Section 86.463

Title VII CITIES, TOWNS AND VILLAGES

Chapter 86

Effective - 28 Aug 2001, 3 histories, see footnote   (history) 

  86.463.  Pension after ten years' service, termination of service by commissioners — pension after fifteen years' service on resignation, how calculated. — 1. Whenever the service of a member is not terminated by death or retirement, but by order of the board of police commissioners for any reason other than dishonesty, intemperate habits or being convicted of a felony, and the member has not less than ten years of creditable service, the member shall become entitled to an annual pension beginning at the age of sixty, if he or she is then living, bearing the same ratio to fifty percent of his or her final compensation, as defined in section 86.370, that the number of years of creditable service bears to thirty. When the member has less than ten years of creditable service, upon termination of service he or she shall be paid the amount of his or her accumulated contributions in one lump sum payment without interest, which shall constitute payment in full of all benefits to which he or she might be entitled under sections 86.370 to 86.497.

  2. Whenever the service of a member is not terminated by death or retirement, but by voluntary resignation and the member has not less than fifteen years of creditable service, the member may elect not to withdraw his or her accumulated contributions and shall become entitled to an annual pension beginning at the age of fifty-five, if he or she is then living, equal to two and one-half percent of his or her final compensation multiplied by the number of years of his or her creditable service. When the member has less than fifteen years of creditable service, upon resignation from service he or she shall be paid the amount of his or her accumulated contributions in one lump sum payment without interest, which shall constitute payment in full of all benefits to which he or she might be entitled under sections 86.370 to 86.497.

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(L. 1945 p. 1367 § 6, A.L. 1947 V. I p. 422, A.L. 1951 p. 342, A.L. 1955 p. 293, A.L. 1957 p. 285 § 86.282, A.L. 1985 S.B. 337, et al., A.L. 1997 H.B. 331, A.L. 2001 S.B. 290)