Missouri Code of State Regulations › Title 16 - RETIREMENT SYSTEMS › Division 50 - The County Employees' Retirement Fund › Chapter 2 - Membership and Benefits › Section 16 CSR 50-2.035 - Payment of Benefits

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This amendment revises the benefit
				  application and election procedures for members of the County Employees'
				  Retirement Fund.
(1) Method
				of Payment. Prior to his or her annuity starting date, each Participantst shall
				be offered the following optional methods of payment, in addition to the normal
				form of benefit. Any benefits payable under such optional methods of payment
				shall be the actuarial equivalent of the normal form of benefit-
(A) Joint and One Hundred Percent (100%)
				Survivor Annuity. An annuity whereby a monthly installment shall be paid to the
				Participantst during his or her lifetime and thereafter in the same monthly
				amount to his or her survivor annuitant during his or her lifetime, on the
				first day of each calendar month in which the Participantst or his or her
				survivor annuitant shall have lived the entire preceding calendar
				month;
(B) Joint and Seventy-Five
				Percent (75%) Survivor Annuity. An annuity whereby a monthly installment shall
				be paid to the Participantst during his or her lifetime and thereafter in
				three-quarters (3/4) of such monthly amount to his or her survivor annuitant
				during his or her lifetime, on the first day of each calendar month in which
				the Participantst or his or her survivor annuitant shall have lived the entire
				preceding calendar month;
(C) Joint
				and Fifty Percent (50%) Survivor Annuity. An annuity, whereby a monthly
				installment shall be paid to the Participantst during his or her lifetime and
				thereafter in one-half (1/2) of such monthly amount to his or her survivor
				annuitant during his or her lifetime, on the first day of each calendar month
				in which the Participantst or his or her survivor annuitant shall have lived
				the entire preceding calendar month;
(D) Ten (10)-Year Certain and Life Annuity.
				An annuity whereby a monthly installment shall be paid to the Participantst
				during his or her lifetime. If the Participantst dies after receiving one
				hundred twenty (120) monthly payments, the annuity shall end with the calendar
				month immediately following the Participantst's death. If the Participantst
				dies before one hundred twenty (120) monthly payments have been made, then the
				remaining payments under the form shall be made to the Participantst's
				beneficiary (if surviving), or in a single sum to the Participantst's estate,
				if the beneficiary predeceases the Participantst. Alternatively, in the event
				the Participantst's beneficiary dies before one hundred twenty (120) monthly
				payments have been made, the Participantst may complete a new beneficiary
				designation form which shall apply to the remaining benefits which may become
				payable under this subsection (1)(D). If the designated beneficiary survives
				the Participantst, but dies before one hundred twenty (120) monthly payments
				have been made, then the remaining payments under the form shall be made to the
				beneficiary's estate in a single sum. In the case where the beneficiary and the
				Participantst die simultaneously before one hundred twenty (120) monthly
				payments have been made, then the remaining payments under the form shall be
				made in a single sum to the Participantst's estate;
(E) Level Income Option-Life Only. An annuity
				that is adjusted so that the monthly annuity payable for the months ending
				immediately before the first day of the month after the date the Participantst
				attains age sixty-two (62) is approximately equal to the sum of i) the monthly
				adjusted annuity payable for the month subsequent to the month in which the
				Participantst reaches age sixty-two (62) and ii) the monthly Social Security
				benefit payable to the Participantst at age sixty-two (62); or
(F) Level Income Option-Joint and Survivor.
1. An annuity, whereby a monthly installment
				shall be paid to the Participantst during his or her lifetime and thereafter in
				the percentage (either fifty (50), seventy-five (75), or one hundred (100)) of
				such monthly amount, as elected by the Participantst, to his or her survivor
				annuitant during his or her lifetime, on the first day of each calendar month
				in which the Participantst or his or her survivor annuitant shall have lived
				the entire preceding calendar month. The annuity shall be adjusted so that the
				monthly annuity payable for the months ending immediately before the first day
				of the month after the date the Participantst attains age sixty-two (62) is
				approximately equal to the sum of i) the monthly adjusted annuity payable for
				the month subsequent to the month in which the Participantst reaches age
				sixty-two (62) and ii) the monthly Social Security benefit payable to the
				Participantst at age sixty-two (62). If the Participantst dies before he or she
				reaches age sixty-two (62), the survivor annuitant's benefit shall be adjusted
				on the first day of the month after the date on which the Participantst would
				have reached age sixty-two (62) in the manner that the Participantst's annuity
				would have been adjusted on such date.
2. Notwithstanding anything in the preceding
				paragraph to the contrary, if the monthly benefit payable to the Participantst
				under this form beginning with the month after the Participantst's sixty-second
				birthday is zero (0), then the provisions of this paragraph shall apply and the
				monthly adjusted annuity with respect to months ending immediately before the
				first day of the month after the date the Participantst attains age sixty-two
				(62) shall be a period-certain annuity, commencing on the Participantst's
				annuity starting date, and ending on the date immediately before the first day
				of the month after the Participantst attains (or would have attained) age
				sixty-two (62). If the Participantst dies before attaining age sixty-two (62),
				then the remaining payments under the form shall be made to the Participantst's
				survivor annuitant (if surviving), or in a single sum to the Participantst's
				estate, if the survivor annuitant predeceases the Participantst. Alternatively,
				in the event the Participantst's survivor annuitant dies before the
				Participantst (and the monthly benefit payable under this form beginning with
				the month after the Participantst's sixty-second birthday is zero (0)), the
				Participantst may complete a new beneficiary designation form which shall apply
				to the remaining benefit which may become payable under this paragraph. If the
				survivor annuitant survives the Participantst, but dies before the
				Participantst's sixty-second birthday, then the remaining payments under the
				form shall be made to the survivor annuitant's estate in a single sum. In the
				case where the survivor annuitant and the Participantst die simultaneously
				before the Participantst's sixty-second birthday, then the remaining payments
				under the form shall be made in a single sum to the Participantst's
				estate.