Actuarial evaluations, methods used--certification of contributionrate, when.
104.1066. 1. The year 2000 plan intends to follow a financingpattern which computes and requires contribution amounts which, expressedas percents of active member payroll, will remain approximately level fromyear to year and from one generation of citizens to the next generation.Such contribution determinations require regular actuarial valuations,which shall be made by the board's actuary, using assumptions and methodsadopted by the board after consulting with its actuary. The entryage-normal cost valuation method shall be used in determining normal cost,and contributions for unfunded accrued liabilities shall be determinedusing level percent-of-payroll amortization. For purposes of thissubsection and section 104.436, the actuary shall determine a singlecontribution rate applicable to both closed plan and year 2000 planparticipants and, in determining such rate, make estimates of theprobabilities of closed plan participants transferring to the year 2000plan.
2. At least ninety days before each regular session of the generalassembly, the board of the Missouri state employees' retirement systemshall certify to the division of budget the contribution rate necessary tocover the liabilities of the year 2000 plan administered by such system,including costs of administration, expected to accrue during the nextappropriation period. The commissioner of administration shall requestappropriations based upon the contribution rate so certified. Fromappropriations so made, the commissioner of administration shall certifycontribution amounts to the state treasurer who in turn shall immediatelypay the contributions to the year 2000 plan.
3. The employers of members covered by the Missouri state employees'retirement system who are not paid out of funds that have been deposited inthe state treasury shall remit following each pay period to the year 2000plan an amount equal to the amount which the state would have paid if thosemembers had been paid entirely from state funds. Such employers shallmaintain payroll records for a minimum of five years and shall produce allsuch records as requested by the system. The system is authorized torequest from the state office of administration an appropriation out of theannual budget of any such employer in the event such records indicate thatsuch employer has not contributed the amounts required by this section.The office of administration shall request such appropriation which shallbe equal to the amount necessary to replace any shortfall in contributionsas determined by the system. From appropriations so made, the commissionerof administration shall certify contribution amounts to the state treasurerwho in turn shall immediately pay such contributions to the year 2000 plan.
4. At least ninety days before each regular session of the generalassembly, the board of the transportation department and highway patrolretirement system shall certify to the department of transportation and thedepartment of public safety the contribution rate necessary to cover theliabilities of the year 2000 plan administered by such system, includingcosts of administration, expected to accrue during the next biennial orother appropriation period. Each department shall include in its budgetand in its request for appropriations for personal service the sum socertified to it by such board, and shall present the same to the generalassembly for allowance. The sums so certified and appropriated, whenavailable, shall be immediately paid to the system and deposited in thehighway and transportation employees' and highway patrol retirement andbenefit fund.
5. These amounts are funds of the year 2000 plan and shall not becommingled with any funds in the state treasury.
Actuarial evaluations, methods used--certification of contributionrate, when.
104.1066. 1. The year 2000 plan intends to follow a financingpattern which computes and requires contribution amounts which, expressedas percents of active member payroll, will remain approximately level fromyear to year and from one generation of citizens to the next generation.Such contribution determinations require regular actuarial valuations,which shall be made by the board's actuary, using assumptions and methodsadopted by the board after consulting with its actuary. The entryage-normal cost valuation method shall be used in determining normal cost,and contributions for unfunded accrued liabilities shall be determinedusing level percent-of-payroll amortization. For purposes of thissubsection and section 104.436, the actuary shall determine a singlecontribution rate applicable to both closed plan and year 2000 planparticipants and, in determining such rate, make estimates of theprobabilities of closed plan participants transferring to the year 2000plan.
2. At least ninety days before each regular session of the generalassembly, the board of the Missouri state employees' retirement systemshall certify to the division of budget the contribution rate necessary tocover the liabilities of the year 2000 plan administered by such system,including costs of administration, expected to accrue during the nextappropriation period. The commissioner of administration shall requestappropriations based upon the contribution rate so certified. Fromappropriations so made, the commissioner of administration shall certifycontribution amounts to the state treasurer who in turn shall immediatelypay the contributions to the year 2000 plan.
3. The employers of members covered by the Missouri state employees'retirement system who are not paid out of funds that have been deposited inthe state treasury shall remit following each pay period to the year 2000plan an amount equal to the amount which the state would have paid if thosemembers had been paid entirely from state funds. Such employers shallmaintain payroll records for a minimum of five years and shall produce allsuch records as requested by the system. The system is authorized torequest from the state office of administration an appropriation out of theannual budget of any such employer in the event such records indicate thatsuch employer has not contributed the amounts required by this section.The office of administration shall request such appropriation which shallbe equal to the amount necessary to replace any shortfall in contributionsas determined by the system. From appropriations so made, the commissionerof administration shall certify contribution amounts to the state treasurerwho in turn shall immediately pay such contributions to the year 2000 plan.
4. At least ninety days before each regular session of the generalassembly, the board of the transportation department and highway patrolretirement system shall certify to the department of transportation and thedepartment of public safety the contribution rate necessary to cover theliabilities of the year 2000 plan administered by such system, includingcosts of administration, expected to accrue during the next biennial orother appropriation period. Each department shall include in its budgetand in its request for appropriations for personal service the sum socertified to it by such board, and shall present the same to the generalassembly for allowance. The sums so certified and appropriated, whenavailable, shall be immediately paid to the system and deposited in thehighway and transportation employees' and highway patrol retirement andbenefit fund.
5. These amounts are funds of the year 2000 plan and shall not becommingled with any funds in the state treasury.
Actuarial evaluations, methods used--certification of contributionrate, when.
104.1066. 1. The year 2000 plan intends to follow a financingpattern which computes and requires contribution amounts which, expressedas percents of active member payroll, will remain approximately level fromyear to year and from one generation of citizens to the next generation.Such contribution determinations require regular actuarial valuations,which shall be made by the board's actuary, using assumptions and methodsadopted by the board after consulting with its actuary. The entryage-normal cost valuation method shall be used in determining normal cost,and contributions for unfunded accrued liabilities shall be determinedusing level percent-of-payroll amortization. For purposes of thissubsection and section 104.436, the actuary shall determine a singlecontribution rate applicable to both closed plan and year 2000 planparticipants and, in determining such rate, make estimates of theprobabilities of closed plan participants transferring to the year 2000plan.
2. At least ninety days before each regular session of the generalassembly, the board of the Missouri state employees' retirement systemshall certify to the division of budget the contribution rate necessary tocover the liabilities of the year 2000 plan administered by such system,including costs of administration, expected to accrue during the nextappropriation period. The commissioner of administration shall requestappropriations based upon the contribution rate so certified. Fromappropriations so made, the commissioner of administration shall certifycontribution amounts to the state treasurer who in turn shall immediatelypay the contributions to the year 2000 plan.
3. The employers of members covered by the Missouri state employees'retirement system who are not paid out of funds that have been deposited inthe state treasury shall remit following each pay period to the year 2000plan an amount equal to the amount which the state would have paid if thosemembers had been paid entirely from state funds. Such employers shallmaintain payroll records for a minimum of five years and shall produce allsuch records as requested by the system. The system is authorized torequest from the state office of administration an appropriation out of theannual budget of any such employer in the event such records indicate thatsuch employer has not contributed the amounts required by this section.The office of administration shall request such appropriation which shallbe equal to the amount necessary to replace any shortfall in contributionsas determined by the system. From appropriations so made, the commissionerof administration shall certify contribution amounts to the state treasurerwho in turn shall immediately pay such contributions to the year 2000 plan.
4. At least ninety days before each regular session of the generalassembly, the board of the transportation department and highway patrolretirement system shall certify to the department of transportation and thedepartment of public safety the contribution rate necessary to cover theliabilities of the year 2000 plan administered by such system, includingcosts of administration, expected to accrue during the next biennial orother appropriation period. Each department shall include in its budgetand in its request for appropriations for personal service the sum socertified to it by such board, and shall present the same to the generalassembly for allowance. The sums so certified and appropriated, whenavailable, shall be immediately paid to the system and deposited in thehighway and transportation employees' and highway patrol retirement andbenefit fund.
5. These amounts are funds of the year 2000 plan and shall not becommingled with any funds in the state treasury.
