Missouri Code of State Regulations › Title 16 - RETIREMENT SYSTEMS › Division 50 - The County Employees' Retirement Fund › Chapter 2 - Membership and Benefits › Section 16 CSR 50-2.040 - Separation from Service Before Retirement

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule describes the effect of a
				  separation from service on a Participantst's benefit.
(1) Upon separation from service, any
				Participantst with less than eight (8) vested years of service shall forfeit
				all rights under the plan, including the Participantst's creditable service as
				of the date of the Participantst's separation from service. This forfeiture
				shall be applied to reduce the board's obligation to contribute to the plan.
				Such a Participantst will receive a refund of any of his or her contributions
				upon the receipt by the board or its designee of a termination notice;
				provided, however, that if the amount of a Participantst's accumulated
				contributions is in excess of one thousand dollars ($1,000), then any such
				refund of contributions may not be made prior to the earliest of the
				Participantst's death or normal retirement age (age sixty-two (62)) without the
				Participantst's written application to the board consenting to his or her
				accumulated contributions being distributed from the plan. Such refund shall be
				made to the Participantst in a single sum as soon as administratively feasible
				following receipt of the termination notice and, if applicable, the
				Participantst's written application requesting distribution, by the board (or
				its designee). In the event that a Participantst whose accumulated
				contributions exceed one thousand dollars ($1,000) does not consent to the
				distribution of his or her accumulated contributions when first eligible to do
				so, or at any subsequent time prior to attaining his or her normal retirement
				age (age sixty-two (62)), his or her contributions shall be distributed to him
				or her as soon as administratively feasible following the first day of the
				month after attaining his or her normal retirement age (age sixty-two (62));
				or, if such Participantst is deceased, such contributions shall be distributed
				to his or her surviving spouse or, if none, then in equal shares to the
				Participantst's surviving children, or, if there are no surviving children,
				then to his or her estate, as soon as administratively feasible following the
				first day of the month after the receipt by the board or its designee of a
				notice of death from such Participantst's employer, or such other form of proof
				acceptable to the board. For purposes of this section, it shall not be
				administratively feasible for the board or its designee to disburse a refund
				until the board or its designee also receives proper verification and
				reconciles salaries, hours and contribution information obtained from the
				employer.
(2) A Participantst who
				has a separation from service, before reaching the age of sixty-two (62), after
				having earned at least eight (8) vested years of service shall be entitled to a
				deferred vested benefit, determined in accordance with the formula described in
				16 CSR
				50-2.090. The Participantst may elect to defer the
				receipt of his or her deferred vested benefit, until the Participantst's
				attainment of age sixty-two (62), or the Participantst may elect to begin
				receiving his or her deferred vested benefit on the first day of any month
				following the later of the date of separation from service or age fifty-five
				(55). The amount of the benefit, if paid before the Participantst's
				sixty-second birthday, shall be the actuarial equivalent of the Participantst's
				accrued benefit.
(3) Members who
				terminate employment and then resume employment with an employer within thirty
				(30) days will not forfeit their prior service, will not be required to receive
				a refund of their payroll contributions and will not be deemed to have been
				rehired.
*Original authority: 50.1032, RSMo
					 1995.