MO SB410

Effective September 1, 2011, when service transfers between the Missouri Department of Transportation and Highway Patrol Employees' Retirement System and the Missouri State Employees' Retirement System occur, the sending system must pay the receiving system an amount equal to the member's actuarial accrued liability using assumptions from the last regular actuarial valuation.

The actuarial accrued liability is calculated using the entry age actuarial cost method or other method required by statute, and any money collected to restore forfeited service reduces the sending system's liability.

Transfer payments must be made within 90 days of a completed transfer request submission and cannot be less than the member's accumulated contributions, interest, and any purchased service payments held by the sending system.

When transfer payments include accumulated contributions, that portion must be separately identified and the receiving system shall credit interest according to its plan terms.

Both systems must coordinate plan administration for reciprocal transfers, including transfer and acceptance of corresponding division of benefit orders, and members must satisfy all requirements under sections 104.602, 104.1021, and 104.1091.