Community college district retirement system may merge with publiceducation employees' retirement system.
169.611. 1. The board may enter into an agreement with the board oftrustees of any community college district, which maintains a local retirementsystem for its employees who are not members of the public school retirementsystem of Missouri, to provide for the merger of the local retirement systeminto the system and, in connection with such merger, for the transfer ofassets and liabilities from the local retirement system to the system, theinclusion of members of the local retirement system and all other eligibleemployees as members of the system, and the continuation of retirement,disability and death benefits to former members and beneficiaries of formermembers of the local retirement system by the system.
2. The merger agreement shall require membership in the system as of theeffective date of the merger for all employees of the community collegedistrict who meet the definition of "employee" as set forth in section169.600, RSMo 1978, including any employees who may not be members of thelocal retirement system as of the date of the merger agreement.
3. If the separate boards of trustees of the public school retirementsystem of Missouri and the community college district enter into an agreementfor a merger of the local retirement system into the system, the assets andliabilities of the local retirement system, as specified in the mergeragreement, existing at the effective date of the merger, shall become theproperty of the system, and the local retirement system shall cease to existas of that date.
4. Members of the local retirement system of a community collegedistrict who become members of the system under this section shall receivecredit in the system for credit established with the local retirement system.
5. The separate boards of trustees of the public school retirementsystem of Missouri and the community college district may enter into anagreement of merger under this section if the actuary employed by the publicschool retirement system of Missouri certifies that the merger will notactuarially impair the system. The merger agreement shall specify thoseassets and liabilities of the local retirement system to be transferred andshall provide for the payment of any necessary additional funds to the systemby the community college district so that the merger will not actuariallyimpair the system.
6. No employee of a community college or member of the local retirementsystem who becomes a member of the system, or his beneficiary, may receivebenefits greater or lesser in amount than that payable to any other member, orhis beneficiary, of the system with the same creditable service and earningsrecords. This provision shall not apply to those former members of the localretirement system, or their beneficiaries, who are receiving monthly benefitsfrom the local retirement system at the effective date of the merger.
7. Any retirement, disability, or death benefits being paid by the localretirement system to former members, or beneficiaries of such members, as ofthe effective date of the merger shall be continued by the system, and shallextend for the same period as was specified under the rules of the localretirement system which initiated the benefits.
Community college district retirement system may merge with publiceducation employees' retirement system.
169.611. 1. The board may enter into an agreement with the board oftrustees of any community college district, which maintains a local retirementsystem for its employees who are not members of the public school retirementsystem of Missouri, to provide for the merger of the local retirement systeminto the system and, in connection with such merger, for the transfer ofassets and liabilities from the local retirement system to the system, theinclusion of members of the local retirement system and all other eligibleemployees as members of the system, and the continuation of retirement,disability and death benefits to former members and beneficiaries of formermembers of the local retirement system by the system.
2. The merger agreement shall require membership in the system as of theeffective date of the merger for all employees of the community collegedistrict who meet the definition of "employee" as set forth in section169.600, RSMo 1978, including any employees who may not be members of thelocal retirement system as of the date of the merger agreement.
3. If the separate boards of trustees of the public school retirementsystem of Missouri and the community college district enter into an agreementfor a merger of the local retirement system into the system, the assets andliabilities of the local retirement system, as specified in the mergeragreement, existing at the effective date of the merger, shall become theproperty of the system, and the local retirement system shall cease to existas of that date.
4. Members of the local retirement system of a community collegedistrict who become members of the system under this section shall receivecredit in the system for credit established with the local retirement system.
5. The separate boards of trustees of the public school retirementsystem of Missouri and the community college district may enter into anagreement of merger under this section if the actuary employed by the publicschool retirement system of Missouri certifies that the merger will notactuarially impair the system. The merger agreement shall specify thoseassets and liabilities of the local retirement system to be transferred andshall provide for the payment of any necessary additional funds to the systemby the community college district so that the merger will not actuariallyimpair the system.
6. No employee of a community college or member of the local retirementsystem who becomes a member of the system, or his beneficiary, may receivebenefits greater or lesser in amount than that payable to any other member, orhis beneficiary, of the system with the same creditable service and earningsrecords. This provision shall not apply to those former members of the localretirement system, or their beneficiaries, who are receiving monthly benefitsfrom the local retirement system at the effective date of the merger.
7. Any retirement, disability, or death benefits being paid by the localretirement system to former members, or beneficiaries of such members, as ofthe effective date of the merger shall be continued by the system, and shallextend for the same period as was specified under the rules of the localretirement system which initiated the benefits.
Community college district retirement system may merge with publiceducation employees' retirement system.
169.611. 1. The board may enter into an agreement with the board oftrustees of any community college district, which maintains a local retirementsystem for its employees who are not members of the public school retirementsystem of Missouri, to provide for the merger of the local retirement systeminto the system and, in connection with such merger, for the transfer ofassets and liabilities from the local retirement system to the system, theinclusion of members of the local retirement system and all other eligibleemployees as members of the system, and the continuation of retirement,disability and death benefits to former members and beneficiaries of formermembers of the local retirement system by the system.
2. The merger agreement shall require membership in the system as of theeffective date of the merger for all employees of the community collegedistrict who meet the definition of "employee" as set forth in section169.600, RSMo 1978, including any employees who may not be members of thelocal retirement system as of the date of the merger agreement.
3. If the separate boards of trustees of the public school retirementsystem of Missouri and the community college district enter into an agreementfor a merger of the local retirement system into the system, the assets andliabilities of the local retirement system, as specified in the mergeragreement, existing at the effective date of the merger, shall become theproperty of the system, and the local retirement system shall cease to existas of that date.
4. Members of the local retirement system of a community collegedistrict who become members of the system under this section shall receivecredit in the system for credit established with the local retirement system.
5. The separate boards of trustees of the public school retirementsystem of Missouri and the community college district may enter into anagreement of merger under this section if the actuary employed by the publicschool retirement system of Missouri certifies that the merger will notactuarially impair the system. The merger agreement shall specify thoseassets and liabilities of the local retirement system to be transferred andshall provide for the payment of any necessary additional funds to the systemby the community college district so that the merger will not actuariallyimpair the system.
6. No employee of a community college or member of the local retirementsystem who becomes a member of the system, or his beneficiary, may receivebenefits greater or lesser in amount than that payable to any other member, orhis beneficiary, of the system with the same creditable service and earningsrecords. This provision shall not apply to those former members of the localretirement system, or their beneficiaries, who are receiving monthly benefitsfrom the local retirement system at the effective date of the merger.
7. Any retirement, disability, or death benefits being paid by the localretirement system to former members, or beneficiaries of such members, as ofthe effective date of the merger shall be continued by the system, and shallextend for the same period as was specified under the rules of the localretirement system which initiated the benefits.
