Retirement allowances, how computed, election allowed, timeperiod--options--effect of federal O.A.S.I.coverage--cost-of-living adjustment authorized--limitation ofbenefits--employment of special consultant, compensation, minimumbenefits.
169.070. 1. The retirement allowance of a member whose age atretirement is sixty years or more and whose creditable service is fiveyears or more, or whose sum of age and creditable service equals eightyyears or more, or who has attained age fifty-five and whose creditableservice is twenty-five years or more or whose creditable service is thirtyyears or more regardless of age, may be the sum of the following items, notto exceed one hundred percent of the member's final average salary:
(1) Two and five-tenths percent of the member's final average salaryfor each year of membership service;
(2) Six-tenths of the amount payable for a year of membership servicefor each year of prior service not exceeding thirty years.
In lieu of the retirement allowance otherwise provided in subdivisions (1)and (2) of this subsection, a member may elect to receive a retirementallowance of:
(3) Between July 1, 1998, and July 1, 2013, two and four-tenthspercent of the member's final average salary for each year of membershipservice, if the member's creditable service is twenty-nine years or morebut less than thirty years, and the member has not attained age fifty-five;
(4) Between July 1, 1998, and July 1, 2013, two andthirty-five-hundredths percent of the member's final average salary foreach year of membership service, if the member's creditable service istwenty-eight years or more but less than twenty-nine years, and the memberhas not attained age fifty-five;
(5) Between July 1, 1998, and July 1, 2013, two and three-tenthspercent of the member's final average salary for each year of membershipservice, if the member's creditable service is twenty-seven years or morebut less than twenty-eight years, and the member has not attained agefifty-five;
(6) Between July 1, 1998, and July 1, 2013, two andtwenty-five-hundredths percent of the member's final average salary foreach year of membership service, if the member's creditable service istwenty-six years or more but less than twenty-seven years, and the memberhas not attained age fifty-five;
(7) Between July 1, 1998, and July 1, 2013, two and two-tenthspercent of the member's final average salary for each year of membershipservice, if the member's creditable service is twenty-five years or morebut less than twenty-six years, and the member has not attained agefifty-five;
(8) Between July 1, 2001, and July 1, 2013, two and fifty-fivehundredths percent of the member's final average salary for each year ofmembership service, if the member's creditable service is thirty-one yearsor more regardless of age.
2. In lieu of the retirement allowance provided in subsection 1 ofthis section, a member whose age is sixty years or more on September 28,1975, may elect to have the member's retirement allowance calculated as asum of the following items:
(1) Sixty cents plus one and five-tenths percent of the member'sfinal average salary for each year of membership service;
(2) Six-tenths of the amount payable for a year of membership servicefor each year of prior service not exceeding thirty years;
(3) Three-fourths of one percent of the sum of subdivisions (1) and(2) of this subsection for each month of attained age in excess of sixtyyears but not in excess of age sixty-five.
3. (1) In lieu of the retirement allowance provided either insubsection 1 or 2 of this section, collectively called "option 1", a memberwhose creditable service is twenty-five years or more or who has attainedthe age of fifty-five with five or more years of creditable service mayelect in the member's application for retirement to receive the actuarialequivalent of the member's retirement allowance in reduced monthly paymentsfor life during retirement with the provision that:
Option 2. Upon the member's death the reduced retirement allowanceshall be continued throughout the life of and paid to such person as has aninsurable interest in the life of the member as the member shall havenominated in the member's election of the option, and provided further thatif the person so nominated dies before the retired member, the retirementallowance will be increased to the amount the retired member would bereceiving had the retired member elected option 1;
OR
Option 3. Upon the death of the member three-fourths of the reducedretirement allowance shall be continued throughout the life of and paid tosuch person as has an insurable interest in the life of the member and asthe member shall have nominated in an election of the option, and providedfurther that if the person so nominated dies before the retired member, theretirement allowance will be increased to the amount the retired memberwould be receiving had the member elected option 1;
OR
Option 4. Upon the death of the member one-half of the reducedretirement allowance shall be continued throughout the life of, and paidto, such person as has an insurable interest in the life of the member andas the member shall have nominated in an election of the option, andprovided further that if the person so nominated dies before the retiredmember, the retirement allowance shall be increased to the amount theretired member would be receiving had the member elected option 1;
OR
Option 5. Upon the death of the member prior to the member havingreceived one hundred twenty monthly payments of the member's reducedallowance, the remainder of the one hundred twenty monthly payments of thereduced allowance shall be paid to such beneficiary as the member shallhave nominated in the member's election of the option or in a subsequentnomination. If there is no beneficiary so nominated who survives themember for the remainder of the one hundred twenty monthly payments, thetotal of the remainder of such one hundred twenty monthly payments shall bepaid to the surviving spouse, surviving children in equal shares, survivingparents in equal shares, or estate of the last person, in that order ofprecedence, to receive a monthly allowance in a lump sum payment. If thetotal of the one hundred twenty payments paid to the retired individual andthe beneficiary of the retired individual is less than the total of themember's accumulated contributions, the difference shall be paid to thebeneficiary in a lump sum;
OR
Option 6. Upon the death of the member prior to the member havingreceived sixty monthly payments of the member's reduced allowance, theremainder of the sixty monthly payments of the reduced allowance shall bepaid to such beneficiary as the member shall have nominated in the member'selection of the option or in a subsequent nomination. If there is nobeneficiary so nominated who survives the member for the remainder of thesixty monthly payments, the total of the remainder of such sixty monthlypayments shall be paid to the surviving spouse, surviving children in equalshares, surviving parents in equal shares, or estate of the last person, inthat order of precedence, to receive a monthly allowance in a lump sumpayment. If the total of the sixty payments paid to the retired individualand the beneficiary of the retired individual is less than the total of themember's accumulated contributions, the difference shall be paid to thebeneficiary in a lump sum.
(2) The election of an option may be made only in the application forretirement and such application must be filed prior to the date on whichthe retirement of the member is to be effective. If either the member orthe person nominated to receive the survivorship payments dies before theeffective date of retirement, the option shall not be effective, providedthat:
(a) If the member or a person retired on disability retirement diesafter acquiring twenty-five or more years of creditable service or afterattaining the age of fifty-five years and acquiring five or more years ofcreditable service and before retirement, except retirement with disabilitybenefits, and the person named by the member as the member's beneficiaryhas an insurable interest in the life of the deceased member, thedesignated beneficiary may elect to receive either survivorship benefitsunder option 2 or a payment of the accumulated contributions of the member.If survivorship benefits under option 2 are elected and the member at thetime of death would have been eligible to receive an actuarial equivalentof the member's retirement allowance, the designated beneficiary mayfurther elect to defer the option 2 payments until the date the memberwould have been eligible to receive the retirement allowance provided insubsection 1 or 2 of this section;
(b) If the member or a person retired on disability retirement diesbefore attaining age fifty-five but after acquiring five but fewer thantwenty-five years of creditable service, and the person named as themember's beneficiary has an insurable interest in the life of the deceasedmember, the designated beneficiary may elect to receive either a payment ofthe member's accumulated contributions, or survivorship benefits underoption 2 to begin on the date the member would first have been eligible toreceive an actuarial equivalent of the member's retirement allowance, or tobegin on the date the member would first have been eligible to receive theretirement allowance provided in subsection 1 or 2 of this section.
4. If the total of the retirement or disability allowance paid to anindividual before the death of the individual is less than the accumulatedcontributions at the time of retirement, the difference shall be paid tothe beneficiary of the individual, or to the surviving spouse, survivingchildren in equal shares, surviving parents in equal shares, or estate ofthe individual in that order of precedence. If an optional benefit asprovided in option 2, 3 or 4 in subsection 3 of this section had beenelected, and the beneficiary dies after receiving the optional benefit, andif the total retirement allowance paid to the retired individual and thebeneficiary of the retired individual is less than the total of thecontributions, the difference shall be paid to the surviving spouse,surviving children in equal shares, surviving parents in equal shares, orestate of the beneficiary, in that order of precedence, unless the retiredindividual designates a different recipient with the board at or afterretirement.
5. If a member dies and his or her* financial institution is unableto accept the final payment or payments due to the member, the finalpayment or payments shall be paid to the beneficiary of the member or, ifthere is no beneficiary, to the surviving spouse, surviving children inequal shares, surviving parents in equal shares, or estate of the member,in that order of precedence, unless otherwise stated. If the beneficiaryof a deceased member dies and his or her* financial institution is unableto accept the final payment or payments, the final payment or paymentsshall be paid to the surviving spouse, surviving children in equal shares,surviving parents in equal shares, or estate of the member, in that orderof precedence, unless otherwise stated.
6. If a member dies before receiving a retirement allowance, themember's accumulated contributions at the time of the death of the membershall be paid to the beneficiary of the member or, if there is nobeneficiary, to the surviving spouse, surviving children in equal shares,surviving parents in equal shares, or to the estate of the member, in thatorder of precedence; except that, no such payment shall be made if thebeneficiary elects option 2 in subsection 3 of this section, unless thebeneficiary dies before having received benefits pursuant to thatsubsection equal to the accumulated contributions of the member, in whichcase the amount of accumulated contributions in excess of the totalbenefits paid pursuant to that subsection shall be paid to the survivingspouse, surviving children in equal shares, surviving parents in equalshares, or estate of the beneficiary, in that order of precedence.
7. If a member ceases to be a public school employee as hereindefined and certifies to the board of trustees that such cessation ispermanent, or if the membership of the person is otherwise terminated, themember shall be paid the member's accumulated contributions with interest.
8. Notwithstanding any provisions of sections 169.010 to 169.141 tothe contrary, if a member ceases to be a public school employee afteracquiring five or more years of membership service in Missouri, the membermay at the option of the member leave the member's contributions with theretirement system and claim a retirement allowance any time after reachingthe minimum age for voluntary retirement. When the member's claim ispresented to the board, the member shall be granted an allowance asprovided in sections 169.010 to 169.141 on the basis of the member's age,years of service, and the provisions of the law in effect at the time themember requests the member's retirement to become effective.
9. The retirement allowance of a member retired because of disabilityshall be nine-tenths of the allowance to which the member's creditableservice would entitle the member if the member's age were sixty, or fiftypercent of one-twelfth of the annual salary rate used in determining themember's contributions during the last school year for which the memberreceived a year of creditable service immediately prior to the member'sdisability, whichever is greater, except that no such allowance shallexceed the retirement allowance to which the member would have beenentitled upon retirement at age sixty if the member had continued to teachfrom the date of disability until age sixty at the same salary rate.
10. Notwithstanding any provisions of sections 169.010 to 169.141 tothe contrary, from October 13, 1961, the contribution rate pursuant tosections 169.010 to 169.141 shall be multiplied by the factor of two-thirdsfor any member of the system for whom federal Old Age and SurvivorsInsurance tax is paid from state or local tax funds on account of themember's employment entitling the person to membership in the system. Themonetary benefits for a member who elected not to exercise an option to payinto the system a retroactive contribution of four percent on that part ofthe member's annual salary rate which was in excess of four thousand eighthundred dollars but not in excess of eight thousand four hundred dollarsfor each year of employment in a position covered by this system betweenJuly 1, 1957, and July 1, 1961, as provided in subsection 10 of thissection as it appears in RSMo, 1969, shall be the sum of:
(1) For years of service prior to July 1, 1946, six-tenths of thefull amount payable for years of membership service;
(2) For years of membership service after July 1, 1946, in which thefull contribution rate was paid, full benefits under the formula in effectat the time of the member's retirement;
(3) For years of membership service after July 1, 1957, and prior toJuly 1, 1961, the benefits provided in this section as it appears in RSMo,1959; except that if the member has at least thirty years of creditableservice at retirement the member shall receive the benefit payable pursuantto that section as though the member's age were sixty-five at retirement;
(4) For years of membership service after July 1, 1961, in which thetwo-thirds contribution rate was paid, two-thirds of the benefits under theformula in effect at the time of the member's retirement.
11. The monetary benefits for each other member for whom federal OldAge and Survivors Insurance tax is or was paid at any time from state orlocal funds on account of the member's employment entitling the member tomembership in the system shall be the sum of:
(1) For years of service prior to July 1, 1946, six-tenths of thefull amount payable for years of membership service;
(2) For years of membership service after July 1, 1946, in which thefull contribution rate was paid, full benefits under the formula in effectat the time of the member's retirement;
(3) For years of membership service after July 1, 1957, in which thetwo-thirds contribution rate was paid, two-thirds of the benefits under theformula in effect at the time of the member's retirement.
12. Any retired member of the system who was retired prior toSeptember 1, 1972, or beneficiary receiving payments under option 1 oroption 2 of subsection 3 of this section, as such option existed prior toSeptember 1, 1972, will be eligible to receive an increase in theretirement allowance of the member of two percent for each year, or majorfraction of more than one-half of a year, which the retired member has beenretired prior to July 1, 1975. This increased amount shall be payablecommencing with January, 1976, and shall thereafter be referred to as themember's retirement allowance. The increase provided for in thissubsection shall not affect the retired member's eligibility forcompensation provided for in section 169.580 or 169.585, nor shall theamount being paid pursuant to these sections be reduced because of anyincreases provided for in this section.
13. If the board of trustees determines that the cost of living, asmeasured by generally accepted standards, increases two percent or more inthe preceding fiscal year, the board shall increase the retirementallowances which the retired members or beneficiaries are receiving by twopercent of the amount being received by the retired member or thebeneficiary at the time the annual increase is granted by the board withthe provision that the increases provided for in this subsection shall notbecome effective until the fourth January first following the member'sretirement or January 1, 1977, whichever later occurs, or in the case ofany member retiring on or after July 1, 2000, the increase provided for inthis subsection shall not become effective until the third January firstfollowing the member's retirement, or in the case of any member retiring onor after July 1, 2001, the increase provided for in this subsection shallnot become effective until the second January first following the member'sretirement. Commencing with January 1, 1992, if the board of trusteesdetermines that the cost of living has increased five percent or more inthe preceding fiscal year, the board shall increase the retirementallowances by five percent. The total of the increases granted to aretired member or the beneficiary after December 31, 1976, may not exceedeighty percent of the retirement allowance established at retirement or aspreviously adjusted by other subsections. If the cost of living increasesless than five percent, the board of trustees may determine the percentageof increase to be made in retirement allowances, but at no time can theincrease exceed five percent per year. If the cost of living decreases ina fiscal year, there will be no increase in allowances for retired memberson the following January first.
14. The board of trustees may reduce the amounts which have beengranted as increases to a member pursuant to subsection 13 of this sectionif the cost of living, as determined by the board and as measured bygenerally accepted standards, is less than the cost of living was at thetime of the first increase granted to the member; except that, thereductions shall not exceed the amount of increases which have been made tothe member's allowance after December 31, 1976.
15. Any application for retirement shall include a sworn statement bythe member certifying that the spouse of the member at the time theapplication was completed was aware of the application and the plan ofretirement elected in the application.
16. Notwithstanding any other provision of law, any person retiredprior to September 28, 1983, who is receiving a reduced retirementallowance under option 1 or option 2 of subsection 3 of this section, assuch option existed prior to September 28, 1983, and whose beneficiarynominated to receive continued retirement allowance payments under theelected option dies or has died, shall upon application to the board oftrustees have his or her retirement allowance increased to the amount he orshe would have been receiving had the option not been elected, actuariallyadjusted to recognize any excessive benefits which would have been paid tohim or her up to the time of application.
17. Benefits paid pursuant to the provisions of the public schoolretirement system of Missouri shall not exceed the limitations of Section415 of Title 26 of the United States Code except as provided pursuant tothis subsection. Notwithstanding any other law to the contrary, the boardof trustees may establish a benefit plan pursuant to Section 415(m) ofTitle 26 of the United States Code. Such plan shall be created solely forthe purpose described in Section 415(m)(3)(A) of Title 26 of the UnitedStates Code. The board of trustees may promulgate regulations necessary toimplement the provisions of this subsection and to create and administersuch benefit plan.
18. Notwithstanding any other provision of law to the contrary, anyperson retired before, on, or after May 26, 1994, shall be made,constituted, appointed and employed by the board as a special consultant onthe matters of education, retirement and aging, and upon request shall givewritten or oral opinions to the board in response to such requests. Ascompensation for such duties the person shall receive an amount based onthe person's years of service so that the total amount received pursuant tosections 169.010 to 169.141 shall be at least the minimum amounts specifiedin subdivisions (1) to (4) of this subsection. In determining the minimumamount to be received, the amounts in subdivisions (3) and (4) of thissubsection shall be adjusted in accordance with the actuarial adjustment,if any, that was applied to the person's retirement allowance. Indetermining the minimum amount to be received, beginning September 1, 1996,the amounts in subdivisions (1) and (2) of this subsection shall beadjusted in accordance with the actuarial adjustment, if any, that wasapplied to the person's retirement allowance due to election of an optionalform of retirement having a continued monthly payment after the person'sdeath. Notwithstanding any other provision of law to the contrary, noperson retired before, on, or after May 26, 1994, and no beneficiary ofsuch a person, shall receive a retirement benefit pursuant to sections169.010 to 169.141 based on the person's years of service less than thefollowing amounts:
(1) Thirty or more years of service, one thousand two hundreddollars;
(2) At least twenty-five years but less than thirty years, onethousand dollars;
(3) At least twenty years but less than twenty-five years, eighthundred dollars;
(4) At least fifteen years but less than twenty years, six hundreddollars.
19. Notwithstanding any other provisions of law to the contrary, anyperson retired prior to May 26, 1994, and any designated beneficiary ofsuch a retired member who was deceased prior to July 1, 1999, shall bemade, constituted, appointed and employed by the board as a specialconsultant on the matters of education, retirement or aging and uponrequest shall give written or oral opinions to the board in response tosuch requests. Beginning September 1, 1996, as compensation for suchservice, the member shall have added, pursuant to this subsection, to themember's monthly annuity as provided by this section a dollar amount equalto the lesser of sixty dollars or the product of two dollars multiplied bythe member's number of years of creditable service. Beginning September 1,1999, the designated beneficiary of the deceased member shall ascompensation for such service have added, pursuant to this subsection, tothe monthly annuity as provided by this section a dollar amount equal tothe lesser of sixty dollars or the product of two dollars multiplied by themember's number of years of creditable service. The total compensationprovided by this section including the compensation provided by thissubsection shall be used in calculating any future cost-of-livingadjustments provided by subsection 13 of this section.
20. Any member who has retired prior to July 1, 1998, and thedesignated beneficiary of a deceased retired member shall be made,constituted, appointed and employed by the board as a special consultant onthe matters of education, retirement and aging, and upon request shall givewritten or oral opinions to the board in response to such requests. Ascompensation for such duties the person shall receive a payment equivalentto eight and seven-tenths percent of the previous month's benefit, whichshall be added to the member's or beneficiary's monthly annuity and whichshall not be subject to the provisions of subsections 13 and 14 of thissection for the purposes of the limit on the total amount of increaseswhich may be received.
21. Any member who has retired shall be made, constituted, appointedand employed by the board as a special consultant on the matters ofeducation, retirement and aging, and upon request shall give written ororal opinions to the board in response to such request. As compensationfor such duties, the beneficiary of the retired member, or, if there is nobeneficiary, the surviving spouse, surviving children in equal shares,surviving parents in equal shares, or estate of the retired member, in thatorder of precedence, shall receive as a part of compensation for theseduties a death benefit of five thousand dollars.
22. Any member who has retired prior to July 1, 1999, and thedesignated beneficiary of a retired member who was deceased prior to July1, 1999, shall be made, constituted, appointed and employed by the board asa special consultant on the matters of education, retirement and aging, andupon request shall give written or oral opinions to the board in responseto such requests. As compensation for such duties, the person shall haveadded, pursuant to this subsection, to the monthly annuity as provided bythis section a dollar amount equal to five dollars times the member'snumber of years of creditable service.
23. Any member who has retired prior to July 1, 2000, and thedesignated beneficiary of a deceased retired member shall be made,constituted, appointed and employed by the board as a special consultant onthe matters of education, retirement and aging, and upon request shall givewritten or oral opinions to the board in response to such requests. Ascompensation for such duties, the person shall receive a payment equivalentto three and five-tenths percent of the previous month's benefit, whichshall be added to the member or beneficiary's monthly annuity and whichshall not be subject to the provisions of subsections 13 and 14 of thissection for the purposes of the limit on the total amount of increaseswhich may be received.
24. Any member who has retired prior to July 1, 2001, and thedesignated beneficiary of a deceased retired member shall be made,constituted, appointed and employed by the board as a special consultant onthe matters of education, retirement and aging, and upon request shall givewritten or oral opinions to the board in response to such requests. Ascompensation for such duties, the person shall receive a dollar amountequal to three dollars times the member's number of years of creditableservice, which shall be added to the member's or beneficiary's monthlyannuity and which shall not be subject to the provisions of subsections 13and 14 of this section for the purposes of the limit on the total amount ofincreases which may be received.
Retirement allowances, how computed, election allowed, timeperiod--options--effect of federal O.A.S.I.coverage--cost-of-living adjustment authorized--limitation ofbenefits--employment of special consultant, compensation, minimumbenefits.
169.070. 1. The retirement allowance of a member whose age atretirement is sixty years or more and whose creditable service is fiveyears or more, or whose sum of age and creditable service equals eightyyears or more, or who has attained age fifty-five and whose creditableservice is twenty-five years or more or whose creditable service is thirtyyears or more regardless of age, may be the sum of the following items, notto exceed one hundred percent of the member's final average salary:
(1) Two and five-tenths percent of the member's final average salaryfor each year of membership service;
(2) Six-tenths of the amount payable for a year of membership servicefor each year of prior service not exceeding thirty years.
In lieu of the retirement allowance otherwise provided in subdivisions (1)and (2) of this subsection, a member may elect to receive a retirementallowance of:
(3) Between July 1, 1998, and July 1, 2013, two and four-tenthspercent of the member's final average salary for each year of membershipservice, if the member's creditable service is twenty-nine years or morebut less than thirty years, and the member has not attained age fifty-five;
(4) Between July 1, 1998, and July 1, 2013, two andthirty-five-hundredths percent of the member's final average salary foreach year of membership service, if the member's creditable service istwenty-eight years or more but less than twenty-nine years, and the memberhas not attained age fifty-five;
(5) Between July 1, 1998, and July 1, 2013, two and three-tenthspercent of the member's final average salary for each year of membershipservice, if the member's creditable service is twenty-seven years or morebut less than twenty-eight years, and the member has not attained agefifty-five;
(6) Between July 1, 1998, and July 1, 2013, two andtwenty-five-hundredths percent of the member's final average salary foreach year of membership service, if the member's creditable service istwenty-six years or more but less than twenty-seven years, and the memberhas not attained age fifty-five;
(7) Between July 1, 1998, and July 1, 2013, two and two-tenthspercent of the member's final average salary for each year of membershipservice, if the member's creditable service is twenty-five years or morebut less than twenty-six years, and the member has not attained agefifty-five;
(8) Between July 1, 2001, and July 1, 2013, two and fifty-fivehundredths percent of the member's final average salary for each year ofmembership service, if the member's creditable service is thirty-one yearsor more regardless of age.
2. In lieu of the retirement allowance provided in subsection 1 ofthis section, a member whose age is sixty years or more on September 28,1975, may elect to have the member's retirement allowance calculated as asum of the following items:
(1) Sixty cents plus one and five-tenths percent of the member'sfinal average salary for each year of membership service;
(2) Six-tenths of the amount payable for a year of membership servicefor each year of prior service not exceeding thirty years;
(3) Three-fourths of one percent of the sum of subdivisions (1) and(2) of this subsection for each month of attained age in excess of sixtyyears but not in excess of age sixty-five.
3. (1) In lieu of the retirement allowance provided either insubsection 1 or 2 of this section, collectively called "option 1", a memberwhose creditable service is twenty-five years or more or who has attainedthe age of fifty-five with five or more years of creditable service mayelect in the member's application for retirement to receive the actuarialequivalent of the member's retirement allowance in reduced monthly paymentsfor life during retirement with the provision that:
Option 2. Upon the member's death the reduced retirement allowanceshall be continued throughout the life of and paid to such person as has aninsurable interest in the life of the member as the member shall havenominated in the member's election of the option, and provided further thatif the person so nominated dies before the retired member, the retirementallowance will be increased to the amount the retired member would bereceiving had the retired member elected option 1;
OR
Option 3. Upon the death of the member three-fourths of the reducedretirement allowance shall be continued throughout the life of and paid tosuch person as has an insurable interest in the life of the member and asthe member shall have nominated in an election of the option, and providedfurther that if the person so nominated dies before the retired member, theretirement allowance will be increased to the amount the retired memberwould be receiving had the member elected option 1;
OR
Option 4. Upon the death of the member one-half of the reducedretirement allowance shall be continued throughout the life of, and paidto, such person as has an insurable interest in the life of the member andas the member shall have nominated in an election of the option, andprovided further that if the person so nominated dies before the retiredmember, the retirement allowance shall be increased to the amount theretired member would be receiving had the member elected option 1;
OR
Option 5. Upon the death of the member prior to the member havingreceived one hundred twenty monthly payments of the member's reducedallowance, the remainder of the one hundred twenty monthly payments of thereduced allowance shall be paid to such beneficiary as the member shallhave nominated in the member's election of the option or in a subsequentnomination. If there is no beneficiary so nominated who survives themember for the remainder of the one hundred twenty monthly payments, thetotal of the remainder of such one hundred twenty monthly payments shall bepaid to the surviving spouse, surviving children in equal shares, survivingparents in equal shares, or estate of the last person, in that order ofprecedence, to receive a monthly allowance in a lump sum payment. If thetotal of the one hundred twenty payments paid to the retired individual andthe beneficiary of the retired individual is less than the total of themember's accumulated contributions, the difference shall be paid to thebeneficiary in a lump sum;
OR
Option 6. Upon the death of the member prior to the member havingreceived sixty monthly payments of the member's reduced allowance, theremainder of the sixty monthly payments of the reduced allowance shall bepaid to such beneficiary as the member shall have nominated in the member'selection of the option or in a subsequent nomination. If there is nobeneficiary so nominated who survives the member for the remainder of thesixty monthly payments, the total of the remainder of such sixty monthlypayments shall be paid to the surviving spouse, surviving children in equalshares, surviving parents in equal shares, or estate of the last person, inthat order of precedence, to receive a monthly allowance in a lump sumpayment. If the total of the sixty payments paid to the retired individualand the beneficiary of the retired individual is less than the total of themember's accumulated contributions, the difference shall be paid to thebeneficiary in a lump sum.
(2) The election of an option may be made only in the application forretirement and such application must be filed prior to the date on whichthe retirement of the member is to be effective. If either the member orthe person nominated to receive the survivorship payments dies before theeffective date of retirement, the option shall not be effective, providedthat:
(a) If the member or a person retired on disability retirement diesafter acquiring twenty-five or more years of creditable service or afterattaining the age of fifty-five years and acquiring five or more years ofcreditable service and before retirement, except retirement with disabilitybenefits, and the person named by the member as the member's beneficiaryhas an insurable interest in the life of the deceased member, thedesignated beneficiary may elect to receive either survivorship benefitsunder option 2 or a payment of the accumulated contributions of the member.If survivorship benefits under option 2 are elected and the member at thetime of death would have been eligible to receive an actuarial equivalentof the member's retirement allowance, the designated beneficiary mayfurther elect to defer the option 2 payments until the date the memberwould have been eligible to receive the retirement allowance provided insubsection 1 or 2 of this section;
(b) If the member or a person retired on disability retirement diesbefore attaining age fifty-five but after acquiring five but fewer thantwenty-five years of creditable service, and the person named as themember's beneficiary has an insurable interest in the life of the deceasedmember, the designated beneficiary may elect to receive either a payment ofthe member's accumulated contributions, or survivorship benefits underoption 2 to begin on the date the member would first have been eligible toreceive an actuarial equivalent of the member's retirement allowance, or tobegin on the date the member would first have been eligible to receive theretirement allowance provided in subsection 1 or 2 of this section.
4. If the total of the retirement or disability allowance paid to anindividual before the death of the individual is less than the accumulatedcontributions at the time of retirement, the difference shall be paid tothe beneficiary of the individual, or to the surviving spouse, survivingchildren in equal shares, surviving parents in equal shares, or estate ofthe individual in that order of precedence. If an optional benefit asprovided in option 2, 3 or 4 in subsection 3 of this section had beenelected, and the beneficiary dies after receiving the optional benefit, andif the total retirement allowance paid to the retired individual and thebeneficiary of the retired individual is less than the total of thecontributions, the difference shall be paid to the surviving spouse,surviving children in equal shares, surviving parents in equal shares, orestate of the beneficiary, in that order of precedence, unless the retiredindividual designates a different recipient with the board at or afterretirement.
5. If a member dies and his or her* financial institution is unableto accept the final payment or payments due to the member, the finalpayment or payments shall be paid to the beneficiary of the member or, ifthere is no beneficiary, to the surviving spouse, surviving children inequal shares, surviving parents in equal shares, or estate of the member,in that order of precedence, unless otherwise stated. If the beneficiaryof a deceased member dies and his or her* financial institution is unableto accept the final payment or payments, the final payment or paymentsshall be paid to the surviving spouse, surviving children in equal shares,surviving parents in equal shares, or estate of the member, in that orderof precedence, unless otherwise stated.
6. If a member dies before receiving a retirement allowance, themember's accumulated contributions at the time of the death of the membershall be paid to the beneficiary of the member or, if there is nobeneficiary, to the surviving spouse, surviving children in equal shares,surviving parents in equal shares, or to the estate of the member, in thatorder of precedence; except that, no such payment shall be made if thebeneficiary elects option 2 in subsection 3 of this section, unless thebeneficiary dies before having received benefits pursuant to thatsubsection equal to the accumulated contributions of the member, in whichcase the amount of accumulated contributions in excess of the totalbenefits paid pursuant to that subsection shall be paid to the survivingspouse, surviving children in equal shares, surviving parents in equalshares, or estate of the beneficiary, in that order of precedence.
7. If a member ceases to be a public school employee as hereindefined and certifies to the board of trustees that such cessation ispermanent, or if the membership of the person is otherwise terminated, themember shall be paid the member's accumulated contributions with interest.
8. Notwithstanding any provisions of sections 169.010 to 169.141 tothe contrary, if a member ceases to be a public school employee afteracquiring five or more years of membership service in Missouri, the membermay at the option of the member leave the member's contributions with theretirement system and claim a retirement allowance any time after reachingthe minimum age for voluntary retirement. When the member's claim ispresented to the board, the member shall be granted an allowance asprovided in sections 169.010 to 169.141 on the basis of the member's age,years of service, and the provisions of the law in effect at the time themember requests the member's retirement to become effective.
9. The retirement allowance of a member retired because of disabilityshall be nine-tenths of the allowance to which the member's creditableservice would entitle the member if the member's age were sixty, or fiftypercent of one-twelfth of the annual salary rate used in determining themember's contributions during the last school year for which the memberreceived a year of creditable service immediately prior to the member'sdisability, whichever is greater, except that no such allowance shallexceed the retirement allowance to which the member would have beenentitled upon retirement at age sixty if the member had continued to teachfrom the date of disability until age sixty at the same salary rate.
10. Notwithstanding any provisions of sections 169.010 to 169.141 tothe contrary, from October 13, 1961, the contribution rate pursuant tosections 169.010 to 169.141 shall be multiplied by the factor of two-thirdsfor any member of the system for whom federal Old Age and SurvivorsInsurance tax is paid from state or local tax funds on account of themember's employment entitling the person to membership in the system. Themonetary benefits for a member who elected not to exercise an option to payinto the system a retroactive contribution of four percent on that part ofthe member's annual salary rate which was in excess of four thousand eighthundred dollars but not in excess of eight thousand four hundred dollarsfor each year of employment in a position covered by this system betweenJuly 1, 1957, and July 1, 1961, as provided in subsection 10 of thissection as it appears in RSMo, 1969, shall be the sum of:
(1) For years of service prior to July 1, 1946, six-tenths of thefull amount payable for years of membership service;
(2) For years of membership service after July 1, 1946, in which thefull contribution rate was paid, full benefits under the formula in effectat the time of the member's retirement;
(3) For years of membership service after July 1, 1957, and prior toJuly 1, 1961, the benefits provided in this section as it appears in RSMo,1959; except that if the member has at least thirty years of creditableservice at retirement the member shall receive the benefit payable pursuantto that section as though the member's age were sixty-five at retirement;
(4) For years of membership service after July 1, 1961, in which thetwo-thirds contribution rate was paid, two-thirds of the benefits under theformula in effect at the time of the member's retirement.
11. The monetary benefits for each other member for whom federal OldAge and Survivors Insurance tax is or was paid at any time from state orlocal funds on account of the member's employment entitling the member tomembership in the system shall be the sum of:
(1) For years of service prior to July 1, 1946, six-tenths of thefull amount payable for years of membership service;
(2) For years of membership service after July 1, 1946, in which thefull contribution rate was paid, full benefits under the formula in effectat the time of the member's retirement;
(3) For years of membership service after July 1, 1957, in which thetwo-thirds contribution rate was paid, two-thirds of the benefits under theformula in effect at the time of the member's retirement.
12. Any retired member of the system who was retired prior toSeptember 1, 1972, or beneficiary receiving payments under option 1 oroption 2 of subsection 3 of this section, as such option existed prior toSeptember 1, 1972, will be eligible to receive an increase in theretirement allowance of the member of two percent for each year, or majorfraction of more than one-half of a year, which the retired member has beenretired prior to July 1, 1975. This increased amount shall be payablecommencing with January, 1976, and shall thereafter be referred to as themember's retirement allowance. The increase provided for in thissubsection shall not affect the retired member's eligibility forcompensation provided for in section 169.580 or 169.585, nor shall theamount being paid pursuant to these sections be reduced because of anyincreases provided for in this section.
13. If the board of trustees determines that the cost of living, asmeasured by generally accepted standards, increases two percent or more inthe preceding fiscal year, the board shall increase the retirementallowances which the retired members or beneficiaries are receiving by twopercent of the amount being received by the retired member or thebeneficiary at the time the annual increase is granted by the board withthe provision that the increases provided for in this subsection shall notbecome effective until the fourth January first following the member'sretirement or January 1, 1977, whichever later occurs, or in the case ofany member retiring on or after July 1, 2000, the increase provided for inthis subsection shall not become effective until the third January firstfollowing the member's retirement, or in the case of any member retiring onor after July 1, 2001, the increase provided for in this subsection shallnot become effective until the second January first following the member'sretirement. Commencing with January 1, 1992, if the board of trusteesdetermines that the cost of living has increased five percent or more inthe preceding fiscal year, the board shall increase the retirementallowances by five percent. The total of the increases granted to aretired member or the beneficiary after December 31, 1976, may not exceedeighty percent of the retirement allowance established at retirement or aspreviously adjusted by other subsections. If the cost of living increasesless than five percent, the board of trustees may determine the percentageof increase to be made in retirement allowances, but at no time can theincrease exceed five percent per year. If the cost of living decreases ina fiscal year, there will be no increase in allowances for retired memberson the following January first.
14. The board of trustees may reduce the amounts which have beengranted as increases to a member pursuant to subsection 13 of this sectionif the cost of living, as determined by the board and as measured bygenerally accepted standards, is less than the cost of living was at thetime of the first increase granted to the member; except that, thereductions shall not exceed the amount of increases which have been made tothe member's allowance after December 31, 1976.
15. Any application for retirement shall include a sworn statement bythe member certifying that the spouse of the member at the time theapplication was completed was aware of the application and the plan ofretirement elected in the application.
16. Notwithstanding any other provision of law, any person retiredprior to September 28, 1983, who is receiving a reduced retirementallowance under option 1 or option 2 of subsection 3 of this section, assuch option existed prior to September 28, 1983, and whose beneficiarynominated to receive continued retirement allowance payments under theelected option dies or has died, shall upon application to the board oftrustees have his or her retirement allowance increased to the amount he orshe would have been receiving had the option not been elected, actuariallyadjusted to recognize any excessive benefits which would have been paid tohim or her up to the time of application.
17. Benefits paid pursuant to the provisions of the public schoolretirement system of Missouri shall not exceed the limitations of Section415 of Title 26 of the United States Code except as provided pursuant tothis subsection. Notwithstanding any other law to the contrary, the boardof trustees may establish a benefit plan pursuant to Section 415(m) ofTitle 26 of the United States Code. Such plan shall be created solely forthe purpose described in Section 415(m)(3)(A) of Title 26 of the UnitedStates Code. The board of trustees may promulgate regulations necessary toimplement the provisions of this subsection and to create and administersuch benefit plan.
18. Notwithstanding any other provision of law to the contrary, anyperson retired before, on, or after May 26, 1994, shall be made,constituted, appointed and employed by the board as a special consultant onthe matters of education, retirement and aging, and upon request shall givewritten or oral opinions to the board in response to such requests. Ascompensation for such duties the person shall receive an amount based onthe person's years of service so that the total amount received pursuant tosections 169.010 to 169.141 shall be at least the minimum amounts specifiedin subdivisions (1) to (4) of this subsection. In determining the minimumamount to be received, the amounts in subdivisions (3) and (4) of thissubsection shall be adjusted in accordance with the actuarial adjustment,if any, that was applied to the person's retirement allowance. Indetermining the minimum amount to be received, beginning September 1, 1996,the amounts in subdivisions (1) and (2) of this subsection shall beadjusted in accordance with the actuarial adjustment, if any, that wasapplied to the person's retirement allowance due to election of an optionalform of retirement having a continued monthly payment after the person'sdeath. Notwithstanding any other provision of law to the contrary, noperson retired before, on, or after May 26, 1994, and no beneficiary ofsuch a person, shall receive a retirement benefit pursuant to sections169.010 to 169.141 based on the person's years of service less than thefollowing amounts:
(1) Thirty or more years of service, one thousand two hundreddollars;
(2) At least twenty-five years but less than thirty years, onethousand dollars;
(3) At least twenty years but less than twenty-five years, eighthundred dollars;
(4) At least fifteen years but less than twenty years, six hundreddollars.
19. Notwithstanding any other provisions of law to the contrary, anyperson retired prior to May 26, 1994, and any designated beneficiary ofsuch a retired member who was deceased prior to July 1, 1999, shall bemade, constituted, appointed and employed by the board as a specialconsultant on the matters of education, retirement or aging and uponrequest shall give written or oral opinions to the board in response tosuch requests. Beginning September 1, 1996, as compensation for suchservice, the member shall have added, pursuant to this subsection, to themember's monthly annuity as provided by this section a dollar amount equalto the lesser of sixty dollars or the product of two dollars multiplied bythe member's number of years of creditable service. Beginning September 1,1999, the designated beneficiary of the deceased member shall ascompensation for such service have added, pursuant to this subsection, tothe monthly annuity as provided by this section a dollar amount equal tothe lesser of sixty dollars or the product of two dollars multiplied by themember's number of years of creditable service. The total compensationprovided by this section including the compensation provided by thissubsection shall be used in calculating any future cost-of-livingadjustments provided by subsection 13 of this section.
20. Any member who has retired prior to July 1, 1998, and thedesignated beneficiary of a deceased retired member shall be made,constituted, appointed and employed by the board as a special consultant onthe matters of education, retirement and aging, and upon request shall givewritten or oral opinions to the board in response to such requests. Ascompensation for such duties the person shall receive a payment equivalentto eight and seven-tenths percent of the previous month's benefit, whichshall be added to the member's or beneficiary's monthly annuity and whichshall not be subject to the provisions of subsections 13 and 14 of thissection for the purposes of the limit on the total amount of increaseswhich may be received.
21. Any member who has retired shall be made, constituted, appointedand employed by the board as a special consultant on the matters ofeducation, retirement and aging, and upon request shall give written ororal opinions to the board in response to such request. As compensationfor such duties, the beneficiary of the retired member, or, if there is nobeneficiary, the surviving spouse, surviving children in equal shares,surviving parents in equal shares, or estate of the retired member, in thatorder of precedence, shall receive as a part of compensation for theseduties a death benefit of five thousand dollars.
22. Any member who has retired prior to July 1, 1999, and thedesignated beneficiary of a retired member who was deceased prior to July1, 1999, shall be made, constituted, appointed and employed by the board asa special consultant on the matters of education, retirement and aging, andupon request shall give written or oral opinions to the board in responseto such requests. As compensation for such duties, the person shall haveadded, pursuant to this subsection, to the monthly annuity as provided bythis section a dollar amount equal to five dollars times the member'snumber of years of creditable service.
23. Any member who has retired prior to July 1, 2000, and thedesignated beneficiary of a deceased retired member shall be made,constituted, appointed and employed by the board as a special consultant onthe matters of education, retirement and aging, and upon request shall givewritten or oral opinions to the board in response to such requests. Ascompensation for such duties, the person shall receive a payment equivalentto three and five-tenths percent of the previous month's benefit, whichshall be added to the member or beneficiary's monthly annuity and whichshall not be subject to the provisions of subsections 13 and 14 of thissection for the purposes of the limit on the total amount of increaseswhich may be received.
24. Any member who has retired prior to July 1, 2001, and thedesignated beneficiary of a deceased retired member shall be made,constituted, appointed and employed by the board as a special consultant onthe matters of education, retirement and aging, and upon request shall givewritten or oral opinions to the board in response to such requests. Ascompensation for such duties, the person shall receive a dollar amountequal to three dollars times the member's number of years of creditableservice, which shall be added to the member's or beneficiary's monthlyannuity and which shall not be subject to the provisions of subsections 13and 14 of this section for the purposes of the limit on the total amount ofincreases which may be received.
Retirement allowances, how computed, election allowed, timeperiod--options--effect of federal O.A.S.I.coverage--cost-of-living adjustment authorized--limitation ofbenefits--employment of special consultant, compensation, minimumbenefits.
169.070. 1. The retirement allowance of a member whose age atretirement is sixty years or more and whose creditable service is fiveyears or more, or whose sum of age and creditable service equals eightyyears or more, or who has attained age fifty-five and whose creditableservice is twenty-five years or more or whose creditable service is thirtyyears or more regardless of age, may be the sum of the following items, notto exceed one hundred percent of the member's final average salary:
(1) Two and five-tenths percent of the member's final average salaryfor each year of membership service;
(2) Six-tenths of the amount payable for a year of membership servicefor each year of prior service not exceeding thirty years.
In lieu of the retirement allowance otherwise provided in subdivisions (1)and (2) of this subsection, a member may elect to receive a retirementallowance of:
(3) Between July 1, 1998, and July 1, 2013, two and four-tenthspercent of the member's final average salary for each year of membershipservice, if the member's creditable service is twenty-nine years or morebut less than thirty years, and the member has not attained age fifty-five;
(4) Between July 1, 1998, and July 1, 2013, two andthirty-five-hundredths percent of the member's final average salary foreach year of membership service, if the member's creditable service istwenty-eight years or more but less than twenty-nine years, and the memberhas not attained age fifty-five;
(5) Between July 1, 1998, and July 1, 2013, two and three-tenthspercent of the member's final average salary for each year of membershipservice, if the member's creditable service is twenty-seven years or morebut less than twenty-eight years, and the member has not attained agefifty-five;
(6) Between July 1, 1998, and July 1, 2013, two andtwenty-five-hundredths percent of the member's final average salary foreach year of membership service, if the member's creditable service istwenty-six years or more but less than twenty-seven years, and the memberhas not attained age fifty-five;
(7) Between July 1, 1998, and July 1, 2013, two and two-tenthspercent of the member's final average salary for each year of membershipservice, if the member's creditable service is twenty-five years or morebut less than twenty-six years, and the member has not attained agefifty-five;
(8) Between July 1, 2001, and July 1, 2013, two and fifty-fivehundredths percent of the member's final average salary for each year ofmembership service, if the member's creditable service is thirty-one yearsor more regardless of age.
2. In lieu of the retirement allowance provided in subsection 1 ofthis section, a member whose age is sixty years or more on September 28,1975, may elect to have the member's retirement allowance calculated as asum of the following items:
(1) Sixty cents plus one and five-tenths percent of the member'sfinal average salary for each year of membership service;
(2) Six-tenths of the amount payable for a year of membership servicefor each year of prior service not exceeding thirty years;
(3) Three-fourths of one percent of the sum of subdivisions (1) and(2) of this subsection for each month of attained age in excess of sixtyyears but not in excess of age sixty-five.
3. (1) In lieu of the retirement allowance provided either insubsection 1 or 2 of this section, collectively called "option 1", a memberwhose creditable service is twenty-five years or more or who has attainedthe age of fifty-five with five or more years of creditable service mayelect in the member's application for retirement to receive the actuarialequivalent of the member's retirement allowance in reduced monthly paymentsfor life during retirement with the provision that:
Option 2. Upon the member's death the reduced retirement allowanceshall be continued throughout the life of and paid to such person as has aninsurable interest in the life of the member as the member shall havenominated in the member's election of the option, and provided further thatif the person so nominated dies before the retired member, the retirementallowance will be increased to the amount the retired member would bereceiving had the retired member elected option 1;
OR
Option 3. Upon the death of the member three-fourths of the reducedretirement allowance shall be continued throughout the life of and paid tosuch person as has an insurable interest in the life of the member and asthe member shall have nominated in an election of the option, and providedfurther that if the person so nominated dies before the retired member, theretirement allowance will be increased to the amount the retired memberwould be receiving had the member elected option 1;
OR
Option 4. Upon the death of the member one-half of the reducedretirement allowance shall be continued throughout the life of, and paidto, such person as has an insurable interest in the life of the member andas the member shall have nominated in an election of the option, andprovided further that if the person so nominated dies before the retiredmember, the retirement allowance shall be increased to the amount theretired member would be receiving had the member elected option 1;
OR
Option 5. Upon the death of the member prior to the member havingreceived one hundred twenty monthly payments of the member's reducedallowance, the remainder of the one hundred twenty monthly payments of thereduced allowance shall be paid to such beneficiary as the member shallhave nominated in the member's election of the option or in a subsequentnomination. If there is no beneficiary so nominated who survives themember for the remainder of the one hundred twenty monthly payments, thetotal of the remainder of such one hundred twenty monthly payments shall bepaid to the surviving spouse, surviving children in equal shares, survivingparents in equal shares, or estate of the last person, in that order ofprecedence, to receive a monthly allowance in a lump sum payment. If thetotal of the one hundred twenty payments paid to the retired individual andthe beneficiary of the retired individual is less than the total of themember's accumulated contributions, the difference shall be paid to thebeneficiary in a lump sum;
OR
Option 6. Upon the death of the member prior to the member havingreceived sixty monthly payments of the member's reduced allowance, theremainder of the sixty monthly payments of the reduced allowance shall bepaid to such beneficiary as the member shall have nominated in the member'selection of the option or in a subsequent nomination. If there is nobeneficiary so nominated who survives the member for the remainder of thesixty monthly payments, the total of the remainder of such sixty monthlypayments shall be paid to the surviving spouse, surviving children in equalshares, surviving parents in equal shares, or estate of the last person, inthat order of precedence, to receive a monthly allowance in a lump sumpayment. If the total of the sixty payments paid to the retired individualand the beneficiary of the retired individual is less than the total of themember's accumulated contributions, the difference shall be paid to thebeneficiary in a lump sum.
(2) The election of an option may be made only in the application forretirement and such application must be filed prior to the date on whichthe retirement of the member is to be effective. If either the member orthe person nominated to receive the survivorship payments dies before theeffective date of retirement, the option shall not be effective, providedthat:
(a) If the member or a person retired on disability retirement diesafter acquiring twenty-five or more years of creditable service or afterattaining the age of fifty-five years and acquiring five or more years ofcreditable service and before retirement, except retirement with disabilitybenefits, and the person named by the member as the member's beneficiaryhas an insurable interest in the life of the deceased member, thedesignated beneficiary may elect to receive either survivorship benefitsunder option 2 or a payment of the accumulated contributions of the member.If survivorship benefits under option 2 are elected and the member at thetime of death would have been eligible to receive an actuarial equivalentof the member's retirement allowance, the designated beneficiary mayfurther elect to defer the option 2 payments until the date the memberwould have been eligible to receive the retirement allowance provided insubsection 1 or 2 of this section;
(b) If the member or a person retired on disability retirement diesbefore attaining age fifty-five but after acquiring five but fewer thantwenty-five years of creditable service, and the person named as themember's beneficiary has an insurable interest in the life of the deceasedmember, the designated beneficiary may elect to receive either a payment ofthe member's accumulated contributions, or survivorship benefits underoption 2 to begin on the date the member would first have been eligible toreceive an actuarial equivalent of the member's retirement allowance, or tobegin on the date the member would first have been eligible to receive theretirement allowance provided in subsection 1 or 2 of this section.
4. If the total of the retirement or disability allowance paid to anindividual before the death of the individual is less than the accumulatedcontributions at the time of retirement, the difference shall be paid tothe beneficiary of the individual, or to the surviving spouse, survivingchildren in equal shares, surviving parents in equal shares, or estate ofthe individual in that order of precedence. If an optional benefit asprovided in option 2, 3 or 4 in subsection 3 of this section had beenelected, and the beneficiary dies after receiving the optional benefit, andif the total retirement allowance paid to the retired individual and thebeneficiary of the retired individual is less than the total of thecontributions, the difference shall be paid to the surviving spouse,surviving children in equal shares, surviving parents in equal shares, orestate of the beneficiary, in that order of precedence, unless the retiredindividual designates a different recipient with the board at or afterretirement.
5. If a member dies and his or her* financial institution is unableto accept the final payment or payments due to the member, the finalpayment or payments shall be paid to the beneficiary of the member or, ifthere is no beneficiary, to the surviving spouse, surviving children inequal shares, surviving parents in equal shares, or estate of the member,in that order of precedence, unless otherwise stated. If the beneficiaryof a deceased member dies and his or her* financial institution is unableto accept the final payment or payments, the final payment or paymentsshall be paid to the surviving spouse, surviving children in equal shares,surviving parents in equal shares, or estate of the member, in that orderof precedence, unless otherwise stated.
6. If a member dies before receiving a retirement allowance, themember's accumulated contributions at the time of the death of the membershall be paid to the beneficiary of the member or, if there is nobeneficiary, to the surviving spouse, surviving children in equal shares,surviving parents in equal shares, or to the estate of the member, in thatorder of precedence; except that, no such payment shall be made if thebeneficiary elects option 2 in subsection 3 of this section, unless thebeneficiary dies before having received benefits pursuant to thatsubsection equal to the accumulated contributions of the member, in whichcase the amount of accumulated contributions in excess of the totalbenefits paid pursuant to that subsection shall be paid to the survivingspouse, surviving children in equal shares, surviving parents in equalshares, or estate of the beneficiary, in that order of precedence.
7. If a member ceases to be a public school employee as hereindefined and certifies to the board of trustees that such cessation ispermanent, or if the membership of the person is otherwise terminated, themember shall be paid the member's accumulated contributions with interest.
8. Notwithstanding any provisions of sections 169.010 to 169.141 tothe contrary, if a member ceases to be a public school employee afteracquiring five or more years of membership service in Missouri, the membermay at the option of the member leave the member's contributions with theretirement system and claim a retirement allowance any time after reachingthe minimum age for voluntary retirement. When the member's claim ispresented to the board, the member shall be granted an allowance asprovided in sections 169.010 to 169.141 on the basis of the member's age,years of service, and the provisions of the law in effect at the time themember requests the member's retirement to become effective.
9. The retirement allowance of a member retired because of disabilityshall be nine-tenths of the allowance to which the member's creditableservice would entitle the member if the member's age were sixty, or fiftypercent of one-twelfth of the annual salary rate used in determining themember's contributions during the last school year for which the memberreceived a year of creditable service immediately prior to the member'sdisability, whichever is greater, except that no such allowance shallexceed the retirement allowance to which the member would have beenentitled upon retirement at age sixty if the member had continued to teachfrom the date of disability until age sixty at the same salary rate.
10. Notwithstanding any provisions of sections 169.010 to 169.141 tothe contrary, from October 13, 1961, the contribution rate pursuant tosections 169.010 to 169.141 shall be multiplied by the factor of two-thirdsfor any member of the system for whom federal Old Age and SurvivorsInsurance tax is paid from state or local tax funds on account of themember's employment entitling the person to membership in the system. Themonetary benefits for a member who elected not to exercise an option to payinto the system a retroactive contribution of four percent on that part ofthe member's annual salary rate which was in excess of four thousand eighthundred dollars but not in excess of eight thousand four hundred dollarsfor each year of employment in a position covered by this system betweenJuly 1, 1957, and July 1, 1961, as provided in subsection 10 of thissection as it appears in RSMo, 1969, shall be the sum of:
(1) For years of service prior to July 1, 1946, six-tenths of thefull amount payable for years of membership service;
(2) For years of membership service after July 1, 1946, in which thefull contribution rate was paid, full benefits under the formula in effectat the time of the member's retirement;
(3) For years of membership service after July 1, 1957, and prior toJuly 1, 1961, the benefits provided in this section as it appears in RSMo,1959; except that if the member has at least thirty years of creditableservice at retirement the member shall receive the benefit payable pursuantto that section as though the member's age were sixty-five at retirement;
(4) For years of membership service after July 1, 1961, in which thetwo-thirds contribution rate was paid, two-thirds of the benefits under theformula in effect at the time of the member's retirement.
11. The monetary benefits for each other member for whom federal OldAge and Survivors Insurance tax is or was paid at any time from state orlocal funds on account of the member's employment entitling the member tomembership in the system shall be the sum of:
(1) For years of service prior to July 1, 1946, six-tenths of thefull amount payable for years of membership service;
(2) For years of membership service after July 1, 1946, in which thefull contribution rate was paid, full benefits under the formula in effectat the time of the member's retirement;
(3) For years of membership service after July 1, 1957, in which thetwo-thirds contribution rate was paid, two-thirds of the benefits under theformula in effect at the time of the member's retirement.
12. Any retired member of the system who was retired prior toSeptember 1, 1972, or beneficiary receiving payments under option 1 oroption 2 of subsection 3 of this section, as such option existed prior toSeptember 1, 1972, will be eligible to receive an increase in theretirement allowance of the member of two percent for each year, or majorfraction of more than one-half of a year, which the retired member has beenretired prior to July 1, 1975. This increased amount shall be payablecommencing with January, 1976, and shall thereafter be referred to as themember's retirement allowance. The increase provided for in thissubsection shall not affect the retired member's eligibility forcompensation provided for in section 169.580 or 169.585, nor shall theamount being paid pursuant to these sections be reduced because of anyincreases provided for in this section.
13. If the board of trustees determines that the cost of living, asmeasured by generally accepted standards, increases two percent or more inthe preceding fiscal year, the board shall increase the retirementallowances which the retired members or beneficiaries are receiving by twopercent of the amount being received by the retired member or thebeneficiary at the time the annual increase is granted by the board withthe provision that the increases provided for in this subsection shall notbecome effective until the fourth January first following the member'sretirement or January 1, 1977, whichever later occurs, or in the case ofany member retiring on or after July 1, 2000, the increase provided for inthis subsection shall not become effective until the third January firstfollowing the member's retirement, or in the case of any member retiring onor after July 1, 2001, the increase provided for in this subsection shallnot become effective until the second January first following the member'sretirement. Commencing with January 1, 1992, if the board of trusteesdetermines that the cost of living has increased five percent or more inthe preceding fiscal year, the board shall increase the retirementallowances by five percent. The total of the increases granted to aretired member or the beneficiary after December 31, 1976, may not exceedeighty percent of the retirement allowance established at retirement or aspreviously adjusted by other subsections. If the cost of living increasesless than five percent, the board of trustees may determine the percentageof increase to be made in retirement allowances, but at no time can theincrease exceed five percent per year. If the cost of living decreases ina fiscal year, there will be no increase in allowances for retired memberson the following January first.
14. The board of trustees may reduce the amounts which have beengranted as increases to a member pursuant to subsection 13 of this sectionif the cost of living, as determined by the board and as measured bygenerally accepted standards, is less than the cost of living was at thetime of the first increase granted to the member; except that, thereductions shall not exceed the amount of increases which have been made tothe member's allowance after December 31, 1976.
15. Any application for retirement shall include a sworn statement bythe member certifying that the spouse of the member at the time theapplication was completed was aware of the application and the plan ofretirement elected in the application.
16. Notwithstanding any other provision of law, any person retiredprior to September 28, 1983, who is receiving a reduced retirementallowance under option 1 or option 2 of subsection 3 of this section, assuch option existed prior to September 28, 1983, and whose beneficiarynominated to receive continued retirement allowance payments under theelected option dies or has died, shall upon application to the board oftrustees have his or her retirement allowance increased to the amount he orshe would have been receiving had the option not been elected, actuariallyadjusted to recognize any excessive benefits which would have been paid tohim or her up to the time of application.
17. Benefits paid pursuant to the provisions of the public schoolretirement system of Missouri shall not exceed the limitations of Section415 of Title 26 of the United States Code except as provided pursuant tothis subsection. Notwithstanding any other law to the contrary, the boardof trustees may establish a benefit plan pursuant to Section 415(m) ofTitle 26 of the United States Code. Such plan shall be created solely forthe purpose described in Section 415(m)(3)(A) of Title 26 of the UnitedStates Code. The board of trustees may promulgate regulations necessary toimplement the provisions of this subsection and to create and administersuch benefit plan.
18. Notwithstanding any other provision of law to the contrary, anyperson retired before, on, or after May 26, 1994, shall be made,constituted, appointed and employed by the board as a special consultant onthe matters of education, retirement and aging, and upon request shall givewritten or oral opinions to the board in response to such requests. Ascompensation for such duties the person shall receive an amount based onthe person's years of service so that the total amount received pursuant tosections 169.010 to 169.141 shall be at least the minimum amounts specifiedin subdivisions (1) to (4) of this subsection. In determining the minimumamount to be received, the amounts in subdivisions (3) and (4) of thissubsection shall be adjusted in accordance with the actuarial adjustment,if any, that was applied to the person's retirement allowance. Indetermining the minimum amount to be received, beginning September 1, 1996,the amounts in subdivisions (1) and (2) of this subsection shall beadjusted in accordance with the actuarial adjustment, if any, that wasapplied to the person's retirement allowance due to election of an optionalform of retirement having a continued monthly payment after the person'sdeath. Notwithstanding any other provision of law to the contrary, noperson retired before, on, or after May 26, 1994, and no beneficiary ofsuch a person, shall receive a retirement benefit pursuant to sections169.010 to 169.141 based on the person's years of service less than thefollowing amounts:
(1) Thirty or more years of service, one thousand two hundreddollars;
(2) At least twenty-five years but less than thirty years, onethousand dollars;
(3) At least twenty years but less than twenty-five years, eighthundred dollars;
(4) At least fifteen years but less than twenty years, six hundreddollars.
19. Notwithstanding any other provisions of law to the contrary, anyperson retired prior to May 26, 1994, and any designated beneficiary ofsuch a retired member who was deceased prior to July 1, 1999, shall bemade, constituted, appointed and employed by the board as a specialconsultant on the matters of education, retirement or aging and uponrequest shall give written or oral opinions to the board in response tosuch requests. Beginning September 1, 1996, as compensation for suchservice, the member shall have added, pursuant to this subsection, to themember's monthly annuity as provided by this section a dollar amount equalto the lesser of sixty dollars or the product of two dollars multiplied bythe member's number of years of creditable service. Beginning September 1,1999, the designated beneficiary of the deceased member shall ascompensation for such service have added, pursuant to this subsection, tothe monthly annuity as provided by this section a dollar amount equal tothe lesser of sixty dollars or the product of two dollars multiplied by themember's number of years of creditable service. The total compensationprovided by this section including the compensation provided by thissubsection shall be used in calculating any future cost-of-livingadjustments provided by subsection 13 of this section.
20. Any member who has retired prior to July 1, 1998, and thedesignated beneficiary of a deceased retired member shall be made,constituted, appointed and employed by the board as a special consultant onthe matters of education, retirement and aging, and upon request shall givewritten or oral opinions to the board in response to such requests. Ascompensation for such duties the person shall receive a payment equivalentto eight and seven-tenths percent of the previous month's benefit, whichshall be added to the member's or beneficiary's monthly annuity and whichshall not be subject to the provisions of subsections 13 and 14 of thissection for the purposes of the limit on the total amount of increaseswhich may be received.
21. Any member who has retired shall be made, constituted, appointedand employed by the board as a special consultant on the matters ofeducation, retirement and aging, and upon request shall give written ororal opinions to the board in response to such request. As compensationfor such duties, the beneficiary of the retired member, or, if there is nobeneficiary, the surviving spouse, surviving children in equal shares,surviving parents in equal shares, or estate of the retired member, in thatorder of precedence, shall receive as a part of compensation for theseduties a death benefit of five thousand dollars.
22. Any member who has retired prior to July 1, 1999, and thedesignated beneficiary of a retired member who was deceased prior to July1, 1999, shall be made, constituted, appointed and employed by the board asa special consultant on the matters of education, retirement and aging, andupon request shall give written or oral opinions to the board in responseto such requests. As compensation for such duties, the person shall haveadded, pursuant to this subsection, to the monthly annuity as provided bythis section a dollar amount equal to five dollars times the member'snumber of years of creditable service.
23. Any member who has retired prior to July 1, 2000, and thedesignated beneficiary of a deceased retired member shall be made,constituted, appointed and employed by the board as a special consultant onthe matters of education, retirement and aging, and upon request shall givewritten or oral opinions to the board in response to such requests. Ascompensation for such duties, the person shall receive a payment equivalentto three and five-tenths percent of the previous month's benefit, whichshall be added to the member or beneficiary's monthly annuity and whichshall not be subject to the provisions of subsections 13 and 14 of thissection for the purposes of the limit on the total amount of increaseswhich may be received.
24. Any member who has retired prior to July 1, 2001, and thedesignated beneficiary of a deceased retired member shall be made,constituted, appointed and employed by the board as a special consultant onthe matters of education, retirement and aging, and upon request shall givewritten or oral opinions to the board in response to such requests. Ascompensation for such duties, the person shall receive a dollar amountequal to three dollars times the member's number of years of creditableservice, which shall be added to the member's or beneficiary's monthlyannuity and which shall not be subject to the provisions of subsections 13and 14 of this section for the purposes of the limit on the total amount ofincreases which may be received.
