105.683. Plan deemed delinquent, when, effect of. - Missouri Statutes

Plan deemed delinquent, when, effect of.

105.683. Any plan, other than a plan created under sections 169.010to 169.141, RSMo, or sections 169.600 to 169.715, RSMo, whose actuarydetermines that the plan has a funded ratio below sixty percent and thepolitical subdivision has failed to make one hundred percent of theactuarially required contribution payment for five successive plan yearswith a descending funded ratio for five successive plan years after August28, 2007, shall be deemed delinquent in the contribution payment and suchdelinquency in the contribution payment shall constitute a first lien onthe funds of the political subdivision, and the board as defined undersection 105.660 is authorized to compel payment by application for a writof mandamus; and in addition, such delinquency in the contribution paymentshall be certified by the board to the state treasurer and director of thedepartment of revenue. Until such delinquency in the contribution payment,together with regular interest, is satisfied, the state treasurer anddirector of the department of revenue shall withhold twenty-five percent ofthe certified contribution deficiency from the total moneys due thepolitical subdivision from the state.

(L. 2007 S.B. 406)