The Missouri Public School Retirement System (PSRS) is governed by specific statutes and regulations that dictate its operations, including the treatment of service credit. Missouri Revised Statutes Chapter 169 establishes the framework for public school retirement systems. Specifically, regarding the purchase of additional service credit, the law outlines conditions and limitations. For a member to purchase service credit for periods of employment with a non-covered employer in Missouri, where such employment was not otherwise creditable under PSRS, specific requirements must be met. These typically involve the member being actively employed in a PSRS-covered position and making a direct contribution for the service, often with an actuarial cost determined by the system. The statute does not permit the purchase of service credit for periods of unemployment, military service (unless specifically covered by other provisions, which is not indicated here), or service with a private entity that is not a Missouri public school employer unless specifically allowed by law for a particular type of service. The scenario describes employment with a private consulting firm that provided services to Missouri public schools, but this does not equate to employment by a public school employer under the PSRS definition. Therefore, this type of service is generally not purchasable as additional service credit under PSRS.

The Missouri Public School Retirement System (PSRS) is governed by specific statutes that dictate the management and distribution of retirement funds. When a member of the PSRS dies before retirement, the disposition of their accumulated contributions depends on the beneficiary designation and the statutory provisions in place at the time of death. Missouri Revised Statutes Chapter 169, specifically sections pertaining to PSRS, outlines these procedures. If a member dies in service and has named a beneficiary, the accumulated contributions, along with any credited interest, are paid to that beneficiary. If no beneficiary is named, or if the designated beneficiary predeceases the member, the contributions are typically paid to the member’s estate. However, the law also provides for alternative beneficiaries in certain circumstances, such as a surviving spouse or children, even if not explicitly named, under specific conditions related to the member’s intent or statutory default provisions. The key is the timely and accurate designation of beneficiaries and adherence to the PSRS statutes. The question tests the understanding of the statutory framework governing beneficiary designations and the distribution of funds upon the death of a PSRS member in service.

The Missouri Local Government Employees Retirement System (LAGERS) operates under specific rules regarding service credit for employees who have prior service with other Missouri public entities, particularly those not participating in LAGERS. Missouri Revised Statutes Chapter 169, specifically concerning LAGERS, outlines provisions for the purchase of prior service. While LAGERS allows for the purchase of service credit from other Missouri public employers if certain conditions are met, such as reciprocity agreements or specific statutory authorizations, it does not automatically grant service credit for service rendered to entities outside of Missouri’s public retirement systems, nor does it typically allow for the direct purchase of service credit from private sector employers. The statute aims to create a cohesive system for Missouri public employees. Therefore, service with a private sector firm in Illinois, even if it was a contractor for a Missouri public entity, would not qualify for purchase under LAGERS rules without a specific legislative amendment or a unique, established reciprocal agreement that is recognized by LAGERS, which is not standard practice for private entities. The question hinges on the statutory authority granted to LAGERS to recognize or allow the purchase of service credit from non-participating or out-of-state entities.

No calculation is required for this question as it tests understanding of legal principles. The Missouri Pension and Employee Benefits Law Exam, like many state-specific examinations concerning public sector benefits, often delves into the intricacies of statutory interpretation and the impact of legislative amendments on existing pension plans. A key area of focus is the protection afforded to vested pension rights. In Missouri, as in many jurisdictions, once an employee has met the statutory requirements for vesting in a pension plan, their right to that pension becomes a protected entitlement. This protection is rooted in contract law principles and often reinforced by specific state statutes designed to safeguard public employee retirement benefits. Legislative changes to a pension plan, such as alterations to contribution rates, benefit formulas, or retirement age requirements, generally cannot be applied retroactively to diminish or eliminate the vested rights of current participants. While prospective changes are permissible to ensure the long-term solvency and sustainability of the plan, these changes must not infringe upon the accrued benefits or the established conditions for receiving those benefits for those who have already vested. The concept of “impairment of contract” is central here, where a state legislature’s actions are scrutinized to ensure they do not unconstitutionally alter contractual obligations, including those embedded in public employment pension agreements. Therefore, a legislative act that purports to reduce the pension benefits of individuals who have already vested in their rights under the prior terms of the plan would likely be deemed unconstitutional in Missouri, as it would impair the vested contractual rights of those employees.

The Missouri Public Service Retirement System (PSRS) is governed by specific statutes that dictate how disability benefits are calculated and administered. For a member to qualify for disability retirement, they must meet certain criteria, including a permanent incapacity to perform their usual and customary duties or any other gainful occupation. The benefit amount is determined based on the member’s years of credited service and their final average salary. If a member has less than ten years of credited service, the disability benefit is calculated as 50% of their final average salary. If a member has ten or more years of credited service, the disability benefit is calculated as the greater of 50% of their final average salary or the benefit they would receive if they continued to work until their normal retirement age, using their current salary. In this scenario, Percival has 8 years of credited service and a final average salary of \$65,000. Since his credited service is less than ten years, his disability benefit is calculated as 50% of his final average salary. Therefore, the calculation is \$65,000 * 0.50 = \$32,500. This amount represents the annual disability retirement benefit. The relevant statute is Missouri Revised Statutes Chapter 169, specifically sections pertaining to disability retirement for PSRS members. The explanation emphasizes the calculation for members with less than ten years of service, as this is the key differentiator for Percival’s situation. It is crucial to understand the nuances of service credit and how it impacts the benefit calculation to ensure accurate administration of these benefits.

The scenario involves a Missouri public employee who has accrued service credit in a defined benefit pension plan. The question concerns the appropriate method for valuing this accrued benefit for the purpose of a domestic relations order (DRO) in a dissolution of marriage proceeding. Missouri law, particularly as it relates to the division of marital property, recognizes that vested pension benefits earned during the marriage are marital assets subject to equitable distribution. The Uniformed Public Employee Retirement, Disability and Death Benefit Act (Missouri Revised Statutes Chapter 104) and relevant case law, such as In re Marriage of Cihak, establish that the present value of accrued pension benefits must be determined. This present value is typically calculated by actuaries using established actuarial assumptions, including life expectancy, mortality rates, and assumed rates of return on investments. The calculation involves projecting future benefit payments and discounting them back to their present value. This actuarial valuation is crucial for the court to make an equitable division of the marital portion of the pension. Therefore, the most appropriate method for valuing the accrued benefit for a DRO is through an actuarial valuation.

The scenario involves a Missouri public employee participating in the Missouri State Employees Retirement System (MOSERS). The employee has accrued service credit from a prior period of employment with a political subdivision of Missouri that is covered by a reciprocal retirement plan, and a subsequent period of service with a Missouri public school district that is covered by the Public School and Education Employee Retirement System of Missouri (PSRS). The question probes the application of Missouri’s Reciprocal System of Retirement for Public Employees, as outlined in various Missouri Revised Statutes, particularly those governing inter-system transfers of service credit. The core principle is that a member who has earned creditable service in more than one Missouri public retirement system can, under specific conditions, combine that service to determine eligibility for retirement and the amount of retirement allowance. For this to occur, the member must meet the minimum service credit requirements of each system involved, and typically must have a break in service between employment covered by different systems. The Reciprocal System allows for the calculation of benefits based on the rules of the system from which the member is retiring, but the service credit from other systems is integrated. The key provision is that a member must be vested in each system in which they have service credit before they can elect to use the reciprocal provisions. Vesting typically requires a certain number of years of creditable service. If the employee has earned at least five years of creditable service in the political subdivision and at least five years of creditable service in the public school district, and has met the vesting requirements for both MOSERS and PSRS, they would be eligible to make an election under the Reciprocal System. The specific calculation of the benefit would depend on which system the employee chooses to retire from and their respective benefit formulas. However, the question is about the eligibility to *use* the reciprocal system, which hinges on meeting the vesting requirements of all participating systems. The most accurate statement regarding the employee’s ability to utilize the reciprocal system is that they can combine their service credit if they are vested in both the MOSERS and PSRS plans, provided they meet the minimum service requirements for each and have a qualifying break in service.

The Missouri Public Service Retirement System (PSRS) is governed by specific statutes that dictate the process for handling unclaimed benefits. When a member of PSRS retires and is entitled to benefits, but cannot be located by the system after a certain period of diligent effort, the benefits are considered unclaimed. Missouri law, specifically RSMo § 169.560, addresses the disposition of such funds. This statute outlines that if a member cannot be located within five years after the date they are entitled to benefits, the funds are to be transferred to the Public School Retirement System of Missouri’s general fund. This transfer is not a forfeiture of the member’s rights but rather a procedural step to manage dormant accounts. The member, or their designated beneficiary, can still claim these funds at any time by providing satisfactory proof of identity and entitlement to PSRS. Therefore, the correct action for PSRS is to transfer the unclaimed benefits to its general fund after the statutory period and diligent search.

The Missouri Public Service Retirement System (PSRS) is governed by specific statutes that dictate how benefits are calculated and administered. When a member of the PSRS, who is also a participant in a Missouri public school retirement system, separates from service and later becomes employed by a different public entity within Missouri that is also covered by a Missouri public retirement system, the treatment of their prior service credit and its impact on future benefit accrual is a critical consideration. Missouri law, specifically Chapter 104 of the Revised Statutes of Missouri (RSMo), outlines provisions for reciprocity and the purchase of service credit. In this scenario, the individual’s service in the PSRS and subsequent employment in a different Missouri public entity, if that entity’s retirement system has a reciprocity agreement with PSRS, would allow for the “transfer” or recognition of prior service. This recognition typically means that the service rendered under the first system is counted towards the vesting and benefit calculation in the second system, subject to the terms of the reciprocity agreement and any required contributions or rollovers. The question hinges on understanding the principle of reciprocity as applied to public employees in Missouri, ensuring that an individual does not lose earned benefits due to movement between different public employers within the state. This prevents a forfeiture of service credit and facilitates a more cohesive retirement benefit structure for public servants who have dedicated their careers to Missouri’s public service across different agencies or institutions. The core concept is that the law permits the aggregation of service from different Missouri public retirement systems under specific conditions to avoid penalizing employees for career mobility within the state’s public sector.

The Missouri Public Service Retirement System (PSRS) is governed by specific statutes that dictate its operational framework and the rights of its members. When a member of PSRS retires and then re-enters public service in a position covered by a different Missouri public employee retirement system, such as the Missouri State Employees Retirement System (MOSERS) or the Public School Retirement System of Missouri (PSRS), specific rules apply regarding the continuation of benefits and creditable service. Generally, under Missouri law, a retiree of one system who becomes an employee of another Missouri public entity is not permitted to simultaneously draw a retirement benefit from the first system and accrue new creditable service or receive salary from the second system if the second position is one that would typically be covered by a retirement plan. This is often referred to as a “double-dipping” prohibition, designed to prevent individuals from collecting a pension and a salary from public employment concurrently in a manner that circumvents the intent of retirement systems. The specific prohibition often hinges on whether the new employment is considered “re-employment” that would be subject to the rules of the new system or if it’s a position that would have been covered by the original system. Missouri Revised Statutes Chapter 104, which governs PSRS and the Missouri Local Government Employees Retirement System (LAGERS), and Chapter 105, which covers MOSERS, contain provisions addressing this. The core principle is that a person receiving retirement benefits from a Missouri public retirement system cannot also be employed in a position that requires participation in another Missouri public retirement system or that would otherwise be prohibited by the terms of their original retirement. Therefore, the PSRS retiree in this scenario would typically be prohibited from continuing to receive their PSRS retirement allowance while simultaneously accruing service credit or receiving salary from a position covered by MOSERS. The prohibition is not absolute in all re-employment scenarios, but it is particularly strict when the re-employment involves another Missouri public retirement system.

The Missouri Public Service Retirement System (PSRS) is governed by specific statutes and regulations that dictate how retirement benefits are calculated and administered. For a member who is also a participant in the Public School Retirement System of Missouri (PSRS) and the Missouri State Employees Retirement System (MOSERS), the coordination of benefits is crucial. Missouri law, particularly within Chapter 104 of the Revised Statutes of Missouri, outlines the provisions for dual participation and benefit coordination. When a member accrues creditable service in both systems, the statutes provide a mechanism to prevent duplicate benefits for the same period of service. This typically involves reducing the benefit from one system by the amount of the benefit received from the other system for the overlapping service. The statutes specify which system’s benefit is primary and how the reduction is applied to ensure that the member does not receive more than a full benefit for any given period of employment. Specifically, if a member has service in both PSRS and MOSERS, the benefit from the system where the member has the *least* amount of creditable service is generally reduced by the amount of the benefit from the system with the *most* creditable service for the overlapping period. This prevents a windfall and adheres to the principle of not paying twice for the same service. Therefore, the benefit from the system with less service is reduced.

The scenario involves a public employee in Missouri who participated in the Missouri Local Government Employees’ Retirement System (LAGERS). Upon separation from service, the employee elected to receive a refund of their contributions rather than a deferred retirement benefit. Missouri Revised Statutes Section 104.1050 governs the distribution of benefits for LAGERS members. Specifically, this section outlines the procedures and implications of electing a refund of contributions. When a member withdraws their accumulated contributions, they forfeit all rights to future benefits from LAGERS, unless they are subsequently rehired and meet certain re-employment criteria. The refund amount typically includes the member’s contributions plus any accumulated interest as defined by LAGERS rules. The critical aspect here is the forfeiture of future pension rights. Therefore, the consequence of electing the refund is the loss of eligibility for a future pension benefit from LAGERS based on that period of service. The relevant statutory framework emphasizes that a refund is an alternative to a pension benefit, not a supplement. This means that the employee’s service with the municipality will not be counted towards any future pension calculation if they have taken the refund and not repaid it according to LAGERS rules upon re-employment. The question tests the understanding of this fundamental trade-off in pension plan distributions.

The scenario involves a Missouri public employee who participated in a defined benefit pension plan administered by the Missouri Public School Retirement System (PSRS). The employee terminated employment prior to becoming vested and is seeking to withdraw their accumulated contributions. Missouri law, specifically concerning public employee retirement systems, dictates the procedures and conditions for such withdrawals. Under Missouri Revised Statutes Chapter 169, specifically sections related to PSRS, a member who terminates service before meeting the requirements for a retirement benefit is generally entitled to a refund of their accumulated contributions, plus any accumulated interest. The interest rate credited to these contributions is typically determined by the retirement system’s governing statutes and board policies, often reflecting investment performance but with statutory minimums or maximums. For PSRS, the crediting of interest on contributions for non-vested members is a crucial element. The statute outlines that such refunds are payable upon written application. It is important to note that withdrawing contributions typically forfeits any future rights to a pension benefit from that service period, unless the contributions are later repaid with interest to re-establish service credit. The calculation of the refund amount involves the total contributions made by the employee, plus the interest accrued as per the system’s rules. Assuming the employee made contributions totaling $45,000 and accrued interest at a rate of 4% compounded annually for 5 years, the calculation would be: Refund = Contributions * (1 + Interest Rate)^Number of Years. Refund = $45,000 * (1 + 0.04)^5. Refund = $45,000 * (1.04)^5. Refund = $45,000 * 1.2166529. Refund = $54,749.38. This refund is subject to applicable federal and state income taxes. The critical aspect is that the withdrawal is of accumulated contributions plus credited interest, and this process requires a formal application to the retirement system.

The scenario involves a public employee retirement system in Missouri and the impact of a legislative amendment on vested but not yet retired members. The core legal principle at play is the protection of vested pension benefits against impairment. Missouri law, like many states, recognizes that once an employee has met the statutory requirements for vesting in a pension, those benefits become a contractual right that cannot be diminished or eliminated by subsequent legislative action without providing a comparable substitute. This protection is rooted in constitutional clauses prohibiting the impairment of contracts. The amendment in question, which retroactively alters the calculation of a benefit component for all members, including those already vested, directly impacts the promised future benefit. Specifically, changing the benefit accrual rate from a defined benefit formula based on final average salary to a cash balance plan structure for those who have not yet retired, but are vested, constitutes a significant alteration. While the state retains the ability to amend pension plans prospectively for future service, or to make reasonable adjustments to ensure solvency, a retroactive reduction or material change to an already vested benefit is generally impermissible. The question asks about the enforceability of such a change for vested members. The principle of non-impairment of vested pension rights dictates that the amendment cannot retroactively diminish the benefits earned by individuals who had already met their vesting requirements prior to the amendment’s effective date. Therefore, the vested members would continue to have their benefits calculated based on the plan provisions in effect at the time of their vesting, or as subsequently amended in a manner that does not impair their vested rights. This protection is a fundamental aspect of public employee pension law in Missouri, ensuring the stability and reliability of retirement promises.

The Missouri Pension and Employee Benefits Law Exam, particularly concerning the Public School Retirement System of Missouri (PSRS), requires an understanding of various eligibility and benefit calculation nuances. When a member of PSRS has a break in service, the law dictates how prior service credit is handled upon re-employment. Specifically, if a member terminates employment and receives a refund of their accumulated contributions, and then is subsequently re-employed by a PSRS-covered employer, they must meet certain criteria to have their previously refunded service reinstated. The critical factor is the time elapsed since the refund and the member’s status relative to their benefit eligibility. Missouri Revised Statutes §169.050.4 outlines the process for restoring service credit after a refund. A member who has received a refund of contributions and is again employed by a public school employer may restore the service credit for the period for which the refund was received by making a repayment of the refunded amount plus accumulated interest. The interest rate is typically determined by the system’s actuarial assumptions, which can fluctuate. For the purpose of this question, we will assume the interest rate for repayment of refunded contributions is a fixed 5% per annum, compounded annually, as per a hypothetical internal PSRS policy for illustrative purposes. If a member took a refund in 2015 and returned to covered employment in 2020, and the refunded amount was $10,000, the calculation to restore service credit involves repaying the principal plus accumulated interest. The interest is calculated for each year the refund was outstanding. Year 1 (2016): $10,000 * 0.05 = $500 interest. New balance: $10,500. Year 2 (2017): $10,500 * 0.05 = $525 interest. New balance: $11,025. Year 3 (2018): $11,025 * 0.05 = $551.25 interest. New balance: $11,576.25. Year 4 (2019): $11,576.25 * 0.05 = $578.81 interest. New balance: $12,155.06. Year 5 (2020): $12,155.06 * 0.05 = $607.75 interest. New balance: $12,762.81. The total repayment required is the original refunded amount plus the total accumulated interest. Therefore, the member must repay $10,000 + $2,762.81 = $12,762.81 to restore the service credit. This process is fundamental to understanding how prior service impacts a member’s eventual retirement benefit calculation within the PSRS framework. The ability to restore service credit is crucial for maximizing retirement income, as it directly affects the years of service used in the benefit formula. The law provides a mechanism for members to rectify past decisions regarding refunds by undertaking this repayment.

The scenario involves a Missouri public employee retirement system that has experienced significant unfunded liabilities. The question probes the appropriate statutory mechanism within Missouri law for addressing such a situation. Missouri Revised Statutes Chapter 104, specifically sections related to the Missouri State Employees Retirement System (MOSERS) and other public employee retirement plans, outlines various funding policies and actuarial requirements. When a retirement system faces a substantial unfunded liability, the General Assembly may enact legislation to address this shortfall. This often involves amendments to contribution rates for both the employer and employees, adjustments to benefit formulas, or the creation of dedicated funding mechanisms. The core principle is to ensure the long-term solvency of the system. Missouri law emphasizes actuarial soundness, requiring periodic valuations to assess the system’s financial health. A deficit in funding necessitates a plan to amortize the unfunded liability over a defined period, typically guided by actuarial assumptions and statutory mandates. The General Assembly’s role is crucial in authorizing necessary adjustments to contributions or benefits to meet these obligations.

The Missouri Public Service Retirement System (PSRS) provides retirement, disability, and survivor benefits to eligible public school employees in Missouri. The system is governed by Chapter 169 of the Missouri Revised Statutes. A key aspect of PSRS is the calculation of retirement benefits, which is based on a member’s final average salary, years of credited service, and a retirement factor. For a member retiring with 30 years of credited service and a final average salary of \$75,000, assuming a standard retirement factor of 2.5% per year of service, the annual benefit would be calculated as follows: Annual Benefit = Final Average Salary × Years of Service × Retirement Factor. Plugging in the values: Annual Benefit = \$75,000 × 30 × 0.025. This calculation yields an annual benefit of \$56,250. The concept of “final average salary” is crucial and is typically an average of the member’s highest-earning years, as defined by statute. The retirement factor, also set by law, determines the percentage of the final average salary earned for each year of service. Understanding these components is fundamental to comprehending how PSRS benefits are determined and administered under Missouri law. The system also has provisions for early retirement, disability retirement, and survivor benefits, each with specific eligibility criteria and calculation methods.

The Missouri Public Service Retirement System (PSRS) is governed by specific statutes that dictate how service credit is calculated and purchased. Section 169.010(19) of the Revised Statutes of Missouri defines “credited service” as service rendered by a member for which contributions have been made. Section 169.050(3) outlines the conditions under which a member can purchase additional service credit, specifically mentioning prior service with another Missouri public school system or a Missouri state agency. The calculation for purchasing such service typically involves multiplying the member’s current contribution rate by the member’s current or average salary for the period of service being purchased, and then applying an actuarial factor to account for the time value of money and the increased benefit payout. In this scenario, the purchase price is determined by the member’s contribution rate at the time of purchase, the member’s current compensation, and the actuarial cost determined by the board of trustees. The core principle is that the member must make contributions equivalent to what they would have contributed had they been in the system during that prior service, plus an amount to cover the actuarial cost of the benefit. The final purchase price is not simply the member’s past contributions but reflects the present value of the future benefit increase.

The Missouri Local Government Employees Retirement System (LAGERS) provides retirement benefits to eligible employees of political subdivisions in Missouri. A key aspect of LAGERS administration involves the determination of creditable service for members. Creditable service is generally defined as periods of employment for which contributions are made to the system, or periods recognized by statute or by the board of trustees. For a member to be considered “vested” and eligible for a retirement benefit, they must accrue a certain amount of creditable service. Under LAGERS statutes, specifically Chapter 104 of the Revised Statutes of Missouri (RSMo), a member typically needs to accrue at least five years of creditable service to become vested. This vesting period is a fundamental requirement for entitlement to a deferred or early retirement benefit, even if the member separates from covered employment before reaching the normal retirement age. The calculation of creditable service can involve various factors, including periods of approved leave, prior service with other Missouri public entities that can be transferred, and specific rules for part-time or seasonal employment. However, the foundational requirement for vesting remains the accumulation of five years of creditable service.

The Missouri Public Service Retirement System (PSRS) is governed by specific statutes that dictate how benefit calculations are performed. For a member retiring under the Missouri State Employees’ Retirement System (MOSERS), the calculation of their annual pension benefit typically involves a formula that considers their final average salary and their years of credited service. The statutory framework, primarily found within Chapter 104 of the Missouri Revised Statutes, outlines these calculations. Specifically, for a member retiring under the standard formula, the annual pension is calculated by multiplying their final average salary by their years of credited service and then by a benefit multiplier percentage. The final average salary is generally the average of the member’s highest compensated consecutive months of service, as defined by statute. The benefit multiplier is a percentage that increases with years of service, as established by law. For instance, if a member has a final average salary of \$60,000 and 25 years of credited service, and the applicable benefit multiplier for their service bracket is 2.0%, the annual pension would be calculated as follows: \( \text{Annual Pension} = \text{Final Average Salary} \times \text{Years of Credited Service} \times \text{Benefit Multiplier} \). Assuming a benefit multiplier of 2.0% (or 0.02), the calculation would be: \( \text{Annual Pension} = \$60,000 \times 25 \times 0.02 = \$30,000 \). This annual pension is then typically paid out in monthly installments. The law also addresses other factors such as early retirement reductions, post-retirement cost-of-living adjustments, and various survivor benefit options, all of which are designed to provide a comprehensive retirement income security framework for Missouri public servants. Understanding the interplay of these components is crucial for accurately determining retirement benefits.

The scenario describes a situation where a Missouri public employee, a participant in the Missouri State Employees Retirement System (MOSERS), has been convicted of a felony directly related to their state employment. Missouri Revised Statutes Section 417.260, which pertains to forfeiture of retirement benefits upon conviction of certain offenses related to public employment, is the governing law. This statute specifically addresses the forfeiture of pension benefits for individuals convicted of felonies that are directly connected to their official duties or position. The statute outlines that such a conviction results in the forfeiture of all accumulated contributions and any future retirement benefits. The calculation for forfeiture is not a monetary deduction but rather a complete loss of entitlement to the benefits accrued during the period of employment that led to the conviction. Therefore, upon conviction of a felony directly related to their state employment, the employee forfeits all rights to MOSERS benefits.

The Missouri Public Service Retirement System (PSRS) provides retirement, disability, and survivor benefits to eligible public school employees in Missouri. Understanding the nuances of benefit calculation, particularly concerning disability retirement, is crucial. A member of PSRS who becomes totally and permanently disabled may be eligible for a disability retirement benefit. The calculation of this benefit is generally based on the member’s years of credited service and their final average salary, as if they had continued to work until their normal retirement age. Specifically, for disability retirement, the benefit is calculated using the member’s current credited service plus an additional period of credited service, often up to the age of normal retirement, but not exceeding the total credited service they would have accumulated had they remained employed until normal retirement age. The benefit is then multiplied by a service factor, which is typically a percentage applied to the final average salary. For instance, if a member has 15 years of credited service and is deemed disabled, and their normal retirement age is 65, and their final average salary is $60,000, and the disability benefit calculation formula results in a benefit equivalent to 20 years of service at a 2.5% accrual rate, the annual benefit would be calculated as \(20 \text{ years} \times \$60,000 \text{ (as a proxy for final average salary for calculation purposes)} \times 0.025\). This results in an annual benefit of $30,000. The key is that the disability benefit aims to approximate what the member would have received at normal retirement, considering their disability and potential future service. The Missouri General Assembly has the authority to amend these provisions, impacting eligibility and benefit calculations for PSRS members.

The Missouri Public Service Retirement System (PSRS) is governed by specific statutes that dictate its operations, including the treatment of service credit. Under Missouri law, particularly Chapter 169 of the Revised Statutes of Missouri, service credit is a crucial component for determining retirement eligibility and benefit calculations. When a member of PSRS leaves covered employment before becoming eligible for retirement and later returns to covered employment with a different Missouri public school employer, the treatment of their prior service credit is subject to specific rules. Generally, if a member withdraws their contributions upon leaving PSRS-covered employment, that service is forfeited unless they repay the withdrawn contributions with interest. However, the law also allows for the purchase of certain types of service credit, such as out-of-state public school service or military service, under specific conditions and limitations. In this scenario, the critical factor is whether the individual withdrew their contributions. If they did, and have not repaid them with the statutorily defined interest, that service is not automatically reinstated. The question focuses on the procedural mechanism for re-establishing forfeited service credit under PSRS. The relevant statute, RSMo 169.560, outlines the process for repaying withdrawn contributions to reinstate service credit. This repayment must include the amount withdrawn plus interest, which is typically calculated at a specified rate set by the system. Without this repayment, the prior service credit remains inactive. The scenario specifically asks about the re-establishment of service credit when a member leaves and returns to Missouri public school employment. The core principle is that prior service credit is generally preserved unless contributions were withdrawn and not repaid.

The Missouri Public Service Retirement System (PSRS) is governed by specific statutes that dictate its operations, including the requirements for reporting and disclosure. Missouri Revised Statutes Chapter 169 establishes the PSRS and outlines the duties of its board of trustees. Specifically, RSMo 169.560 mandates that the board of trustees shall provide an annual report to the governor and the general assembly. This report must include detailed financial information, investment performance, actuarial valuations, and other relevant data concerning the system’s financial health and operational efficiency. The purpose of this reporting is to ensure transparency and accountability to the public and legislative bodies. Failure to comply with these statutory reporting requirements can have legal and administrative consequences for the system. The question probes the understanding of this specific statutory obligation for public retirement systems in Missouri.

The Missouri Public Service Retirement System (PSRS) is governed by Chapter 169 of the Missouri Revised Statutes. Specifically, § 169.560 outlines the conditions under which a member may receive a disability retirement benefit. A member is eligible for a disability retirement if they have at least five years of credited service and are determined by the board to be physically or mentally incapacitated from the performance of duty. The incapacitation must be permanent and not the result of willful misconduct or intentional self-inflicted injury. The determination of disability is made by the PSRS Board of Trustees based on medical evidence and other information presented. The benefit amount for a disability retirement is calculated based on the member’s credited service and average final compensation, as if the member had continued to serve until the normal retirement age. This ensures that the disability benefit reflects the member’s expected retirement benefit. The law also specifies procedures for medical examinations and appeals.

The Missouri Public Service Retirement System (PSRS) is governed by specific statutes and administrative rules that dictate how benefit calculations are performed, particularly concerning disability retirements. Under Missouri law, specifically RSMo Chapter 169, a member of PSRS who becomes totally and permanently disabled from performing their duties as a public school employee may be eligible for a disability retirement benefit. The calculation of this benefit is not a simple percentage of final average salary. Instead, it is typically calculated as the member’s accrued service retirement benefit, which is determined by their years of credited service and their final average salary, without any reduction for early retirement. This means the benefit is calculated as if the member had continued to work until their normal retirement age, based on their current age and credited service at the time of disability. For example, if a member has 20 years of credited service and a final average salary of \$60,000, and their normal retirement age factor is 2.5% per year of service, their accrued service retirement benefit would be \(20 \text{ years} \times 2.5\%/\text{year} \times \$60,000 = \$30,000\). This \$30,000 would be their annual disability retirement benefit, assuming no reduction factors are applied for disability, which is consistent with PSRS provisions for this type of benefit. The key is that the benefit is based on the member’s projected service, not a reduced benefit based on their age at disability. The determination of total and permanent disability is a crucial step, requiring medical evidence and review by the system’s medical board. The statutes also outline provisions for the continuation of contributions and the potential for benefit adjustments.

The Missouri Public Service Retirement System (PSRS) is governed by specific statutes that dictate its operations, including the treatment of member contributions and the establishment of benefit formulas. Section 169.010 of the Missouri Revised Statutes defines a “member” as any person who is an employee of a public school district, a public school, or the state department of elementary and secondary education, and who is making contributions to the system. Section 169.050 outlines the contribution rates for members and employers. Section 169.070 details the service retirement benefits, specifying the conditions for eligibility and the calculation of the retirement allowance. The statutory framework also addresses the disposition of contributions in cases of termination of employment before eligibility for retirement benefits. Specifically, if a member leaves service before becoming eligible for retirement benefits, their accumulated contributions are typically refunded. However, the system’s rules and statutes are designed to encourage long-term participation and the accrual of retirement benefits. The question hinges on understanding the statutory definition of a member and the conditions under which accumulated contributions are refunded versus retained for future pension benefits. The scenario describes an individual who is employed by a Missouri public school and is actively making contributions to the PSRS. This individual fits the definition of a member under Missouri law. The key is that the member has not yet reached the age or service credit requirements for retirement. Therefore, upon termination of employment under these circumstances, the member is entitled to a refund of their accumulated contributions, including any interest earned thereon, as per the provisions governing the PSRS. This refund is a statutory right for members who terminate service prior to vesting or eligibility for retirement benefits.

The Missouri Public Service Retirement System (PSRS) operates under specific statutory provisions that govern its administration and benefit distribution. When a member of PSRS dies, the distribution of benefits to a beneficiary is determined by the member’s election at the time of retirement or by default statutory provisions if no election was made. Missouri Revised Statutes Chapter 169 outlines these rules. Specifically, if a member retires and elects a survivorship option, benefits are paid to the designated beneficiary for their lifetime. If the member dies before retirement, the options for beneficiaries are typically a lump-sum refund of contributions plus any accumulated interest, or a monthly benefit if certain conditions are met, such as having at least ten years of credited service. The question presents a scenario where a PSRS member, Elias Thorne, died after retiring and electing a joint and survivor annuity. This means his designated beneficiary, Ms. Albright, is entitled to receive a portion of his pension for the remainder of her life. The amount she receives is a percentage of Elias’s pension, as elected by Elias at the time of his retirement. The critical point is that the benefit is paid to the beneficiary for her lifetime, not a fixed period or until a certain amount is paid out, unless a specific refund option was elected before retirement. Therefore, the benefit is a lifetime annuity for Ms. Albright.

The Missouri Pension and Employee Benefits Law Exam, particularly concerning the Missouri State Employees’ Retirement System (MOSERS), requires understanding of specific provisions governing participant rights and employer responsibilities. When an employer ceases to participate in MOSERS, certain actions must be taken to ensure the continued protection of employee benefits. Missouri Revised Statutes Chapter 104, specifically sections related to the dissolution of participating employers and the transfer or preservation of benefits, dictates the framework. Upon an employer’s withdrawal or cessation of participation, any accumulated contributions made by the employer and employee, along with any accrued benefits, must be accounted for and handled according to the governing statutes and MOSERS’ established procedures. This typically involves either transferring the accumulated funds to another qualified retirement plan if a successor plan is established and approved by MOSERS, or preserving the benefits within the MOSERS system for the affected employees, even if they are no longer actively employed by that specific entity. The primary objective is to safeguard the retirement security of the employees who were members of the plan. The law mandates that these benefits are not forfeited due to the employer’s change in status. The employer’s obligation is to ensure that the transition of benefits is managed in a manner that aligns with the rights of the vested members, adhering to the principles of pension law which prioritize the security of earned retirement income. The specific calculation of the exact value of benefits would depend on the individual member’s service credit, contribution history, and the plan’s actuarial assumptions at the time of cessation, but the legal principle is the preservation of these accrued benefits.

The Missouri Public Service Retirement System (PSRS) is governed by Chapter 169 of the Missouri Revised Statutes. Specifically, Section 169.560 addresses the disability retirement provisions for members of the PSRS. For a member to be eligible for disability retirement benefits, they must have accumulated at least five years of creditable service. The disability must be a result of an injury or illness sustained while in the performance of duty, or it can be a non-service-connected disability. The statute requires that the disability be permanent and total, meaning the member is unable to engage in any gainful occupation. The application process involves submitting medical evidence and a determination by the PSRS Board of Trustees. The benefit amount for disability retirement is typically calculated based on the member’s credited service and average final compensation, similar to service retirement, but the specific formula and any potential offsets or limitations are detailed within the PSRS statutes and administrative rules. The key distinction for eligibility is the five-year service requirement and the established inability to perform gainful employment due to the disability.