169.673. Partial lump sum distribution, when--changes in distribution amount, formula--death, effect of.

MISSOURI STATUTES AND CODES

169.673. Partial lump sum distribution, when--changes in distribution amount, formula--death, effect of.

Partial lump sum distribution, when--changes in distribution amount,formula--death, effect of.

169.673. 1. Any member eligible for a retirement allowance pursuantto section 169.670 and who has not previously received a retirementallowance, including an allowance under disability retirement, pursuant tosection 169.670, and whose sum of age and creditable service equalseighty-six years or more or whose creditable service is thirty-three yearsor more or whose age is sixty-three years or more and has eight years ormore creditable service may elect a distribution under the partial lump sumoption plan provided in this section if the member notifies the retirementsystem on the application for retirement of the member's effective date ofretirement; provided that the partial lump sum option plan may not beelected if the member elects a retirement allowance under option 7 ofsubdivision (1) of subsection 4 of section 169.670.

2. A member entitled to make an election pursuant to this section mayelect to receive a lump sum distribution in addition to the member'smonthly retirement allowance payment pursuant to section 169.670 as reducedpursuant to this section. Such member may elect the amount of the member'slump sum distribution from one, but not more than one, of the followingoptions:

(1) A lump sum amount equal to twelve times the retirement allowance,less any temporary retirement allowance payable pursuant to subdivision (5)of subsection 1 of section 169.670, the member would receive if no electionwere made under this section and the member had chosen option 1 undersection 169.670;

(2) A lump sum amount equal to twenty-four times the retirementallowance, less any temporary retirement allowance payable pursuant tosubdivision (5) of subsection 1 of section 169.670, the member wouldreceive if no election were made pursuant to this section and the memberhad chosen option 1 under section 169.670; or

(3) A lump sum amount equal to thirty-six times the retirementallowance, less any temporary retirement allowance payable pursuant tosubdivision (5) of subsection 1 of section 169.670, the member wouldreceive if no election were made pursuant to this section and the memberhad chosen option 1 under section 169.670.

3. When a member makes an election to receive a lump sum distributionpursuant to this section, the retirement allowance that the member wouldhave received in the absence of the election shall be reduced on anactuarially equivalent basis to reflect the payment of the lump sumdistribution and the reduced retirement allowance shall be the member'sretirement allowance thereafter for all purposes in relation to retirementallowance amounts pursuant to section 169.670. If eligible, the member mayalso receive a temporary benefit, pursuant to subdivision (5) of subsection1 of section 169.670, for the period of time described therein. Aretirement allowance increased due to the death of a person nominated bythe member to receive benefits pursuant to the provisions of option 2, 3,or 4 of subsection 4 of section 169.670 shall be increased pursuant to suchprovisions to the amount the retired member would be receiving had theretired member elected option 1 as actuarially reduced due to the lump sumdistribution made pursuant to this section. Any payment of accumulatedcontributions pursuant to the provisions of sections 169.600 to 169.715shall be reduced by the amount of any lump sum distribution made pursuantto this section in addition to any other reductions required by sections169.600 to 169.715.

4. If the member dies before receiving a lump-sum distribution underthis section the lump-sum distribution shall be paid in accordance withrules adopted by the board of trustees.

5. Benefits paid pursuant to this section in addition to all otherprovisions of the public education employee retirement system of Missourishall not exceed the limitations of Section 415 of Title 26 of the UnitedStates Code except as provided in subsection 13 of section 169.670.