1. The board intends to follow a financing pattern which computes and requires contribution amounts which, expressed as percents of active member payroll, will remain approximately level from year to year and from one generation of citizens to the next generation. Such contribution determinations require regular actuarial valuations, which shall be made by the board’s actuary, using assumptions and methods adopted by the board after consulting with its actuary. The entry age normal cost valuation method shall be used in determining normal cost, and contributions for unfunded accrued liabilities shall be determined using level percent-of-payroll amortization.

2. At least ninety days before each regular session of the general assembly, the board shall certify to the division of budget the contribution rate necessary to cover the liabilities of the plan administered by the system, including costs of administration, expected to accrue during the next appropriation period. The commissioner of administration shall request appropriation of the amount calculated pursuant to the provisions of this subsection. Following each pay period, the commissioner of administration shall requisition and certify the payment to the executive director of the Missouri state employees’ retirement system. The executive director shall promptly deposit the amounts certified to the credit of the Missouri state employees’ retirement fund.

Terms Used In Missouri Laws 104.436

  • Actuary: the actuary who is a member of the American Academy of Actuaries or who is an enrolled actuary under the Employee Retirement Income Security Act of 1974 and who is employed by a board at any given time. See Missouri Laws 104.010
  • Amortization: Paying off a loan by regular installments.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Executive director: the executive director employed by a board established pursuant to the provisions of this chapter. See Missouri Laws 104.010
  • following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
  • Fund: the benefit fund of a system established pursuant to this chapter. See Missouri Laws 104.010
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Member: as used in sections 104. See Missouri Laws 104.010
  • retirement system: the Missouri department of transportation and highway patrol employees' retirement system, as created by sections 104. See Missouri Laws 104.010
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020

3. The employers of members of the system who are not paid out of funds that have been deposited in the state treasury shall remit promptly to the executive director an amount equal to the amount which the state would have paid if those members had been paid entirely from state funds. The executive director shall promptly deposit the amounts certified to the credit of the Missouri state employees’ retirement system fund.

4. These amounts are funds of the system, and shall not be commingled with any funds in the state treasury.

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