Missouri Code of State Regulations › Title 16 - RETIREMENT SYSTEMS › Division 10 - The Public School Retirement System of Missouri › Chapter 5 - Retirement, Options and Benefits › Section 16 CSR 10-5.030 - Beneficiary

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule sets forth the procedure for
				  naming beneficiaries and their eligibility as provided by sections
				  169.070
				  and
				  169.075,
				  RSMo.
(1) Each member may
				designate a beneficiary and contingent beneficiaries by filing with the
				retirement system a form furnished by the board for this purpose. If a member
				fails to designate a beneficiary, the beneficiary shall be determined pursuant
				to section
				169.076,
				RSMo.
(2) A member may change a
				beneficiary(ies) at any time prior to retirement by filing a request for change
				with the board of trustees on a form furnished by the board for this
				purpose.
(3) Accumulated
				contributions of a deceased member due a beneficiary or estate upon the death
				of a member shall be paid within sixty (60) days of the establishment of the
				claim. If the beneficiary is a minor, payment shall be made to the conservator
				of the minor appointed by the court after the filing of a certified copy of the
				court order making the appointment or to the custodian designated under the
				Missouri Transfers to Minors Law, upon receipt of appropriate
				documentation.
(4) Upon the death
				of a member or retiree, payments shall be made as set forth below.
(A) The designated beneficiary of a deceased
				member prior to retirement shall be entitled to receive payment of the
				accumulated contributions of the deceased member if an alternate benefit is not
				elected by the beneficiary. If the member fails to designate a beneficiary on
				the form provided, if the beneficiary designation form on file is deemed
				invalid by operation of section 169.076.2., RSMo, or if no beneficiary
				designated on the form provided survives the member, the benefit shall be paid
				in accordance with section
				169.076,
				RSMo.
(B) The designated
				beneficiary of a deceased retiree who retired before January 1, 2012, and
				elected Option 1 at retirement shall be entitled to receive any balance of the
				deceased retiree's accumulated contributions in excess of the total retirement
				allowances paid. If the retiree fails to designate a beneficiary on the form
				provided or if no beneficiary designated on the form provided survives the
				member, the benefit shall be paid in accordance with section 169.070.4.,
				RSMo.
(C) All members retiring on
				or after January 1, 2012, who elect Option 1 must designate a beneficiary at or
				after the time of their retirement and any beneficiary designation made prior
				to the member's retirement shall be deemed void at the time of their
				retirement. Any beneficiary designated at or after retirement by a retiree
				electing Option 1 shall, upon the retiree's death, be entitled to receive any
				balance of the deceased retiree's accumulated contributions in excess of the
				total retirement allowances paid. If the retiree fails to designate a
				beneficiary at or after retirement on the form provided or if no beneficiary
				designated on the form provided survives the member, the benefit shall be paid
				in accordance with section 169.070.4., RSMo.
(D) If both a retiree who elected Option 2,
				3, or 4 and the designated joint survivor under the option are deceased, any
				existing balance of the deceased retiree's accumulated contributions in excess
				of the total retirement allowances paid to the retiree and to the joint
				survivor shall be paid to the beneficiary designated for that purpose. If the
				retiree fails to designate a beneficiary on the form provided or if no
				beneficiary designated on the form provided survives the member, the benefit
				shall be paid in accordance with section 169.070.4., RSMo.
(E) No payment of accumulated contributions
				shall be made to an estate except through the personal representative who has
				been legally qualified and who shall file a certified copy of the appointment;
				except, that in cases where the court does not appoint a personal
				representative, payment shall be made upon order of the court to the person(s)
				designated by the court, or in the absence of court order, the system may make
				payment to a surviving heir if all known surviving heirs sign an Indemnity
				Agreement and file this agreement with the board of trustees prior to the
				payment where such agreement would adequately protect the system; or payment
				may be made in accordance with the provisions of section
				473.097,
				RSMo, relating to small estates.