Section 104.436

Title VIII PUBLIC OFFICERS AND EMPLOYEES, BONDS AND RECORDS

Chapter 104

Effective - 11 Jul 2002, 2 histories, see footnote   (history) 

  104.436.  Financing pattern for contribution determinations — commissioner of administration to certify payment. — 1.  The board intends to follow a financing pattern which computes and requires contribution amounts which, expressed as percents of active member payroll, will remain approximately level from year to year and from one generation of citizens to the next generation.  Such contribution determinations require regular actuarial valuations, which shall be made by the board's actuary, using assumptions and methods adopted by the board after consulting with its actuary.  The entry age normal cost valuation method shall be used in determining normal cost, and contributions for unfunded accrued liabilities shall be determined using level percent-of-payroll amortization.

  2.  At least ninety days before each regular session of the general assembly, the board shall certify to the division of budget the contribution rate necessary to cover the liabilities of the plan administered by the system, including costs of administration, expected to accrue during the next appropriation period.  The commissioner of administration shall request appropriation of the amount calculated pursuant to the provisions of this subsection.  Following each pay period, the commissioner of administration shall requisition and certify the payment to the executive director of the Missouri state employees' retirement system.  The executive director shall promptly deposit the amounts certified to the credit of the Missouri state employees' retirement fund.

  3.  The employers of members of the system who are not paid out of funds that have been deposited in the state treasury shall remit promptly to the executive director an amount equal to the amount which the state would have paid if those members had been paid entirely from state funds.  The executive director shall promptly deposit the amounts certified to the credit of the Missouri state employees' retirement system fund.

  4.  These amounts are funds of the system, and shall not be commingled with any funds in the state treasury.

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(L. 1981 H.B. 835, et al., A.L. 1984 H.B. 1370, A.L. 1986 H.B. 1496, A.L. 1988 H.B. 1643 & 1399, A.L. 1988 H.B. 1100, et al., A.L. 1992 S.B. 499, et al., A.L. 2002 H.B. 1455)

Effective 7-11-02