105.684. Benefit increases prohibited, when--amortization of unfunded actuarial accrued liabilities--accelerated contribution schedule required, when.
Benefit increases prohibited, when--amortization of unfunded actuarialaccrued liabilities--accelerated contribution schedule required,when.
105.684. 1. Notwithstanding any law to the contrary, no plan shalladopt or implement any additional benefit increase, supplement,enhancement, lump sum benefit payments to participants, or cost-of-livingadjustment beyond current plan provisions in effect prior to August 28,2007, unless the plan's actuary determines that the funded ratio prior tosuch adoption or implementation is at least eighty percent and will not beless than seventy-five percent after such adoption or implementation.
2. The unfunded actuarial accrued liabilities associated with benefitchanges described in this section shall be amortized over a period not toexceed twenty years for purposes of determining the contributionsassociated with the adoption or implementation of any such benefitincrease, supplement, or enhancement.
3. Any plan with a funded ratio below sixty percent shall have theactuary prepare an accelerated contribution schedule based on a descendingamortization period for inclusion in the actuarial valuation.
4. Nothing in this section shall apply to any plan established underchapter 70, RSMo, or chapter 476, RSMo.
(L. 2007 S.B. 406)