Annual benefit increase, when, how computed--limitation--reversion ofamount of benefit--special consultant, compensation.
104.103. 1. Each member who was employed prior to August 28, 1997,and retires on or after May 12, 1981, shall receive each year a percentageincrease in the amount of benefits received by the member during thepreceding year of eighty percent of the increase in the consumer priceindex determined in the manner hereinafter provided. Any such annualbenefit increase, however, shall not exceed five percent, nor be less thanfour percent, and the total increase in the amount of benefits receivedpursuant to the provisions of this section shall not exceed sixty-fivepercent of the initial monthly benefit which the member received uponretirement or the benefit received immediately prior to October 1, 1986,whichever is later.
2. Each member who is employed for the first time on or after August28, 1997, and retires shall be entitled annually to a percentage increasein the retirement benefit payable equal to eighty percent of the increasein the consumer price index. Such benefit increase, however, shall notexceed five percent of the retirement benefit payable prior to theincrease.
3. Each member who is employed before August 28, 1997, and terminatesemployment or retires after that date shall be entitled to the annualbenefit increase described in subsection 1 of this section. For suchmembers, the annual benefit increase described in subsection 2 of thissection shall not be effective until the year in which the member reachesthe limit on total annual benefit increases provided by subsection 1 ofthis section. After that year, the member shall receive the annual benefitincrease described in subsection 2 of this section.
4. Survivors of members described in subsection 2 of this sectionshall be entitled to the annual benefit increase described in thatsubsection.
5. For the purposes of this section, any increase in the consumerprice index shall be determined in January of each year, based upon thepercentage increase of (a) the consumer price index for the precedingcalendar year over (b) the consumer price index for the calendar yearimmediately prior thereto. Any increase so determined shall be applied incalculating any benefit increases that become payable under this sectionduring the calendar year in which the determination is made and in no caseshall the percentage be less than zero.
6. An annual increase, if any is due under either this section orsection 104.612 for special consultants with the Missouri department oftransportation and highway patrol employees' retirement system, shall bepayable monthly beginning on a date specified by the board.
7. For members who retire on or after July 1, 2000, in the event suchmember has chosen a joint and survivor option under the provisions ofsection 104.090 and the member's eligible spouse or former spouse precedesthe member in death, the member's benefit shall revert, effective the firstof the month following the death of the spouse or former spouse regardlessof when the board receives the member's written application for the benefitprovided in this subsection, to an amount equal to the member's normalannuity, as adjusted for early retirement if applicable; such benefit shallinclude any increases the member would have received since the date ofretirement had the member elected a normal annuity.
8. Effective on or after July 1, 2000, any retired member who hadelected a joint and survivor payment option and whose eligible spouse orformer spouse precedes or preceded the member in death shall uponapplication to the board be made, constituted, appointed and employed bythe board as a special consultant on the problems of retirement, aging andother state matters. As a special consultant under the provisions of thissubsection, the member's reduced benefit will revert to a normal annuity asadjusted for early retirement if applicable, effective the first of themonth following the death of the spouse or former spouse regardless of whenthe board receives the member's written application; such benefit shallinclude any increases the retired member would have received since the dateof retirement had the member elected a normal annuity.
Annual benefit increase, when, how computed--limitation--reversion ofamount of benefit--special consultant, compensation.
104.103. 1. Each member who was employed prior to August 28, 1997,and retires on or after May 12, 1981, shall receive each year a percentageincrease in the amount of benefits received by the member during thepreceding year of eighty percent of the increase in the consumer priceindex determined in the manner hereinafter provided. Any such annualbenefit increase, however, shall not exceed five percent, nor be less thanfour percent, and the total increase in the amount of benefits receivedpursuant to the provisions of this section shall not exceed sixty-fivepercent of the initial monthly benefit which the member received uponretirement or the benefit received immediately prior to October 1, 1986,whichever is later.
2. Each member who is employed for the first time on or after August28, 1997, and retires shall be entitled annually to a percentage increasein the retirement benefit payable equal to eighty percent of the increasein the consumer price index. Such benefit increase, however, shall notexceed five percent of the retirement benefit payable prior to theincrease.
3. Each member who is employed before August 28, 1997, and terminatesemployment or retires after that date shall be entitled to the annualbenefit increase described in subsection 1 of this section. For suchmembers, the annual benefit increase described in subsection 2 of thissection shall not be effective until the year in which the member reachesthe limit on total annual benefit increases provided by subsection 1 ofthis section. After that year, the member shall receive the annual benefitincrease described in subsection 2 of this section.
4. Survivors of members described in subsection 2 of this sectionshall be entitled to the annual benefit increase described in thatsubsection.
5. For the purposes of this section, any increase in the consumerprice index shall be determined in January of each year, based upon thepercentage increase of (a) the consumer price index for the precedingcalendar year over (b) the consumer price index for the calendar yearimmediately prior thereto. Any increase so determined shall be applied incalculating any benefit increases that become payable under this sectionduring the calendar year in which the determination is made and in no caseshall the percentage be less than zero.
6. An annual increase, if any is due under either this section orsection 104.612 for special consultants with the Missouri department oftransportation and highway patrol employees' retirement system, shall bepayable monthly beginning on a date specified by the board.
7. For members who retire on or after July 1, 2000, in the event suchmember has chosen a joint and survivor option under the provisions ofsection 104.090 and the member's eligible spouse or former spouse precedesthe member in death, the member's benefit shall revert, effective the firstof the month following the death of the spouse or former spouse regardlessof when the board receives the member's written application for the benefitprovided in this subsection, to an amount equal to the member's normalannuity, as adjusted for early retirement if applicable; such benefit shallinclude any increases the member would have received since the date ofretirement had the member elected a normal annuity.
8. Effective on or after July 1, 2000, any retired member who hadelected a joint and survivor payment option and whose eligible spouse orformer spouse precedes or preceded the member in death shall uponapplication to the board be made, constituted, appointed and employed bythe board as a special consultant on the problems of retirement, aging andother state matters. As a special consultant under the provisions of thissubsection, the member's reduced benefit will revert to a normal annuity asadjusted for early retirement if applicable, effective the first of themonth following the death of the spouse or former spouse regardless of whenthe board receives the member's written application; such benefit shallinclude any increases the retired member would have received since the dateof retirement had the member elected a normal annuity.
Annual benefit increase, when, how computed--limitation--reversion ofamount of benefit--special consultant, compensation.
104.103. 1. Each member who was employed prior to August 28, 1997,and retires on or after May 12, 1981, shall receive each year a percentageincrease in the amount of benefits received by the member during thepreceding year of eighty percent of the increase in the consumer priceindex determined in the manner hereinafter provided. Any such annualbenefit increase, however, shall not exceed five percent, nor be less thanfour percent, and the total increase in the amount of benefits receivedpursuant to the provisions of this section shall not exceed sixty-fivepercent of the initial monthly benefit which the member received uponretirement or the benefit received immediately prior to October 1, 1986,whichever is later.
2. Each member who is employed for the first time on or after August28, 1997, and retires shall be entitled annually to a percentage increasein the retirement benefit payable equal to eighty percent of the increasein the consumer price index. Such benefit increase, however, shall notexceed five percent of the retirement benefit payable prior to theincrease.
3. Each member who is employed before August 28, 1997, and terminatesemployment or retires after that date shall be entitled to the annualbenefit increase described in subsection 1 of this section. For suchmembers, the annual benefit increase described in subsection 2 of thissection shall not be effective until the year in which the member reachesthe limit on total annual benefit increases provided by subsection 1 ofthis section. After that year, the member shall receive the annual benefitincrease described in subsection 2 of this section.
4. Survivors of members described in subsection 2 of this sectionshall be entitled to the annual benefit increase described in thatsubsection.
5. For the purposes of this section, any increase in the consumerprice index shall be determined in January of each year, based upon thepercentage increase of (a) the consumer price index for the precedingcalendar year over (b) the consumer price index for the calendar yearimmediately prior thereto. Any increase so determined shall be applied incalculating any benefit increases that become payable under this sectionduring the calendar year in which the determination is made and in no caseshall the percentage be less than zero.
6. An annual increase, if any is due under either this section orsection 104.612 for special consultants with the Missouri department oftransportation and highway patrol employees' retirement system, shall bepayable monthly beginning on a date specified by the board.
7. For members who retire on or after July 1, 2000, in the event suchmember has chosen a joint and survivor option under the provisions ofsection 104.090 and the member's eligible spouse or former spouse precedesthe member in death, the member's benefit shall revert, effective the firstof the month following the death of the spouse or former spouse regardlessof when the board receives the member's written application for the benefitprovided in this subsection, to an amount equal to the member's normalannuity, as adjusted for early retirement if applicable; such benefit shallinclude any increases the member would have received since the date ofretirement had the member elected a normal annuity.
8. Effective on or after July 1, 2000, any retired member who hadelected a joint and survivor payment option and whose eligible spouse orformer spouse precedes or preceded the member in death shall uponapplication to the board be made, constituted, appointed and employed bythe board as a special consultant on the problems of retirement, aging andother state matters. As a special consultant under the provisions of thissubsection, the member's reduced benefit will revert to a normal annuity asadjusted for early retirement if applicable, effective the first of themonth following the death of the spouse or former spouse regardless of whenthe board receives the member's written application; such benefit shallinclude any increases the retired member would have received since the dateof retirement had the member elected a normal annuity.
