104.1015. Election into year 2000 plan, effect of--comparison of plans provided--calculation of annuity.
Election into year 2000 plan, effect of--comparison of plansprovided--calculation of annuity.
104.1015. 1. Persons covered by a closed plan on July 1, 2000, shallelect whether or not to change to year 2000 plan coverage. Any such personwho elects to be covered by the year 2000 plan shall forfeit all rights toreceive benefits under this chapter except as provided under the year 2000plan and all creditable service of such person under the closed plan shallbe credited under the year 2000 plan. Any such person who elects not to becovered by the year 2000 plan shall waive all rights to receive benefitsunder the year 2000 plan. In no event shall any retroactive annuity bepaid to such persons pursuant to sections 104.1003 to 104.1093 except asdescribed in subsection 2 of this section.
2. Each retiree of the closed plan on July 1, 2000, shall befurnished by the appropriate system a written comparison of the retiree'sclosed plan coverage and the retiree's potential year 2000 plan coverage.A retiree shall elect whether or not to change to year 2000 plan coverageby making a written election, on a form furnished by the appropriate board,and providing that form to the system by no later than twelve months afterJuly 1, 2000, and any retiree who fails to make such election within suchtime period shall be deemed to have elected to remain covered under theclosed plan; provided the election must be after the retiree has receivedfrom the appropriate system such written comparison. The retirement optionelected under the year 2000 plan shall be the same as the retirement optionelected under the closed plan, except any retiree who is receiving one ofthe options providing for a continuing lifetime annuity to a survivingspouse under the closed plan may elect to receive an annuity under option 1or 2 of section 104.1027, or a life annuity under subsection 2 of section104.1024, provided the person who was married to the member at the time ofretirement, if any, consents in writing to such election made pursuant tosection 104.1024, or to any election described in this section if theperson was married to a member of the Missouri state employees' retirementsystem. The effective date of payment of an annuity under the year 2000plan as provided in this subsection shall begin on July 1, 2000. Noadjustment shall be made to retirement benefits paid to the retiree priorto July 1, 2000. In order to calculate a new monthly annuity for retireeselecting coverage under the year 2000 plan pursuant to this subsection, thefollowing calculations shall be made:
(1) Except as otherwise provided in this subsection, the retiree'sgross monthly retirement annuity in effect immediately prior to July 1,2000, shall be multiplied by the percentage increase in the life annuityformula between the closed plan and the year 2000 plan. This amount shallbe added to the retiree's gross monthly retirement annuity in effectimmediately prior to July 1, 2000, to arrive at the retiree's new monthlyretirement annuity in the year 2000 plan on July 1, 2000. The age ofeligibility and reduction factors applicable to the retiree's originalannuity under the closed plan shall remain the same in the annuity payableunder the year 2000 plan, except as provided in subdivision (2) of thissubsection;
(2) If option 1 or 2 pursuant to section 104.1027 is chosen by theretiree under the year 2000 plan, the new monthly retirement annuitycalculated pursuant to subdivision (1) of this subsection shall berecalculated using the reduction factors for the option chosen pursuant tosection 104.1027;
(3) If a temporary annuity is payable pursuant to subsection 4 ofsection 104.1024 the additional temporary annuity shall be calculated bymultiplying the retiree's credited service by the retiree's final averagepay by eight-tenths of one percent;
(4) Cost-of-living adjustments paid pursuant to section 104.1045 willcommence on the anniversary of the retiree's annuity starting datecoincident with or next following July 1, 2000;
(5) Any retiree or other person described in this section who electscoverage under the year 2000 plan based on service rendered as a member ofthe general assembly or as a statewide elected official shall receive anannuity under the year 2000 plan calculated pursuant to the provisions ofsection 104.1084 using the current monthly pay at the time of the electionwith future COLAs calculated pursuant to subsection 7 of section 104.1084.
3. Each person who is an employee and covered by the closed plan andnot a retiree of the closed plan on July 1, 2000, shall elect whether ornot to change to year 2000 plan coverage prior to the last business day ofthe month before the person's annuity starting date, and if such electionhas not been made within such time, annuity payments due beginning on andafter the month of the annuity starting date shall be made the monthfollowing the receipt by the appropriate system of such election and anyother information required by the year 2000 plan created by sections104.1003 to 104.1093; provided, such election must be after the person hasreceived from the year 2000 plan a written comparison of the person'sclosed plan coverage and the person's potential year 2000 plan coverage andthe election must be made in writing on a form furnished by the appropriateboard. If such person dies after the annuity starting date but beforemaking such election and providing such other information, no benefitsshall be paid except as required pursuant to section 104.420 or subsection2 of section 104.372 for members of the general assembly.
4. Each person who is not an employee and not a retiree and iseligible for a deferred annuity from the closed plan on July 1, 2000, shallelect whether or not to change to the year 2000 plan coverage prior to thelast business day of the month before the person's annuity starting date,and if such election has not been made within such time, annuity paymentsdue beginning on and after the month of the annuity starting date shall bemade the month following the receipt by the appropriate system of suchelection and any other information required by the year 2000 plan createdby sections 104.1003 to 104.1093; provided, the election must be after theperson has received from the year 2000 plan a written comparison of theperson's closed plan coverage and the person's potential year 2000 plancoverage and the election must be made in writing on a form furnished bythe appropriate board. If such person dies after the annuity starting datebut before making such election and providing such other information, nobenefits shall be paid except as required pursuant to section 104.420 orsubsection 2 of section 104.372 for members of the general assembly.
5. Each person who is not an employee and not a retiree and iseligible for a deferred annuity from the closed plan and returns to coveredemployment on or after July 1, 2000, shall be covered under the closedplan; provided, such person shall elect whether or not to change to theyear 2000 plan coverage prior to the last business day of the month beforethe person's annuity starting date, and if such election has not been madewithin such time, annuity payments due beginning on and after the month ofthe annuity starting date shall be made the month following the receipt bythe appropriate system of such election and any other information requiredby the year 2000 plan created by sections 104.1003 to 104.1093 and theelection must be after the person has received from the year 2000 plan awritten comparison of the person's closed plan coverage and the person'spotential year 2000 plan coverage and the election must be made in writingon a form furnished by the appropriate board. If such person dies afterthe annuity starting date but before making such election and providingsuch other information, no benefits shall be paid except as required undersection 104.420 or subsection 2 of section 104.372 for members of thegeneral assembly.
6. Each person who is not an employee and not a retiree and noteligible for a deferred annuity from the closed plan but has forfeitedcreditable service with the closed plan and becomes an employee on or afterAugust 28, 2002, shall be changed to year 2000 plan coverage and uponreceiving credited service continuously for one year shall receive creditedservice for all such forfeited creditable service under the closed plan.
7. Each person who was employed as a member of the general assemblythrough December 31, 2000, covered under the closed plan, and has served atleast two full biennial assemblies as defined in subdivision (24) ofsubsection 1 of section 104.010 but who is not eligible for a deferredannuity under the closed plan shall be eligible to receive benefits underthe new plan pursuant to subdivision (5) of subsection 2 of this sectionupon meeting the age requirements under the new plan.
8. The retirees and persons described in subsections 2 and 4 of thissection shall be eligible for benefits under those subsections pursuant tosubsection 8 of section 104.610.
9. A member may change a member's plan election made under thissection at any time prior to the system mailing or electronicallytransferring the first annuity payment to such member.
(L. 1999 S.B. 308 & 314, A.L. 2000 H.B. 1808, A.L. 2002 H.B. 1455, A.L. 2007 S.B. 406)