Partial lump sum distribution, when--options--calculation for changesin distribution amount--death, effect of.
169.073. 1. Any member eligible for a retirement allowance pursuantto section 169.070 and who has not previously received a retirementallowance, including an allowance under disability retirement under section169.070, and whose sum of age and creditable service equals eighty-sixyears or more or whose creditable service is thirty-three years or more orwhose age is sixty-three years or more and who has eight years or more ofcreditable service may elect a distribution under the partial lump sumoption plan provided in this section if the member notifies the retirementsystem on the application for retirement.
2. A member entitled to make an election pursuant to this section mayelect to receive a lump sum distribution in addition to the member'smonthly retirement allowance pursuant to section 169.070, as reducedpursuant to this section. Such member may elect the amount of the member'slump sum distribution from one, but not more than one, of the followingoptions:
(1) A lump sum amount equal to twelve times the retirement allowancethe member would receive if no election were made pursuant to this sectionand the member had chosen option 1 pursuant to section 169.070;
(2) A lump sum amount equal to twenty-four times the retirementallowance the member would receive if no election were made pursuant tothis section and the member had chosen option 1 pursuant to section169.070; or
(3) A lump sum amount equal to thirty-six times the retirementallowance the member would receive if no election were made pursuant tothis section and the member had chosen option 1 pursuant to section169.070.
3. When a member makes an election to receive a lump sum distributionpursuant to this section, the retirement allowance that the member wouldhave received in the absence of the election shall be reduced on anactuarially equivalent basis to reflect the payment of the lump sumdistribution and the reduced retirement allowance shall be the member'sretirement allowance thereafter for all purposes in relation to retirementallowance amounts pursuant to section 169.070. A retirement allowanceincreased due to the death of a person nominated by the member to receivebenefits pursuant to the provisions of option 2, 3, or 4 of subsection 3 ofsection 169.070 shall be increased pursuant to such provisions to theamount the retired member would be receiving had the retired member electedoption 1 as actuarially reduced due to the lump sum distribution madepursuant to this section. Any payment of accumulated contributionspursuant to the provisions of sections 169.010 to 169.141 shall be reducedby the amount of any lump sum distribution made pursuant to this section inaddition to any other reductions required by sections 169.010 to 169.141.
4. If the member dies before receiving a lump sum distributionpursuant to this section, the lump sum distribution shall be paid inaccordance with rules adopted by the board of trustees.
5. Benefits paid pursuant to this section, in addition to all otherprovisions of the public school retirement system of Missouri, shall notexceed the limitations of Section 415 of Title 26 of the United States Codeexcept as provided in subsection 17 of section 169.070.
Partial lump sum distribution, when--options--calculation for changesin distribution amount--death, effect of.
169.073. 1. Any member eligible for a retirement allowance pursuantto section 169.070 and who has not previously received a retirementallowance, including an allowance under disability retirement under section169.070, and whose sum of age and creditable service equals eighty-sixyears or more or whose creditable service is thirty-three years or more orwhose age is sixty-three years or more and who has eight years or more ofcreditable service may elect a distribution under the partial lump sumoption plan provided in this section if the member notifies the retirementsystem on the application for retirement.
2. A member entitled to make an election pursuant to this section mayelect to receive a lump sum distribution in addition to the member'smonthly retirement allowance pursuant to section 169.070, as reducedpursuant to this section. Such member may elect the amount of the member'slump sum distribution from one, but not more than one, of the followingoptions:
(1) A lump sum amount equal to twelve times the retirement allowancethe member would receive if no election were made pursuant to this sectionand the member had chosen option 1 pursuant to section 169.070;
(2) A lump sum amount equal to twenty-four times the retirementallowance the member would receive if no election were made pursuant tothis section and the member had chosen option 1 pursuant to section169.070; or
(3) A lump sum amount equal to thirty-six times the retirementallowance the member would receive if no election were made pursuant tothis section and the member had chosen option 1 pursuant to section169.070.
3. When a member makes an election to receive a lump sum distributionpursuant to this section, the retirement allowance that the member wouldhave received in the absence of the election shall be reduced on anactuarially equivalent basis to reflect the payment of the lump sumdistribution and the reduced retirement allowance shall be the member'sretirement allowance thereafter for all purposes in relation to retirementallowance amounts pursuant to section 169.070. A retirement allowanceincreased due to the death of a person nominated by the member to receivebenefits pursuant to the provisions of option 2, 3, or 4 of subsection 3 ofsection 169.070 shall be increased pursuant to such provisions to theamount the retired member would be receiving had the retired member electedoption 1 as actuarially reduced due to the lump sum distribution madepursuant to this section. Any payment of accumulated contributionspursuant to the provisions of sections 169.010 to 169.141 shall be reducedby the amount of any lump sum distribution made pursuant to this section inaddition to any other reductions required by sections 169.010 to 169.141.
4. If the member dies before receiving a lump sum distributionpursuant to this section, the lump sum distribution shall be paid inaccordance with rules adopted by the board of trustees.
5. Benefits paid pursuant to this section, in addition to all otherprovisions of the public school retirement system of Missouri, shall notexceed the limitations of Section 415 of Title 26 of the United States Codeexcept as provided in subsection 17 of section 169.070.
Partial lump sum distribution, when--options--calculation for changesin distribution amount--death, effect of.
169.073. 1. Any member eligible for a retirement allowance pursuantto section 169.070 and who has not previously received a retirementallowance, including an allowance under disability retirement under section169.070, and whose sum of age and creditable service equals eighty-sixyears or more or whose creditable service is thirty-three years or more orwhose age is sixty-three years or more and who has eight years or more ofcreditable service may elect a distribution under the partial lump sumoption plan provided in this section if the member notifies the retirementsystem on the application for retirement.
2. A member entitled to make an election pursuant to this section mayelect to receive a lump sum distribution in addition to the member'smonthly retirement allowance pursuant to section 169.070, as reducedpursuant to this section. Such member may elect the amount of the member'slump sum distribution from one, but not more than one, of the followingoptions:
(1) A lump sum amount equal to twelve times the retirement allowancethe member would receive if no election were made pursuant to this sectionand the member had chosen option 1 pursuant to section 169.070;
(2) A lump sum amount equal to twenty-four times the retirementallowance the member would receive if no election were made pursuant tothis section and the member had chosen option 1 pursuant to section169.070; or
(3) A lump sum amount equal to thirty-six times the retirementallowance the member would receive if no election were made pursuant tothis section and the member had chosen option 1 pursuant to section169.070.
3. When a member makes an election to receive a lump sum distributionpursuant to this section, the retirement allowance that the member wouldhave received in the absence of the election shall be reduced on anactuarially equivalent basis to reflect the payment of the lump sumdistribution and the reduced retirement allowance shall be the member'sretirement allowance thereafter for all purposes in relation to retirementallowance amounts pursuant to section 169.070. A retirement allowanceincreased due to the death of a person nominated by the member to receivebenefits pursuant to the provisions of option 2, 3, or 4 of subsection 3 ofsection 169.070 shall be increased pursuant to such provisions to theamount the retired member would be receiving had the retired member electedoption 1 as actuarially reduced due to the lump sum distribution madepursuant to this section. Any payment of accumulated contributionspursuant to the provisions of sections 169.010 to 169.141 shall be reducedby the amount of any lump sum distribution made pursuant to this section inaddition to any other reductions required by sections 169.010 to 169.141.
4. If the member dies before receiving a lump sum distributionpursuant to this section, the lump sum distribution shall be paid inaccordance with rules adopted by the board of trustees.
5. Benefits paid pursuant to this section, in addition to all otherprovisions of the public school retirement system of Missouri, shall notexceed the limitations of Section 415 of Title 26 of the United States Codeexcept as provided in subsection 17 of section 169.070.
