MO HB1704

Allows members to elect to transfer creditable service or forfeited service between the two state retirement systems covered under Chapter 104, with elections filed anytime 30 days after becoming a member and completed before applying for retirement benefits.

Permits survivors of deceased members to elect transfer of service to receive the most advantageous survivor benefits possible, with payment made by the system providing the greatest benefit.

Requires the transferring system to calculate accrued liabilities removed from its system using entry age normal cost method and its own valuation assumptions, with forfeited service presumed to result in accrued liabilities.

Establishes a dispute resolution process where systems work informally to agree on transfer amounts, and if unable to agree, each system's actuary jointly designates a disinterested actuary for final determination.

Allows systems to mutually agree in writing to transfer funds to settle agreed transfers twice per year for administrative convenience.