169.577. Purchase of additional creditable service to achieve minimum time required for allowance--request, form, purchase, requirements, term.

MISSOURI STATUTES AND CODES

169.577. Purchase of additional creditable service to achieve minimum time required for allowance--request, form, purchase, requirements, term.

Purchase of additional creditable service to achieve minimum timerequired for allowance--request, form, purchase, requirements, term.

169.577. Any member of a retirement system subject to the provisionsof this chapter, who is within five years of being eligible to retire witha retirement allowance as provided in this chapter, may elect to purchaseadditional creditable service of up to five-tenths of a year which shall,when so purchased, be included in the total of the member's years ofcreditable service, used to enable the member to achieve the minimumcreditable service time required for a retirement allowance, and applied inthe computation of the member's annual service retirement allowance. Forany member of a retirement system established by sections 169.010 to169.141 or 169.600 to 169.715, and notwithstanding any other provisionwithin this section to the contrary, the purchase shall be effected in thesame manner as provided in section 169.056. The request for purchase ofthe additional creditable service shall be made in writing to the board oftrustees of the system in which the applicant is a member. The purchaseshall be effected by the member paying to the retirement system the amountrequired by the rules and regulations established by the respectiveretirement system, or absent such rules and regulations, the amount, withinterest, the member would have contributed thereto and the amount themember's employer would have contributed thereto had the person beenemployed in a position covered by the retirement system for the number ofmonths for which the member is electing to purchase credit, and had themember's compensation during such period been the same as the annual salaryrate at which the member is receiving at the time of application, and thecontribution rate in effect on the date of election to purchase credit.The payment shall be completed prior to termination of membership with theretirement system with interest on the unpaid balance. Nothing in thissection shall be construed to allow a member to vest in the retirementsystem by using the creditable service purchased pursuant to the provisionsof this section to reach the time of vesting.