104.620. Contribution refund to members--effect on benefits--record retention--reversion to credit of fund, when--reversion of unclaimed benefits, when--refund received, when.
Contribution refund to members--effect on benefits--recordretention--reversion to credit of fund, when--reversion of unclaimedbenefits, when--refund received, when.
104.620. 1. Any member who has not received a lump sum payment equalto the sum total of the contributions that the member paid into theretirement system, plus interest credited to his or her account, shall beentitled to such a lump sum payment. Lump sum payments made pursuant tothis section shall not be reduced by any retirement benefits which a memberis entitled to receive, but shall be paid in full out of appropriate fundspursuant to appropriations for this purpose.
2. In the event any accumulated contributions standing to a member ofthe Missouri state employees' retirement system's credit remains unclaimedby such member for a period of four years or more, such accumulatedcontributions shall automatically revert to the credit of the fund for theMissouri state employees' retirement system. If an application is made,after such reversion, for such accumulated contributions, the board shallpay such contributions from the fund for the Missouri state employees'retirement system; except that, no interest shall be paid on such fundsafter the date of the reversion to the fund for the Missouri stateemployees' retirement system.
3. In the event any amount is due a deceased member, survivor, orbeneficiary who dies after September 1, 2002, such amount shall be paid tothe person or entity designated in writing as beneficiary to receive suchamount by such member, survivor, or beneficiary. The member, survivor, orbeneficiary may designate in writing a beneficiary to receive any finalpayment due after the death of a member, survivor, or beneficiary pursuantto this chapter. If no living person or entity so designated asbeneficiary exists at the time of death, such amount shall be paid to thesurviving spouse married to the deceased member, survivor, or beneficiaryat the time of death. If no surviving spouse exists, such amount shall bepaid to the surviving children or their descendants of such member,survivor, or beneficiary in equal parts. If no surviving children or anyof their descendants exist, such amount shall be paid to the survivingparents of such member, survivor, or beneficiary in equal parts. If nosurviving parents exist, such amount shall be paid to the survivingbrothers, sisters, or their descendants of such member, survivor, orbeneficiary in equal parts. If no surviving brothers, sisters, or theirdescendants exist, payment may be made as otherwise permitted by law.Notwithstanding this subsection, any amount due to a deceased member aspayment of all or part of a lump sum pursuant to section 104.625 shall bepaid to the member's surviving spouse married to the member at the time ofdeath, and otherwise payment may be made as provided in this subsection.In the event any amount that is due to a member of either system remainsunclaimed by such member for a period of four years or more, such amountshall automatically revert to the credit of the fund of the member'ssystem. If an application is made after such reversion for such amount,the board shall pay such amount from the board's fund to the member, exceptthat no interest shall be paid on such funds after the date of thereversion to the fund.
4. The beneficiary of any member who purchased creditable service inthe Missouri state employees' retirement system shall receive a refund uponthe member's death equal to the amount of any purchase less any retirementbenefits received by the member unless an annuity is payable to a survivoror beneficiary as a result of the member's death. In that event, thebeneficiary of the survivor or beneficiary who received the annuity shallreceive a refund upon the survivor's or beneficiary's death equal to theamount of the member's purchase of service less any annuity amountsreceived by the member and the survivor or beneficiary.
(L. 1981 H.B. 835, et al., A.L. 1985 H.B. 790, A.L. 1988, H.B. 1643 & 1399, A.L. 1997 H.B. 356, A.L. 1999 S.B. 308 & 314, A.L. 2002 H.B. 1455)Effective 7-11-02