Missouri Laws 104.060 – No payroll deductions — accumulated contributions refunded, when, to whom
1. No payroll deduction shall be made from the compensation of any employee for the Missouri state highway employees’ and highway patrol retirement system fund after August 13, 1976.
2. When a member who was an employee on August 13, 1976, thereafter retires or when a former member who has been restored creditable service in accordance with the provisions of subsections 4 and 6 of section 104.050 retires or who is entitled to a deferred annuity under subsection 4 of section 104.030, the board shall pay him an amount equal to his accumulated contributions and credited interest not previously refunded to the date of his retirement. This amount is in addition to any retirement benefits to which he is entitled.
Terms Used In Missouri Laws 104.060
- Accumulated contributions: the sum of all deductions for retirement benefit purposes from a member's compensation which shall be credited to the member's individual account and interest allowed thereon. See Missouri Laws 104.010
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: any persons or entities entitled to or nominated by a member or retiree who may be legally entitled to receive benefits pursuant to this chapter. See Missouri Laws 104.010
- Creditable service: the sum of membership service and creditable prior service, to the extent such service is standing to a member's credit as provided in this chapter. See Missouri Laws 104.010
- employee: shall include :
a. See Missouri Laws 104.010
- Fund: the benefit fund of a system established pursuant to this chapter. See Missouri Laws 104.010
- Interest: interest at such rate as shall be determined and prescribed from time to time by a board. See Missouri Laws 104.010
- Member: as used in sections 104. See Missouri Laws 104.010
- Payroll deduction: deductions made from an employee's compensation. 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. When an employee dies after August 13, 1976, the board shall pay to such beneficiary as the employee may have designated in writing or to his estate if no beneficiary be designated an amount equal to his accumulated contributions plus credited interest not previously refunded to the date of death.
4. Within ninety days after February 14, 1980, or within ninety days after reinstatement of membership under subsection 6 of section 104.050, whichever occurs later, when a member or vested member who was an employee on or after August 13, 1976, shall so request in writing, the board shall immediately pay to that employee all accumulated contributions made on account of service rendered through August 13, 1976, and not previously refunded, plus credited interest to the date the payment is made by the board, and such refund of contributions and interest shall not in any way change any benefits or rights which the employee may be entitled to from the system.