169.570. Employment of person having rights in more than one retirement system, may purchase membership credit--purchase of equivalent credit, when, requirements. - Missouri Statutes

Employment of person having rights in more than one retirementsystem, may purchase membership credit--purchase of equivalentcredit, when, requirements.

169.570. 1. An employee having less than five years of membershipservice under one of the Missouri retirement systems provided in sections169.010 to 169.141, 169.270 to 169.400 or 169.410 to 169.540, who issubsequently employed in a position covered by another of the Missouriretirement systems, may elect within five years after employment in adistrict included in another of the Missouri retirement systems to purchasemembership credit for service rendered under the first system; provided,however, that the employee shall be entitled to apply the membership creditthus purchased toward a service retirement only and not for any otherbenefit. The purchase shall be effected by the member paying to theretirement system the amount required by the rules and regulationsestablished by the respective retirement system, or, absent such rules andregulations, an amount, with interest, based on the annual salary rate ofthe employee's initial employment in a district under the system in whichcredit is being purchased and the contribution rate in effect in thatsystem at the date of election to purchase credit. In the retirementsystems provided by sections 169.270 to 169.400 and 169.410 to 169.540, theschool district shall contribute the amount required by the statutes and bythe rules and regulations established by the system for each year ofcreditable service purchased by the incoming member.

2. A member of any Missouri public school retirement systemestablished by sections 169.010 to 169.141, 169.270 to 169.400, 169.410 to169.540, or 169.600 to 169.715 who has previous credit in one of the otherMissouri public school retirement systems may elect to purchase equivalentcredit in the member's present system provided such credit towardretirement is withdrawn and benefits terminated in the previous system.The purchase shall be effected by the member paying to the retirementsystem the amount required by the rules and regulations established by therespective retirement system, or absent such rules and regulations, anamount, with interest, based on the annual salary rate of the member'sinitial employment in a district under the system in which credit is beingpurchased and the contribution rate in effect in that system at the date ofelection to purchase credit.

3. Nothing in this section shall decrease or discontinue the benefitsprovided by the sections of the statutes relating to any of the publicschool retirement systems in the state of Missouri.

4. Payment pursuant to the provisions of this section shall becompleted prior to termination of membership with the retirement system,with interest on the unpaid balance, in accordance with rules andregulations and statutes established by the respective retirement systems.The individual purchasing credit must have service credit as a member ofthe retirement system for at least as many years before retirement as thenumber of years of credit being purchased.

(L. 1957 p. 423 § 1, A.L. 1981 H.B. 33, et al., A.L. 1986 S.B. 616, A.L. 1989 H.B. 600, A.L. 1993 S.B. 126, A.L. 1995 H.B. 416, et al., S.B. 378, A.L. 1996 S.B. 860, A.L. 1997 H.B. 169 merged with S.B. 309, A.L. 2003 H.B. 346 & 174)