Mo. Code Regs. tit. 16 § 20-2.040

Current through Register Vol. 49, No. 18, September 16, 2024

Section 16 CSR 20-2.040 - Refunds

PURPOSE: The proposed amendment updates the existing rule to permit electronic refund applications and certifications and increase the frequency of refund payment dates, as well as non-substantive language updates, and clean-up.

(1) The executive secretary is authorized to make refunds of member's accumulated contributions upon termination of employment with an employer.

(2) The employee must submit a written request for the refund of the member's accumulated contributions on a form furnished by the board, which may be an electronic form.

(3) The member's employer must certify that the employee has left the employ of the employer.

(4) The Retirement System (LAGERS) will not refund a member's accumulated contributions until the employer has remitted the employer statement certifying that the member is no longer receiving remuneration or making contributions to the system. Refunds are issued on the first and fifteenth days of a month (or the first business day thereafter if the 1st or 15th day is not a business day).

(5) The executive secretary shall report to the board at each meeting of the board, the refunds of employees' accumulated contributions made by LAGERS since the last meeting of the board.

(6) The executive secretary may grant a six (6)-month period of time for the repayment of previously refunded contributions.

16 CSR 20-2.040

AUTHORITY: section 70.605.21, RSMo 1994.* Original rule filed Dec. 29, 1975, effective Jan. 8, 1976. Amended: Filed Oct. 6, 1983, effective Jan. 11 , 1984. Amended: Filed Feb. 16, 1999, effective July 30, 1999.

Amended by Missouri Register October 1, 2019/Volume 44, Number 19, effective 11/30/2019

*Original authority 70.605, RSMo 1967, amended 1974, 1992.