21.562. Cost-of-living increases in pension benefits, notice of to committee, when--evidence of actuarial soundness, when. - Missouri Statutes

Cost-of-living increases in pension benefits, notice of to committee,when--evidence of actuarial soundness, when.

21.562. 1. All state and local public employee retirementsystems providing periodic cost-of-living increases in pensionand retirement benefits paid to its retired officers andemployees and spouses of deceased officers and employees prior toSeptember 28, 1985, shall notify the joint committee on publicemployee retirement of such periodic cost-of-living increaseswithin seven days after September 28, 1985.

2. All state or local public employee retirement systemsshall notify the committee within seven calendar days when thegoverning body thereof which determines the amount and type ofplan benefits to be paid takes final action providing any new oradditional payments of periodic cost-of-living increases inpension and retirement benefits for its retired officers andemployees and spouses of deceased officers and employees.

3. If so requested at any time by the committee, any stateor local public employee retirement system providing suchperiodic cost-of-living increases shall provide satisfactoryevidence of its actuarial soundness.

(L. 1985 H.B. 695)