86.1150. Retirement age--base pension amount. - Missouri Statutes

Retirement age--base pension amount.

86.1150. 1. Any member may retire when such member has completedtwenty-five or more years of creditable service and, except as otherwiseprovided in section 86.1100, shall retire when such member has completedthirty years of creditable service. Upon such retirement such member shallreceive a base pension equal to:

(1) For a member retiring prior to August 28, 2000, two percent of suchmember's final compensation, as defined in section 86.900, multiplied by thenumber of years of such member's total creditable service; or

(2) For a member retiring on or after August 28, 2000, two and one-halfpercent of such member's final compensation, as defined in section 86.900,multiplied by the number of years of such member's total creditable service.Such pension shall not exceed seventy-five percent of the member's finalcompensation.

2. Every member not having thirty years of service must retire at sixtyyears of age except that on recommendation of the chief of police, the boardof police commissioners may permit such member who is sixty years of age orover to remain in service until such member reaches the age of sixty-fiveyears. Such member shall continue to make contributions and receive creditfor service until reaching sixty-five years of age, until retirement, or untilcompletion of thirty years of creditable service, whichever occurs first. Ifsuch member shall reach sixty-five years of age or shall retire prior tocompletion of twenty-five years of service, the base pension of such membershall be calculated under subsection 3 of this section.

3. Except as provided in section 86.1100 or in subsection 2 of thissection, any member in service who shall have attained sixty years of age andat that time shall have completed at least ten but less than thirty years ofcreditable service shall retire and shall receive a base pension equal to:

(1) For a member retiring prior to August 28, 2000, two percent of suchmember's final compensation, as defined in section 86.900, multiplied by thenumber of years of such member's total creditable service; or

(2) For a member retiring on or after August 28, 2000, two and one-halfpercent of such member's final compensation as defined in section 86.900multiplied by the number of years of such member's total creditable service.

4. Subject to the provisions of subsection 5 of this section, wheneverthe service of a member is terminated for any reason prior to death orretirement and the member has fifteen or more years of creditable service, themember may elect not to withdraw such member's accumulated contributions andshall become entitled to a base pension beginning at the age of fifty-five, ifthen living, equal to:

(1) For a member whose service so terminates prior to August 28, 2001,two percent of such member's final compensation multiplied by the number ofyears of such member's creditable service; or

(2) For a member whose service so terminates on or after August 28,2001, two and one-half percent of such member's final compensation multipliedby the number of years of such member's creditable service.

5. Notwithstanding any other provisions of sections 86.900 to 86.1280,any member who is convicted of a felony prior to separation from activeservice shall not be entitled to any benefit from this retirement systemexcept the return of such member's accumulated contributions.

(L. 2005 H.B. 323)