86.1540. Normal pension, amount--early retirement option, when--election for optional benefit for spouse--pension after five years of creditable service--payments, made when--felony conviction, effect

MISSOURI STATUTES AND CODES

86.1540. Normal pension, amount--early retirement option, when--election for optional benefit for spouse--pension after five years of creditable service--payments, made when--felony conviction, effect

Normal pension, amount--early retirement option, when--electionfor optional benefit for spouse--pension after five years ofcreditable service--payments, made when--felony conviction,effect of.

86.1540. 1. (1) Upon retirement on or after a member's normalretirement date, such member shall receive a base pension in the amount oftwo percent of such member's final compensation times the number of years,including fractions thereof, of such member's creditable service.

(2) Such member may elect to receive a different base pension underan election permitted under this section or section 86.1580.

2. Members may elect early retirement as follows:

(1) Beginning at age fifty-five, if the member has completed at leastten years of creditable service or at any later age after the member hascompleted at least ten years of creditable service. Unless subdivision (3)of this subsection shall be applicable, the benefit as computed undersubsection 1 of this section shall be reduced by one-half of one percentfor each month the effective date is prior to the first day of the monthfollowing that in which such member will attain age sixty;

(2) Beginning at age sixty, if the member has completed at least fivebut not more than ten years of creditable service or at any later age afterthe member has completed at least five years of creditable service. Unlesssubdivision (3) of this subsection shall be applicable, the benefit ascomputed under subsection 1 of this section shall be reduced by one-half ofone percent for each month the effective date is prior to the first day ofthe month following that in which such member will attain age sixty-five;or

(3) At any time after the member's total of age and years ofcreditable service equals or exceeds eighty, in which event the benefitshall be as computed under subsection 1 of this section without anyreduction.

If an election for early retirement results in a reduced benefit undersubdivision (1) or (2) of this subsection, such reduced benefit shallbecome the member's base pension, subject to all other adjustmentsdescribed in this section.

3. (1) A member who is married at the time of retirement may by awritten election, with the written consent of such member's spouse, electan optional benefit calculated as follows: such optional benefit shall bea monthly pension in the initial amount which shall be actuariallyequivalent to the actuarial value of the pension described in subdivision(1) of subsection 1 of this section for such member at the date ofretirement (including the value of survivorship rights of a survivingspouse, where applicable, under section 86.1610), upon the basis that theinitial annuity for the member's spouse, if such spouse survives themember, shall be the same as the amount being paid the member on suchannuity at the member's death, and, subject to cost-of-living adjustmentsthereafter declared on the spouse's base pension under section 86.1590,shall be paid to such surviving spouse for the lifetime of such spousewithout regard to remarriage. If a member who makes an election of anoptional benefit under this subsection has also elected an early retirementunder either subdivision (1) or (2) of subsection 2 of this section, anyreduction in benefit required for such early retirement election shall becalculated before calculating the initial amount of the optional benefitunder this subsection.

(2) If a member who makes the election permitted by this subsectionalso makes an election permitted under section 86.1580, such optionalbenefit shall be reduced as provided in subdivision (3) of subsection 2 ofsection 86.1580.

(3) If a member makes the election permitted by this subsection, theamount calculated for such optional benefit under either subdivision (1) or(2) of this subsection shall be the base pension for such member and forsuch member's spouse for all purposes of sections 86.1310 to 86.1640.

(4) An election for an optional benefit under this subsection shallbe void if the member dies within thirty days after filing such electionwith the retirement system or if the member dies before the due date of thefirst payment of such member's pension.

4. Subject to the provisions of subsection 7 of this section,whenever the service of a member is terminated after August 28, 1999, forany reason prior to death or retirement and the member has five or moreyears of creditable service, the member may elect not to withdraw suchmember's accumulated contributions and shall become entitled to receive apension upon such member's normal retirement date under subdivision (1) ofsubsection 1 of this section or may elect to receive a pension commencingupon or after any date, prior to his or her normal retirement date, uponwhich early retirement would have been permitted under subsection 2 of thissection if such member had remained a civilian employee of such policedepartment, except that in calculating any qualification under subsection 2of this section, such member shall not be entitled to count any year ofcreditable service in excess of such member's total years of creditableservice at the time of such member's termination of employment. The amountof any pension commenced upon the basis of a date permitted undersubsection 2 of this section shall be computed on the basis of the member'sfinal compensation and number of years of creditable service, subject tosuch adjustments as may be applicable under the subdivision of subsection 2of this section upon which such member relies in electing the commencementof such member's pension and subject to any other adjustments that suchmember may elect under this section. The amount of the initial pensioncalculated after all applicable adjustments shall be the base pension forsuch member, and for such member's spouse if such member shall elect theoptional benefit permitted under subsection 3 of this section, for allpurposes of sections 86.1310 to 86.1640.

5. A member whose service was terminated on or before August 28,1999, after five or more years of creditable service, and who permittedsuch member's accumulated contributions to remain in the pension fund,shall upon application to the retirement board be appointed as aconsultant. For services as such consultant, such member shall, beginningthe later of August 28, 1999, or the time of such appointment under thissubsection, be entitled to elect to receive compensation in such amount andcommencing at such time as such member would have been entitled to electunder any of the provisions of subsection 4 of this section if such memberhad terminated service after August 28, 1999. Such member shall beentitled to the same cost-of-living adjustments following the commencementof such compensation as if such member's compensation had been a basepension.

6. All payments of any pension shall be paid on the first day of eachmonth for that month. The first payment shall be paid on the first day ofthe first month in which the member's benefit can be determined andprocessed for payment, and shall include benefits from the date ofretirement to the date of such first payment. The final payment due aretired member shall be the payment due on the first day of the month inwhich such member's death occurs.

7. Notwithstanding any other provisions of sections 86.1310 to86.1640, any member who is convicted of a felony prior to separation fromactive service shall not be entitled to any benefit from this retirementsystem except the return of such member's accumulated contributions.