MO SB271

Repeals and reenacts 21 sections of Missouri law relating to retirement systems for Kansas City police officers and civilian employees, modernizing definitions and updating terminology throughout both systems.

Changes "actuarial value" to "actuarial cost" in military service credit purchase calculations for both police and civilian employee members, requiring payment based on actuarial assumptions at time of purchase.

Modifies service credit restoration provisions for members who terminate with 5+ years (police) or 3+ years (civilian) of service and later return, requiring payment of member's portion of actuarial cost rather than accumulated contributions plus fund yield.

Updates pension commencement rules effective August 28, 2011, specifying that base and supplemental retirement benefits begin on the first day of the month following retirement with no proration for the initial month.

Clarifies benefit payment timing and procedures upon member death, including survivor spouse benefits, child benefits, and funeral benefits, with specific provisions for remarriage restrictions in certain cases prior to August 28, 2000.