Mo. Code Regs. tit. 16 § 10-5.040
Current through Register Vol. 49, No.12, June 17, 2024
Section 16 CSR 10-5.040 - Calculation of Retirement Allowance for a Member With Services in a College or Agency Also Providing Social Security CoveragePURPOSE: This rule sets forth the procedures for qualification and benefits to those members as set forth in House Bill 34, 1957 and those who subsequently become members and also have Social Security coverage.
(1) July 1, 1957 is a dividing date. If the member was in active teaching at the time of the effective date of House Bill 34-May 14, 1957-or between that date and June 30, 1957, the employment at that time will determine the status of the member's services prior to July 1, 1957.(A) If the member was in public school teaching, services prior to July 1, 1957, will be calculated on the formula for those without Social Security coverage.(B) If the member was in a position which required Social Security contributions to be withheld from the salary payments in the 1956-57 school year, the calculation must be made on the basis of an employee with Social Security coverage.(2) If the member was inactive at the time House Bill 34 became effective and the last teaching services prior to the inactive status did not require the withholding of Social Security contributions, when the member returns to teaching the following will prevail: (A) If the member's employment does not require withholding of contributions for Social Security, all services will be valued under the full formula; and(B) If the member's employment requires the withholding of contributions for Social Security, the previous services will be valued under the full formula and services after July 1, 1957, under the formula used with Social Security coverage.(3) If the member was inactive at the time House Bill 34 became effective and the last teaching services prior to the inactive status required the withholding of Social Security contributions, when the member returns to teaching the following will prevail: (A) If employment requires withholding of contributions for Social Security, all services will be valued under the formula used with Social Security coverage; and(B) If employment does not require withholding of contributions for Social Security, all services will be valued under the full formula.(4) The monthly benefit for those applicants for retirement beginning January 1, 1976, who have taught in systems where full contributions are required and also where two-thirds (2/3) contributions are required shall be the sum obtained by applying the average monthly salary for the best five (5) years of teaching service while a member of the retirement system times the appropriate formula provided in section 169.070, RSMo for each year or fraction of a year of service in a district where full contributions are required, and that obtained by applying the same final average salary times the same formula times two-thirds (2/3) for every year or fraction of a year in which the member contributed at two-thirds (2/3) the rate, provided a member with service in a system covered by Old Age Survivor's Insurance (OASI) prior to July 1, 1961, made the retroactive payment in accordance with subdivision 169.070.10., RSMo. This section of this rule applies only to the teacher system. AUTHORITY: section 169.020, RSMo 1994.* Original rule filed Dec. 19, 1975, effective Jan. 1, 1976. *Original authority: 169.020, RSMo 1945, amended 1951, 1953, 1967, 1973, 1983, 1990, 1995, 1996.