104.436. Financing pattern for contribution determinations--commissioner of administration to certify payment.
Financing pattern for contribution determinations--commissionerof administration to certify payment.
104.436. 1. The board intends to follow a financing pattern whichcomputes and requires contribution amounts which, expressed as percents ofactive member payroll, will remain approximately level from year to yearand from one generation of citizens to the next generation. Suchcontribution determinations require regular actuarial valuations, whichshall be made by the board's actuary, using assumptions and methods adoptedby the board after consulting with its actuary. The entry age normal costvaluation method shall be used in determining normal cost, andcontributions for unfunded accrued liabilities shall be determined usinglevel percent-of-payroll amortization.
2. At least ninety days before each regular session of the generalassembly, the board shall certify to the division of budget thecontribution rate necessary to cover the liabilities of the planadministered by the system, including costs of administration, expected toaccrue during the next appropriation period. The commissioner ofadministration shall request appropriation of the amount calculatedpursuant to the provisions of this subsection. Following each pay period,the commissioner of administration shall requisition and certify thepayment to the executive director of the Missouri state employees'retirement system. The executive director shall promptly deposit theamounts certified to the credit of the Missouri state employees' retirementfund.
3. The employers of members of the system who are not paid out offunds that have been deposited in the state treasury shall remit promptlyto the executive director an amount equal to the amount which the statewould have paid if those members had been paid entirely from state funds.The executive director shall promptly deposit the amounts certified to thecredit of the Missouri state employees' retirement system fund.
4. These amounts are funds of the system, and shall not be commingledwith any funds in the state treasury.
(L. 1981 H.B. 835, et al., A.L. 1984 H.B. 1370, A.L. 1986 H.B. 1496, A.L. 1988 H.B. 1643 & 1399, A.L. 1988 H.B. 1100, et al., A.L. 1992 S.B. 499, et al., A.L. 2002 H.B. 1455)Effective 7-11-02