Board of education authorized to increase retirement benefits, adoptand implement additional plans.
169.471. 1. The board of education is authorized from time to time,in its discretion, to increase the retirement benefits now or hereafterprovided pursuant to sections 169.410 to 169.540 and to adopt and implementadditional retirement benefits and plans, including without limitationearly retirement plans, deferred retirement option plans and cost-of-livingadjustments, but excluding compensation to retired members pursuant tosection 169.475, and for such purpose the contribution rate of members ofthe retirement system may be increased to provide part of the cost thereof,subject to the following conditions:
(1) Any such increase in retirement benefits and additionalretirement benefits and plans shall be approved by the board of trustees;
(2) The board of trustees shall have presented to the board ofeducation the projected increases in rates of contribution which will berequired to be made by members and the board of education to the retirementsystem to pay the cost of such increases in retirement benefits andadditional retirement benefits and plans; and
(3) Any increase in the contribution rate of members of theretirement system shall be approved by the board of trustees and shall bededucted from the compensation of each member by the employing board andtransferred and credited to the individual account of each member fromwhose compensation the deduction was made, and shall be administered inaccordance with sections 169.410 to 169.540; provided that, any suchincrease in the members' contribution rate shall not exceed one-half of onepercent of compensation in any year for such increases to retirementbenefits and additional retirement benefits and plans adopted during suchyear by the board of education pursuant to this section, and all suchincreases in the members' contribution rate shall, in the aggregate, notexceed two percent of compensation.
2. The board of trustees is authorized from time to time, in itsdiscretion, to increase the retirement benefits, now or hereinafterprovided under sections 169.410 to 169.540, and to adopt and implementadditional retirement benefits for persons who have retired, includingcost-of-living adjustments, provided that the board of trustees finds theadditional benefit will not require an increase in the contribution raterequired by the members, will not increase the contribution required fromthe board of education, and is actuarially sound. In the event the boardof trustees authorizes an increase under this section, it shall certify inwriting to the board of education the findings, including but not limitedto all actuarial assumptions, upon which the board of trustees determinedthat the increase in benefits would result in no increase in contributionsby members or the board of education.
Board of education authorized to increase retirement benefits, adoptand implement additional plans.
169.471. 1. The board of education is authorized from time to time,in its discretion, to increase the retirement benefits now or hereafterprovided pursuant to sections 169.410 to 169.540 and to adopt and implementadditional retirement benefits and plans, including without limitationearly retirement plans, deferred retirement option plans and cost-of-livingadjustments, but excluding compensation to retired members pursuant tosection 169.475, and for such purpose the contribution rate of members ofthe retirement system may be increased to provide part of the cost thereof,subject to the following conditions:
(1) Any such increase in retirement benefits and additionalretirement benefits and plans shall be approved by the board of trustees;
(2) The board of trustees shall have presented to the board ofeducation the projected increases in rates of contribution which will berequired to be made by members and the board of education to the retirementsystem to pay the cost of such increases in retirement benefits andadditional retirement benefits and plans; and
(3) Any increase in the contribution rate of members of theretirement system shall be approved by the board of trustees and shall bededucted from the compensation of each member by the employing board andtransferred and credited to the individual account of each member fromwhose compensation the deduction was made, and shall be administered inaccordance with sections 169.410 to 169.540; provided that, any suchincrease in the members' contribution rate shall not exceed one-half of onepercent of compensation in any year for such increases to retirementbenefits and additional retirement benefits and plans adopted during suchyear by the board of education pursuant to this section, and all suchincreases in the members' contribution rate shall, in the aggregate, notexceed two percent of compensation.
2. The board of trustees is authorized from time to time, in itsdiscretion, to increase the retirement benefits, now or hereinafterprovided under sections 169.410 to 169.540, and to adopt and implementadditional retirement benefits for persons who have retired, includingcost-of-living adjustments, provided that the board of trustees finds theadditional benefit will not require an increase in the contribution raterequired by the members, will not increase the contribution required fromthe board of education, and is actuarially sound. In the event the boardof trustees authorizes an increase under this section, it shall certify inwriting to the board of education the findings, including but not limitedto all actuarial assumptions, upon which the board of trustees determinedthat the increase in benefits would result in no increase in contributionsby members or the board of education.
Board of education authorized to increase retirement benefits, adoptand implement additional plans.
169.471. 1. The board of education is authorized from time to time,in its discretion, to increase the retirement benefits now or hereafterprovided pursuant to sections 169.410 to 169.540 and to adopt and implementadditional retirement benefits and plans, including without limitationearly retirement plans, deferred retirement option plans and cost-of-livingadjustments, but excluding compensation to retired members pursuant tosection 169.475, and for such purpose the contribution rate of members ofthe retirement system may be increased to provide part of the cost thereof,subject to the following conditions:
(1) Any such increase in retirement benefits and additionalretirement benefits and plans shall be approved by the board of trustees;
(2) The board of trustees shall have presented to the board ofeducation the projected increases in rates of contribution which will berequired to be made by members and the board of education to the retirementsystem to pay the cost of such increases in retirement benefits andadditional retirement benefits and plans; and
(3) Any increase in the contribution rate of members of theretirement system shall be approved by the board of trustees and shall bededucted from the compensation of each member by the employing board andtransferred and credited to the individual account of each member fromwhose compensation the deduction was made, and shall be administered inaccordance with sections 169.410 to 169.540; provided that, any suchincrease in the members' contribution rate shall not exceed one-half of onepercent of compensation in any year for such increases to retirementbenefits and additional retirement benefits and plans adopted during suchyear by the board of education pursuant to this section, and all suchincreases in the members' contribution rate shall, in the aggregate, notexceed two percent of compensation.
2. The board of trustees is authorized from time to time, in itsdiscretion, to increase the retirement benefits, now or hereinafterprovided under sections 169.410 to 169.540, and to adopt and implementadditional retirement benefits for persons who have retired, includingcost-of-living adjustments, provided that the board of trustees finds theadditional benefit will not require an increase in the contribution raterequired by the members, will not increase the contribution required fromthe board of education, and is actuarially sound. In the event the boardof trustees authorizes an increase under this section, it shall certify inwriting to the board of education the findings, including but not limitedto all actuarial assumptions, upon which the board of trustees determinedthat the increase in benefits would result in no increase in contributionsby members or the board of education.
