104.344. Member entitled to purchase prior creditable service for nonfederal full-time public employment or contractual services--method, period, limitation.

MISSOURI STATUTES AND CODES

104.344. Member entitled to purchase prior creditable service for nonfederal full-time public employment or contractual services--method, period, limitation.

Member entitled to purchase prior creditable service for nonfederalfull-time public employment or contractual services--method,period, limitation.

104.344. Notwithstanding any other law to the contrary, any personwho is actively employed by the state of Missouri in a position covered bya retirement plan administered by the Missouri state employees' retirementsystem and who had nonfederal full-time public employment in the state ofMissouri, and who by virtue of such employment was a member of a retirementsystem or other employer-sponsored retirement plan other than the Missouristate employees' retirement system but is not vested in such otherretirement system or plan, or was not a member of any retirement system orplan, may elect, prior to retirement, to purchase all of the member'screditable prior service but not to exceed four years for such service inany plan administered by the Missouri state employees' retirement system inwhich the person is receiving service credit for active employment or iseligible for a deferred annuity. The purchase shall be effected by theperson paying to the Missouri state employees' retirement system an amountequal to what would have been contributed by the state in his or her behalfhad the person been a member for the period for which he or she is electingto purchase credit and had the person's compensation during such periodbeen the same as the annual salary rate at which the person was initiallyemployed in a position covered by a plan administered by the Missouri stateemployees' retirement system or the Missouri department of transportationand highway patrol employees' retirement system, with the calculationsbased on the contribution rate in effect on the date of his or heremployment under the provisions of the Missouri state employees' retirementsystem with simple interest calculated from the date of employment fromwhich the person could first receive creditable service from the Missouristate employees' retirement system to the date of election to purchase suchservice. The payment shall be made over a period of not longer than twoyears, with simple interest on the unpaid balance. In no event shall anyindividual be eligible to purchase creditable service under this section ifsuch individual after the completion of such purchase has or will receivecredit or service under another retirement plan as defined pursuant tosection 105.691, RSMo, for the same time period of service being purchasedpursuant to the provisions of this section. The contribution rate for anyjudge who elects to purchase service for a period prior to July 1, 1998,shall be equal to a contribution rate which would be used if the judicialsystem were funded on an actuarial basis prior to that date.