Retirement system options for employees of the college, effectivewhen--election by employee, time limitation--failure of employee tomake election, effect--service credit, limitation.
178.640. 1. Employees of the technical college commonly known as theLinn Technical College, who become employees of the Linn State TechnicalCollege on the date the conditions of section 178.631 are met, shall, on thatdate, become members of the Missouri state employees' retirement system ifthey otherwise meet the requirements for membership in that system.
(1) Any such employee who had been contributing to a retirement systemestablished by sections 169.010 to 169.141 or 169.600 to 169.715, RSMo, mayelect one of the following:
(a) All creditable service with the public school retirement system ofMissouri or the public education employee retirement system of Missouriresulting from employment with the Linn Technical College shall be forfeitedand an equal amount of service shall be transferred to and recognized as priorcreditable service by the Missouri state employees' retirement system, and themember, upon application, shall receive a refund of accumulated contributionsassociated with such transferred service from the system to which membercontributions had been made; or
(b) All creditable service with the public school retirement system ofMissouri or the public education employee retirement system, regardless of thesource of such creditable service, shall be recognized by the applicablesystem and the person, notwithstanding any of the provisions of chapter 169,RSMo, shall immediately vest in the applicable system and, upon attainment ofthe minimum retirement age of the applicable system, be entitled to a monthlybenefit based on such creditable service and the law in effect at the time ofretirement, provided the person does not withdraw accumulated contributionsassociated with such creditable service.
(2) With respect to those persons electing to receive a refund underparagraph (a) of subdivision (1) of this section, the public school retirementsystem of Missouri or the public education employee retirement system ofMissouri, whichever is applicable, shall transfer to the Missouri stateemployees' retirement system an amount equal to the actuarial accruedliability for the forfeited creditable service, determined as if the personwere going to continue to be an active member of the public school retirementsystem of Missouri or the public education employee retirement system asapplicable, less the amount of any refunds of member contributions. Inaddition, notwithstanding any of the provisions of chapter 169, RSMo, anyperson who elects to receive a refund under paragraph (a) of subdivision (1)of this section and has creditable service with the public school retirementsystem of Missouri or the public education employee retirement system ofMissouri resulting from employment with any employer other than the LinnTechnical College shall, with respect to such service, immediately vest in theapplicable system and, upon attainment of the minimum retirement age of theapplicable system, be entitled to a monthly benefit based on such creditableservice and the law in effect at the time of retirement, provided the persondoes not withdraw accumulated contributions associated with such creditableservice.
(3) The election under subdivision (1) of this section shall be madewithin ninety days after the conditions of section 178.631 are met. Anyperson who fails to make an election within that period shall be deemed tohave elected to be governed by paragraph (a) of subdivision (1) of thissection.
2. In no event shall any person receive service credit for the sameperiod of service under more than one retirement system as a result of theprovisions of this act**.
(L. 1995 S.B. 101 § 10)
*Reprinted due to editorial change.
**"This act" (S.B. 101, 1995) contained numerous sections. Consult Disposition of Sections table for a definitive listing.
Retirement system options for employees of the college, effectivewhen--election by employee, time limitation--failure of employee tomake election, effect--service credit, limitation.
178.640. 1. Employees of the technical college commonly known as theLinn Technical College, who become employees of the Linn State TechnicalCollege on the date the conditions of section 178.631 are met, shall, on thatdate, become members of the Missouri state employees' retirement system ifthey otherwise meet the requirements for membership in that system.
(1) Any such employee who had been contributing to a retirement systemestablished by sections 169.010 to 169.141 or 169.600 to 169.715, RSMo, mayelect one of the following:
(a) All creditable service with the public school retirement system ofMissouri or the public education employee retirement system of Missouriresulting from employment with the Linn Technical College shall be forfeitedand an equal amount of service shall be transferred to and recognized as priorcreditable service by the Missouri state employees' retirement system, and themember, upon application, shall receive a refund of accumulated contributionsassociated with such transferred service from the system to which membercontributions had been made; or
(b) All creditable service with the public school retirement system ofMissouri or the public education employee retirement system, regardless of thesource of such creditable service, shall be recognized by the applicablesystem and the person, notwithstanding any of the provisions of chapter 169,RSMo, shall immediately vest in the applicable system and, upon attainment ofthe minimum retirement age of the applicable system, be entitled to a monthlybenefit based on such creditable service and the law in effect at the time ofretirement, provided the person does not withdraw accumulated contributionsassociated with such creditable service.
(2) With respect to those persons electing to receive a refund underparagraph (a) of subdivision (1) of this section, the public school retirementsystem of Missouri or the public education employee retirement system ofMissouri, whichever is applicable, shall transfer to the Missouri stateemployees' retirement system an amount equal to the actuarial accruedliability for the forfeited creditable service, determined as if the personwere going to continue to be an active member of the public school retirementsystem of Missouri or the public education employee retirement system asapplicable, less the amount of any refunds of member contributions. Inaddition, notwithstanding any of the provisions of chapter 169, RSMo, anyperson who elects to receive a refund under paragraph (a) of subdivision (1)of this section and has creditable service with the public school retirementsystem of Missouri or the public education employee retirement system ofMissouri resulting from employment with any employer other than the LinnTechnical College shall, with respect to such service, immediately vest in theapplicable system and, upon attainment of the minimum retirement age of theapplicable system, be entitled to a monthly benefit based on such creditableservice and the law in effect at the time of retirement, provided the persondoes not withdraw accumulated contributions associated with such creditableservice.
(3) The election under subdivision (1) of this section shall be madewithin ninety days after the conditions of section 178.631 are met. Anyperson who fails to make an election within that period shall be deemed tohave elected to be governed by paragraph (a) of subdivision (1) of thissection.
2. In no event shall any person receive service credit for the sameperiod of service under more than one retirement system as a result of theprovisions of this act**.
(L. 1995 S.B. 101 § 10)
*Reprinted due to editorial change.
**"This act" (S.B. 101, 1995) contained numerous sections. Consult Disposition of Sections table for a definitive listing.
Retirement system options for employees of the college, effectivewhen--election by employee, time limitation--failure of employee tomake election, effect--service credit, limitation.
178.640. 1. Employees of the technical college commonly known as theLinn Technical College, who become employees of the Linn State TechnicalCollege on the date the conditions of section 178.631 are met, shall, on thatdate, become members of the Missouri state employees' retirement system ifthey otherwise meet the requirements for membership in that system.
(1) Any such employee who had been contributing to a retirement systemestablished by sections 169.010 to 169.141 or 169.600 to 169.715, RSMo, mayelect one of the following:
(a) All creditable service with the public school retirement system ofMissouri or the public education employee retirement system of Missouriresulting from employment with the Linn Technical College shall be forfeitedand an equal amount of service shall be transferred to and recognized as priorcreditable service by the Missouri state employees' retirement system, and themember, upon application, shall receive a refund of accumulated contributionsassociated with such transferred service from the system to which membercontributions had been made; or
(b) All creditable service with the public school retirement system ofMissouri or the public education employee retirement system, regardless of thesource of such creditable service, shall be recognized by the applicablesystem and the person, notwithstanding any of the provisions of chapter 169,RSMo, shall immediately vest in the applicable system and, upon attainment ofthe minimum retirement age of the applicable system, be entitled to a monthlybenefit based on such creditable service and the law in effect at the time ofretirement, provided the person does not withdraw accumulated contributionsassociated with such creditable service.
(2) With respect to those persons electing to receive a refund underparagraph (a) of subdivision (1) of this section, the public school retirementsystem of Missouri or the public education employee retirement system ofMissouri, whichever is applicable, shall transfer to the Missouri stateemployees' retirement system an amount equal to the actuarial accruedliability for the forfeited creditable service, determined as if the personwere going to continue to be an active member of the public school retirementsystem of Missouri or the public education employee retirement system asapplicable, less the amount of any refunds of member contributions. Inaddition, notwithstanding any of the provisions of chapter 169, RSMo, anyperson who elects to receive a refund under paragraph (a) of subdivision (1)of this section and has creditable service with the public school retirementsystem of Missouri or the public education employee retirement system ofMissouri resulting from employment with any employer other than the LinnTechnical College shall, with respect to such service, immediately vest in theapplicable system and, upon attainment of the minimum retirement age of theapplicable system, be entitled to a monthly benefit based on such creditableservice and the law in effect at the time of retirement, provided the persondoes not withdraw accumulated contributions associated with such creditableservice.
(3) The election under subdivision (1) of this section shall be madewithin ninety days after the conditions of section 178.631 are met. Anyperson who fails to make an election within that period shall be deemed tohave elected to be governed by paragraph (a) of subdivision (1) of thissection.
2. In no event shall any person receive service credit for the sameperiod of service under more than one retirement system as a result of theprovisions of this act**.
(L. 1995 S.B. 101 § 10)
*Reprinted due to editorial change.
**"This act" (S.B. 101, 1995) contained numerous sections. Consult Disposition of Sections table for a definitive listing.
