104.625. Annuities and lump sum payments, when, determination of amount.

MISSOURI STATUTES AND CODES

104.625. Annuities and lump sum payments, when, determination of amount.

Annuities and lump sum payments, when, determination of amount.

104.625. Effective July 1, 2002, any member retiring pursuant to theprovisions of sections 104.010 to 104.801, except an elected official or amember of the general assembly, who has not been paid retirement benefitsand continues employment for at least two years beyond normal retirementage, may elect to receive an annuity and lump sum payment or payments,determined as follows:

(1) A retroactive starting date shall be established which shall be adate selected by the member; provided, however, that the retroactivestarting date selected by the member shall not be a date which is earlierthan the date when a normal annuity would have first been payable. Inaddition, the retroactive starting date shall not be more than five yearsprior to the annuity starting date, which shall be the first day of themonth with respect to which an amount is paid as an annuity pursuant tothis section. The member's selection of a retroactive starting date shallbe done in twelve-month increments, except this restriction shall not applywhen the member selects the total available time between the retroactivestarting date and the annuity starting date;

(2) The prospective annuity payable as of the annuity starting dateshall be determined pursuant to the provisions otherwise applicable underthe law, with the exception that it shall be the amount which would havebeen payable had the member actually retired on the retroactive startingdate under the retirement plan selected by the member. Other than for thelump sum payment or payments specified in subdivision (3) of this section,no other amount shall be due for the period between the retroactivestarting date and the annuity starting date;

(3) The lump sum payable shall be ninety percent of the annuityamounts which would have been paid to the member from the retroactivestarting date to the annuity starting date had the member actually retiredon the retroactive starting date and received a normal annuity. The membershall elect to receive the lump sum amount either in its entirety at thesame time as the initial annuity payment is made or in three equal annualinstallments with the first payment made at the same time as the initialannuity payment;

(4) Any annuity payable pursuant to this section that is subject to adivision of benefit order pursuant to section 104.312 shall be calculatedas follows:

(a) Any service of a member between the retroactive starting date andthe annuity starting date shall not be considered creditable service exceptfor purposes of calculating the division of benefit; and

(b) The lump sum payment described in subdivision (3) of this sectionshall not be subject to any division of benefit order; and

(5) For purposes of determining annual benefit increases payable aspart of the lump sum and annuity provided pursuant to this section, theretroactive starting date shall be considered the member's date ofretirement.