169.301. Retirement benefits to vest, when--amount, how computed--option of certain members to transfer plans, requirements--retirant becoming active member, effect on benefits.

MISSOURI STATUTES AND CODES

169.301. Retirement benefits to vest, when--amount, how computed--option of certain members to transfer plans, requirements--retirant becoming active member, effect on benefits.

Retirement benefits to vest, when--amount, how computed--option ofcertain members to transfer plans, requirements--retirant becomingactive member, effect on benefits.

169.301. 1. Any active member who has completed five or more yearsof actual (not purchased) creditable service shall be entitled to a vestedretirement benefit equal to the annual service retirement allowanceprovided in sections 169.270 to 169.400 payable after attaining the minimumnormal retirement age and calculated in accordance with the law in effecton the last date such person was a regular employee; provided, that suchmember does not withdraw such person's accumulated contributions pursuantto section 169.328 prior to attaining the minimum normal retirement age.

2. Any member who elected on October 13, 1961, or within thirty daysthereafter, to continue to contribute and to receive benefits undersections 169.270 to 169.400 may continue to be a member of the retirementsystem under the terms and conditions of the plan in effect immediatelyprior to October 13, 1961, or may, upon written request to the board oftrustees, transfer to the present plan, provided that the member pays intothe system any additional contributions with interest the member would havecredited to the member's account if such person had been a member of thecurrent plan since its inception or, if the person's contributions andinterest are in excess of what the person would have paid, such person willreceive a refund of such excess. The board of trustees shall adoptappropriate rules and regulations governing the operation of the plan ineffect immediately prior to October 13, 1961.

3. Should a retirant again become an active member, such person'sretirement allowance payments shall cease during such membership and shallbe recalculated upon subsequent retirement to include any creditableservice earned during the person's latest period of active membership inaccordance with subsection 2 of section 169.324.