169.035. Additional deposits by members, when. - Missouri Statutes

Additional deposits by members, when.

169.035. A member may at the member's option, and under suchregulations as the board of trustees may adopt, deposit additional sums inmultiples of twenty-five dollars but not to exceed in total in any one yearten percent of the compensation on which contributions were collectedduring that year. Such deposits, together with interest thereon compoundedin the same manner and at the same rate as for the member's contributions,shall be available to provide at the date of the member's retirement at netrates based on the actuarial assumptions then in use, a retirementallowance in addition to that provided pursuant to section 169.070. Inthe event of the death of a member before receiving a retirement allowance,the total amount of such accumulated deposits with interest shall be paidto the member's beneficiary, or to the member's estate if there is nobeneficiary. In the event of the termination of membership before themember receives a retirement allowance, the member shall be paid the totalamount of such accumulated deposits with interest if the member hascontributed for more than five years, but without interest if the memberhas contributed for not more than five years. Such deposits may bewithdrawn without interest by a member prior to the member's retirementwhen the member is not terminating the member's membership, in accordancewith regulations of the board of trustees. In case a retired member who isreceiving such an additional retirement allowance pursuant to this sectiondies without having received in additional retirement allowances an amountequal to the amount of the member's accumulated deposits at retirement, thedifference shall be paid to the member's beneficiary, or to the member'sestate if there is no beneficiary. The option provided by this sectionshall apply only to members who have elected to begin such deposits beforeSeptember 1, 1996.

(L. 1953 p. 480 § 169.030, A.L. 1996 S.B. 860)