.
(A) By selecting the Accelerated Payment
Option, the member is electing to utilize the retirement allowance the member
is eligible to receive from this retirement system in conjunction with the
retirement benefit the member is eligible to receive from the federal Social
Security Administration commencing at the minimum Social Security retirement
age (as established by law at the time the Accelerated Payment Option is
elected), in order to receive from the two (2) systems combined, and within the
limitations noted herein, level or near level monthly retirement benefits
during the member's retirement.
(B)
Under the Accelerated Payment Option, the member must select a benefit payment
plan authorized by section
169.670, RSMo, for which the
member qualifies, including the options for reduced monthly benefit payments
for life (with continuing payments to a designated beneficiary), but the amount
of the benefit payment the member would otherwise be eligible to receive under
the plan selected will be modified in the manner described herein.
1. The retirement allowance paid to the
member by this retirement system under the Accelerated Payment Option will be
actuarially equivalent to the retirement allowance the member would normally
receive under the benefit payment plan selected, but to facilitate level or
near level monthly benefit payments during retirement in the manner described
herein, the member agrees to accept a plan of monthly benefit payments from
this retirement system that will vary in amount, depending on the age of the
member.
A. By electing the Accelerated
Payment Option, the member agrees to accelerate payment of a portion of the
member's retirement allowance to the early months of retirement, but as a
consequence, and in order to maintain actuarial equivalence, the member further
agrees to receive a reduced benefit payment amount over the remainder of the
retirement period.
B. Under the
Accelerated Payment Option, from the effective date of retirement from this
retirement system until the retiree reaches the minimum Social Security
retirement age (as established by law at the time the Accelerated Payment
Option is elected), the retiree will receive a larger monthly benefit payment
from this retirement system than would otherwise be paid under the benefit
payment plan selected by the retiree. Upon reaching the minimum Social Security
retirement age (as previously defined), the retiree will receive a smaller
monthly benefit payment from this retirement system than would otherwise be
paid under the benefit payment plan selected by the
retiree.
2. The amount of
the variable monthly benefit payment received from this retirement system will
be actuarially determined by the retirement system using the benefit payment
plan selected by the member and the member's projected retirement benefit from
Social Security at the minimum eligible retirement age (as established by law
at the time the Accelerated Payment Option is elected). The actuarial
calculation will identify the necessary increase over and reduction below the
monthly benefit otherwise payable under the benefit payment plan selected by
the member, so that in conjunction with the monthly retirement benefit the
member is eligible to receive from Social Security commencing at the minimum
retirement age (as established by law at the time the Accelerated Payment
Option is elected), the member can potentially receive level or near level
monthly benefit payments during the member's retirement.
3. The plan of variable monthly benefit
payments from this retirement system under the Accelerated Payment Option
contemplates that the retiree will apply for and begin receiving retirement
benefits from Social Security at the minimum Social Security retirement age set
by law at the time the Accelerated Payment Option is elected, but nothing
herein or in section 169.670, RSMo, shall be
construed as a promise or guarantee by this retirement system that the Social
Security Administration will make such payments, or that any payments made will
comport with the estimate of projected Social Security benefits used to
calculate the variable monthly benefits from this retirement system, or that
such payments will commence at the time originally identified by the Social
Security Administration. Similarly, nothing herein or in section
169.670, RSMo, shall be
construed as a promise or guarantee that this retirement system will make up
any shortfall in Social Security benefits from those projected at the time the
Accelerated Payment Option is elected, or that this retirement system has any
obligations other than those expressly assumed herein to assure a stream of
level or near level monthly retirement benefits. It shall be the sole
responsibility of the retiree and the Social Security Administration,
respectively, to secure and/or pay Social Security retirement benefits
sufficient to combine with the plan of variable retirement benefits available
from this system to yield a level or near level stream of monthly benefit
payments during retirement. Neither a failure by the retiree or the Social
Security Administration to fulfill their respective obligations, nor a
subsequent change in the minimum Social Security retirement age, will nullify
the retiree's election of the Accelerated Payment Option or compel
recalculation of the plan of variable monthly benefits determined at the time
of election.
4. The retirement
allowance the member is eligible to receive from this retirement system will
determine the capacity of the Accelerated Payment Option to effectively provide
level or near level monthly benefit payments for a retiree in the manner
described herein. Some members may not be eligible for sufficient benefits to
achieve a meaningful leveling of benefit payments under the Accelerated Payment
Option and a member must exercise independent judgement in deciding whether the
Accelerated Payment Option is appropriate in light of the member's particular
circumstances. Nothing in this paragraph or in section
169.670, RSMo, shall be
construed as a promise or guarantee by this retirement system that the
Accelerated Payment Option will provide a level or near level combination of
benefit payments for all retirees, and in no case will the necessary
adjustments to the monthly benefit otherwise payable under the plan selected by
the member cause the amount to be paid when the member reaches the minimum
Social Security retirement age (as established by law at the time the
Accelerated Payment Option is elected) to be less than twenty-five percent
(25%) of the member's original, non-adjusted benefit (i.e., the monthly benefit
that would otherwise be payable under the benefit payment plan selected by the
member).
5. If the retiree selects
a benefit payment plan that provides for the payment of retirement benefits to
a beneficiary upon the retiree's death, the amount of the beneficiary's payment
in any particular month will be established by determining the monthly benefit
amount the retiree would have received under the Accelerated Payment Option
were the retiree still living, and then incorporating any reduction from that
benefit level, if appropriate, based on the benefit payment plan selected by
the retiree.
(C) The
provisions in section
169.670, RSMo, and 16 CSR
106.100 concerning the right to receive a cost-of-living adjustment (COLA), the
amount of any COLA, and any other limitations concerning COLAs shall apply with
equal effect to benefits paid under the Accelerated Payment Option, except as
follows:
1. Any COLA the retiree is eligible
to receive will be based on the amount of the monthly benefit payable by this
retirement system when the COLA takes effect; and
2. If a retiree has received COLAs prior to
reaching the minimum Social Security retirement age (as established by law at
the time the Accelerated Payment Option is elected), the reduced benefit paid
by this retirement system from that point forward will include only that
percentage of the previously awarded COLAs that would have been earned by the
benefit amount payable after the retiree reaches the Social Security minimum
retirement age (as previously defined).
(D) Limitations on and other provisions
concerning postretirement employment found in this rule and in Chapter 169,
RSMo, shall apply with equal effect to a retiree under the Accelerated Payment
Option, except as follows:
1. If a retiree
under the Accelerated Payment Option subsequently returns to employment covered
by this retirement system, benefit payments will be suspended, and the
retiree's covered service will recommence under a new membership;
2. While the retirement benefits are
suspended, they will continue to accrue COLAs based on the benefit that would
have been paid to the retiree had the individual not returned to covered
employment;
3. When the individual
terminates covered employment and is again eligible to begin receiving
retirement benefits, the retirement system will recalculate and, if necessary,
adjust the amount of the prospective benefit payments under the Accelerated
Payment Option to assure that they remain actuarially equivalent to the benefit
payment plan selected at the time of the original retirement; and
4. A retiree under the Accelerated Payment
Option who returns to covered employment and thereby qualifies for a second
benefit based on the new membership may not elect the Accelerated Payment
Option for the second benefit.
(E) A member who wishes to elect to receive
retirement benefits under the Accelerated Payment Option, or who wants to
receive an estimate of benefits under the Accelerated Payment Option, must
provide the retirement system with a written estimate of the member's projected
Social Security retirement benefit at the minimum eligible retirement age (as
then in effect), prepared and issued by the Social Security Administration. The
Social Security benefit estimate must have been issued no more than one hundred
eighty (180) days prior to the date of the application for retirement or the
date of the request for an Accelerated Payment Option benefit estimate. The
Social Security benefit estimate must identify the projected retirement
benefits for the member only, and may not include any benefits that could
accrue to the member from a spouse, family member, or some other
source.
(F) If a member dies prior
to retirement, the member's surviving spouse cannot elect to receive benefits
from this retirement system under the Accelerated Payment
Option.
(13) Any person
who is receiving or has received a retirement allowance from the system, other
than a disability retirement allowance, who returns to employment in a position
covered by the system shall undertake such employment under a new and separate
membership in the system.
(A) Such person
shall be eligible for a subsequent retirement allowance after one (1) year of
creditable service under the new membership in the system. Such subsequent
retirement allowance shall be separate and distinct from such person's previous
retirement allowance.
(B) After
earning at least one (1) year of creditable service and upon termination of
employment under the subsequent membership with the system, such person may-1)
withdraw from the system and receive a refund of the person's contributions
made during the subsequent membership; 2) apply for a subsequent retirement
allowance; or 3) leave the contributions with the system.
(C) Such person shall not receive a
retirement allowance for any previous membership service while the person is
earning creditable service under a subsequent membership with the
system.
(D) All previous years of
creditable service, not otherwise forfeited, will be considered to determine
the formula factor, which may include the temporary allowance provided in
section 169.671.1(5), RSMo, to be used in calculating the subsequent retirement
allowance.
(14) In
addition to the retirement allowance provided in section 169.670.1(1)-(3),
RSMo, a member retiring on or after July 1, 2000, whose creditable service is
thirty (30) years or more or whose sum of age and creditable service is eighty
(80) years or more, shall receive a temporary retirement allowance equivalent
to four-tenths (4/10) of one percent (1%) of the member's final average salary
multiplied by the member's years of service until such time as the member
reaches minimum retirement age for Social Security retirement benefits
("minimum Social Security retirement age"), subject to the terms, conditions,
and limitations of this rule.
(A) "Minimum
Social Security retirement age" is the minimum age at which the retiree would
be eligible to receive reduced Social Security retirement benefits. If
otherwise eligible, a retiree shall receive the temporary retirement allowance
until the retiree first attains minimum Social Security retirement age as that
age is periodically adjusted by the Social Security Administration, but in no
event shall the temporary retirement allowance terminate prior to the earlier
of the retiree's death or the retiree's attainment of age sixty-two
(62).
(B) To receive the temporary
retirement allowance, the member must select a benefit payment plan authorized
by section 169.670, RSMo, for which the
member qualifies, which may include an option for reduced monthly benefit
payments for life, with continuing payments to a designated beneficiary.
1. A retiree who elects Option 1 shall
receive the temporary retirement allowance until the earlier of the retiree's
death or the time at which the retiree attains minimum Social Security
retirement age, provided that in no event shall the temporary retirement
allowance terminate prior to the earlier of the retiree's death or the
retiree's attainment of age sixty-two (62).
2. A retiree who elects Option 2, 3, 4, or 7
shall receive the temporary retirement allowance, as actuarially reduced
pursuant to section 169.670.4, RSMo, in the same manner as described in this
rule, provided that if the retiree dies prior to reaching minimum Social
Security retirement age, such temporary retirement allowance shall be paid to
the retiree's designated beneficiary (as adjusted pursuant to the retiree's
elected option) until such time as the retiree would have reached the minimum
Social Security retirement age had the retiree lived.
3. A retiree who elects Option 5 or 6 shall
receive the temporary retirement allowance, as actuarially reduced pursuant to
section 169.670.4, RSMo, in the same manner as described in this rule, provided
that if the retiree dies prior to reaching minimum Social Security retirement
age, such temporary retirement allowance shall be paid to the retiree's
designated beneficiary until such time as the retiree would have reached
minimum Social Security retirement age had the retiree lived or until the
payments to the retiree's beneficiary would otherwise terminate pursuant to
Option 5 or 6, whichever occurs first.
(C) By accepting the temporary retirement
allowance, the retiree agrees to receipt of a retirement allowance that may
decrease substantially when the retiree reaches minimum Social Security
retirement age and further, that such decrease will be magnified if the retiree
elected Option 7. By accepting the temporary retirement allowance, the retiree
agrees that the payment of the temporary retirement allowance is not designed
to provide for equal or substantially equal retirement allowance payments
throughout the retiree's life when such payments are received in conjunction
with Social Security benefits or otherwise. Nothing herein or in section
169.670, RSMo, shall be
construed as a promise or guarantee by this retirement system that the Social
Security Administration will make any payments, or that any payments made, when
added to the retiree's retirement allowance, will result in equal or
substantially equal payments throughout the retiree's life or the life of any
named beneficiary, or that this retirement system has any obligation to assure
a stream of equal or substantially equal monthly retirement benefits. It shall
be the sole responsibility of the retiree and the Social Security
Administration, respectively, to secure or pay Social Security retirement
benefits. Neither a failure by the retiree or the Social Security
Administration to fulfill their respective obligations, nor a subsequent change
in the minimum Social Security retirement age shall compel this retirement
system to recalculate the monthly benefits determined at the time of the
retiree's election of a retirement option pursuant to section
169.670, RSMo.
(D) The provisions in section
169.670, RSMo, and 16 CSR
106.100 concerning the right to receive a cost-of-living adjustment (COLA), the
amount of any COLA, and any other limitations concerning COLAs shall apply with
equal effect to the temporary retirement allowance, except as follows:
1. Any COLA the retiree is eligible to
receive will be based on the amount of the monthly benefit payable by this
retirement system when the COLA takes effect; and
2. If a retiree has received COLAs prior to
reaching the minimum Social Security retirement age, the reduced retirement
allowance paid by Public Education Employee Retirement System (PEERS) from that
point forward will include only that percentage of the previously awarded COLAs
that would have been earned by the benefit amount payable after the retiree
reaches the minimum Social Security retirement age.
(E) Limitations on and other provisions
concerning postretirement employment found in this rule and in Chapter 169,
RSMo, shall apply with equal effect to a retiree receiving a temporary
retirement allowance, except as follows:
1.
If a retiree receiving a temporary retirement allowance subsequently returns to
employment covered by this retirement system, benefit payments will be
suspended, and the retiree's covered service will commence under a new
membership;
2. While the retirement
benefits are suspended, they will continue to accrue COLAs based on the benefit
that would have been paid to the retiree had the retiree not returned to
covered employment;
3. A retiree
receiving a temporary retirement allowance who returns to covered employment
and thereby qualifies for a second benefit based on the new membership may
receive a temporary retirement allowance as part of the retiree's subsequent
benefit if eligible pursuant to section
169.561, RSMo, and sections (12)
and (13) of this rule.
(F) If a member dies prior to retirement, a
beneficiary eligible to receive monthly benefits pursuant to 169.670.4(2),
RSMo, is eligible to receive a temporary retirement allowance if the member
would have been eligible to receive the temporary retirement allowance. The
temporary retirement allowance paid to such beneficiary shall be administered
in the same manner as if the member had retired and elected Option 2 of section
169.670.4(2), RSMo.
(15)
Pursuant to section 169.596, RSMo, a person
receiving a retirement benefit from the Public Education Employee Retirement
System of Missouri (PEERS) may be employed up to full-time for no more than
forty-eight (48) months for a PEERS-covered school district without a
suspension of his or her retirement benefit provided that such school district
certifies that it has met the requirements set forth in section
169.596, RSMo, and provided that
such school district does not exceed the limit on the number of PEERS retirees
that may be hired pursuant to section
169.596, RSMo.
(A) As used in section 169.596.2, RSMo,
"full-time" shall mean "regularly employed" as defined in
16 CSR
10-6.010(1).
(B) As used in section
169.596, RSMo, "early retirement
incentive" shall have the same definition as "consideration for agreeing to
terminate employment" provided in
16 CSR
10-3.010(9)(B) 6., except that it
shall not include retirement notice or separation notice incentives of total
value of five thousand dollars ($5,000) or less for providing notice of intent
to retire or separate employment.
(C) The school district shall notify PEERS in
a manner acceptable to PEERS of the school district's intent to hire a PEERS
retiree under section
169.596, RSMo, prior to the
first date of such employment.
(D)
A school district hiring a PEERS retiree under section
169.596, RSMo, shall certify to
PEERS through the Online Automated System Integrated Solution (OASIS) or in
another manner acceptable to PEERS that-
1.
It has met the requirements of section
169.596, RSMo; and
2. It has not exceeded the limit on the
number of PEERS retirees it may hire under section
169.596,
RSMo.
(16) If
the designated joint and survivor beneficiary of a retiree who elected Option
2, 3, or 4 dies before the retired member, the retired member's retirement
allowance will be increased to the amount the retired member would be receiving
had the retired member elected Option 1. The increase in retirement allowance
shall be effective the month of the beneficiary's death. If the retired member
passes away before the increase in his or her benefit can be paid to him or
her, such payment shall not be made if all of the required documents have not
been provided for approval to PEERS.
(17) Any member receiving a retirement
allowance from the Public Education Employee Retirement System of Missouri who
elected a reduced retirement allowance under subsection 4 of section
169.670, RSMo, who, at the time
of that election, named his or her spouse as the nominated beneficiary may have
the retirement allowance increased to the amount the retired member would be
receiving had the retired member elected Option 1 under the following
circumstances:
(A) Where the marriage of the
retired member and the nominated spouse was dissolved on or after September 1,
2017, the dissolution decree must clearly provide for sole retention by the
retired member of all rights in the retirement allowance to the satisfaction of
the Public Education Employee Retirement System of Missouri;
(B) Where the marriage of the retired member
and the nominated spouse was dissolved prior to September 1, 2017-
1. If the dissolution decree clearly provides
for sole retention by the retired member of all rights in the retirement
allowance to the satisfaction of the Public Education Employee Retirement
System of Missouri, the parties must either obtain an amended or modified
dissolution decree after September 1, 2017, that provides for the immediate
removal of the nominated spouse, or the nominated spouse must sign a notarized
statement on a form designated by the Public Education Employee Retirement
System of Missouri consenting to his or her immediate removal as the nominated
beneficiary and disclaiming all rights to future benefits;
2. If the dissolution decree does not clearly
provide for sole retention by the retired member of all rights in the
retirement allowance to the satisfaction of the Public Education Employee
Retirement System of Missouri, the parties must obtain an amended or modified
dissolution decree after September 1, 2017, which provides for sole retention
by the retired member of all rights in the retirement
allowance;
(C) The
retired member and the nominated spouse must have been married at the time of
the election of the reduced retirement allowance under subsection 4 of section
169.670, RSMo;
(D) In order to receive the increased
retirement allowance, a retired member who elected a term certain plan under
subsection 4 of section
169.670, RSMo, must have named
his or her spouse as the primary beneficiary at the time of retirement. The
increased retirement allowance shall continue for the remainder of the retired
member's lifetime and no provisions of the term certain plan shall continue to
apply to the retired member. All beneficiaries nominated by the retired member
under the term certain plan shall be void, and the retired member must name new
beneficiaries for any accumulated contributions payable upon the retired
member's death. The retired member shall not be eligible to nominate a new
spouse pursuant to section
169.715, RSMo;
(E) A retired member who elected the Option 7
Accelerated Payment Option in conjunction with a reduced retirement allowance
under subsection 4 of section
169.670, RSMo, upon application
for the increased retirement allowance pursuant to section
169.715, RSMo, will have his or
her retirement allowance increased to the amount he or she would receive had he
or she elected Option 1 in conjunction with the Option 7 Accelerated Payment
Option; and
(F) Any such increase
in the retirement allowance shall be effective upon the receipt of an
application for such increase, including the nominated spouse's consent and
disclaimer form, if required, and a certified copy of the decree of dissolution
(and separation agreement, if applicable) that meets the requirements of this
section. The increased retirement allowance will be paid prospectively only
after receipt of all of the aforementioned documents. No retroactive benefits
will be paid.
Notes
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