Missouri Code of State Regulations › Title 16 - RETIREMENT SYSTEMS › Division 10 - The Public School Retirement System of Missouri › Chapter 4 - Membership and Creditable Service › Section 16 CSR 10-4.010 - Membership Service Credit

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule sets forth the manner in which
				  credit is to be earned for full-time or part-time service in employment covered
				  by the retirement system.
(1)
				Membership service credit for full-time employment will be calculated based on
				the following ratio beginning July 1, 1997: The actual compensation received by
				the member for the school year divided by the annual compensation expected to
				be paid for that full-time position for a complete school year, as reflected on
				the beginning of the year report from the employer (or as later amended). Both
				the numerator and denominator will be determined without regard to the career
				ladder and medical benefits that are otherwise included in compensation. Credit
				resulting from the above calculation shall be rounded to the nearest
				hundred-thousandth. Not more than one (1) year of membership service credit
				will be allowed for any school year.
(2) Where credit is allowed by law for
				part-time employment, the credit will be calculated based on the following
				ratio beginning July 1, 1997: The actual compensation received by the member
				for the school year divided by the annual compensation that would be paid for
				that position on a full-time basis for a complete school year, as reflected on
				the beginning of the year report from the employer (or as later amended). Both
				the numerator and denominator will be determined without regard to the career
				ladder and medical benefits that are otherwise included in compensation. Credit
				resulting from the above calculation shall be rounded to the nearest
				hundred-thousandth. Not more than one (1) year of membership service credit
				will be allowed for any school year.
(3) When a member terminates employment with
				an employer included in the retirement system before the end of a school year,
				the maximum credit that may be received for that school year for employment
				with such employer will be calculated based on the portion of the school year
				completed before termination of membership. When a member begins employment
				with an employer included in the retirement system after the start of a school
				year, the maximum credit that may be received for that school year for
				employment with such employer will be calculated based on the portion of the
				school year completed after starting covered employment. Provided, however,
				that the beneficiary of a deceased member may elect to have membership service
				credit calculated pursuant to section (1) of this rule if such beneficiary is
				eligible or would become eligible for benefits pursuant to section 169.070.3(2)
				or 169.075, RSMo. In no event will benefit payments commence prior to July 1 if
				the member is allowed one (1) year of membership service credit.
*Original authority: 169.020, RSMo 1945, amended 1951,
					 1953, 1967, 1973, 1983, 1990, 1995, 1996, 1998, 2005,
					 2009.