City of Overland, MO Article V Retirement and Pensions [1]

[1] Editor's Note — Ord. no. 2011-3, adopted January 10, 2011, repealed article V "retirement and pensions" of ch. 200, sections 200.370 — 200.680 and enacted new provisions set out herein. Former sections 200.370 — 200.680 derived from CC 1976 §§21-127 — 21-155; ord. no. 513 §§1 — 10, 12 — 16, 18 — 26, 12-12-55; ord. no. 752 §§1 — 2, 10-23-61; ord. no. 1507 §2, 2-14-77; ord. no. 1801 §1, 5-11-81; ord. no. 2100 §2, 8-13-84; ord. no. 2345 §§1 — 2, 6-22-87; ord. no. 2540 §1, 12-11-89; ord. no. 93-7 §§1 — 5, 2-22-93; ord. no. 94-55 §1, 8-16-94; ord. no. 94-70 §§1 — 2, 11-15-94; ord. no. 95-18 §§1 — 8, 4-11-95; ord. no. 96-16 §1, 1-23-96; ord. no. 96-21 §1, 2-12-96; ord. no. 98-67 §1, 9-29-98; ord. no. 2001-33 §§1 — 3, 5-15-01; ord. no. 2001-63 §1, 9-25-01; ord. no. 2002-18 §§1 — 7, 3-25-02; ord. no. 2003-20 §1, 3-10-03; ord. no. 2006-14 §1, 3-27-06; ord. no. 2007-47 §1, 10-24-07; ord. no. 2008-37 §1, 9-8-08.

Section 200.370 Creation of Plan for Retirement.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014; Ord. No. 2025-20, 5-12-2025]

There is hereby provided a plan for the retirement of the salaried participants of the organized Police Department of the City (hereinafter referred to as "covered employees") on account of age or disability and for the payment to such employees during their retirement, and upon their deaths to their beneficiaries, of the pensions as herein more specifically set forth, in pursuance of the Constitution of the State of Missouri and the laws enacted pursuant thereto. Effective February 1, 2025, no newly hired or rehired employees shall become covered employees in the retirement plan but instead shall become members of the Missouri Local Government Employees Retirement System (LAGERs), if so eligible.

Section 200.380 Definitions.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014; Ord. No. 2017-04, 2-27-2017; Ord. No. 2023-28, 8-14-2023; Ord. No. 2025-20, 5-12-2025]

For the purposes of this Article, the following terms shall be deemed to have the meanings indicated below:

ACTUARIAL EQUIVALENT or ACTUARIAL EQUIVALENCE

A benefit having the same value as another stated benefit on the date payment commences or on any other date calculated on the basis of the factors as applicable below.

1. Adjustment For Form And Date Of Payment. If a participant's benefit is payable in a form other than the normal form of retirement benefit, it will be adjusted as provided in Section 200.530.

2. Age On Applicable Date. The actuarial equivalent of an accrued benefit will be determined as of the applicable date on the basis of the payee's actual age. If a benefit is initially determined and thereafter there is an administrative delay in the actual payment of benefits, the administrator shall determine in a manner consistently applied on a non-discriminatory basis whether the benefit will be adjusted. Any such adjustment may either add interest to the date of actual distribution or the benefit may be revalued based on the payee's then-current actual age as of the date benefits are paid.

3. Amendment Of Actuarial Equivalence. Except as may otherwise be permitted by the Code and by the regulations issued thereunder, if the definition of actuarial equivalence is amended, in no event will the lump sum actuarial equivalent of an accrued benefit determined on the date a benefit commences be less than the actuarially equivalent value of the accrued benefit as determined one (1) day prior to the date of change, based on the terms of the plan as in effect on such day.

4. Actuarial Equivalence Factors.

a. Actuarial equivalence will be determined on the basis of the following mortality table and interest rates: seventy-seven percent (77.0%) interest and the 1983 Group Annuity Mortality Table, fifty percent (50%) male rates and fifty percent (50%) female rates.

b. The GATT 417(e) date applicable for this plan shall be the first day of the plan year which begins on or after January 1, 2000.

5. Code Section 417(e) PBGC Factors. If the annuity starting date is prior to the GATT 417(e) date, the mortality table is as stated in Subsection (4) above and interest is based on the applicable interest rate. The applicable interest rate is the interest rate as of either the date benefits are computed to be payable or the first day of the plan year which contains the annuity starting date which would be used by the Pension Benefit Guaranty Corporation for a trusteed single-employer plan to value a benefit upon termination of an insufficient trusteed single-employer plan. The Code Section 417(e) interest rate limitations will apply to distributions in plan years beginning after 1984; but the Code Section 417(e) interest rate will not apply to any distributions beginning in plan years before 1987, if such distributions were determined in accordance with the interest rates as required by Regulation 1.417(e) - 1T(e) (including the PBGC immediate interest rate).

6. Code Section 417(e) GATT Factors.

a. The applicable interest rate is the rate of interest on thirty (30) year Treasury securities as specified by the Commissioner for the applicable lookback month for the applicable stability period. The applicable lookback month shall be the third calendar month preceding the first day of the applicable stability period. The applicable stability period shall be the successive period of one (1) plan quarter that contains the annuity starting date for the distribution and for which the applicable interest rate remains constant. If the date herein for determining the applicable interest rate is changed by amendment or by indirect change as a result of a change in the plan year, such change shall not be given effect with respect to any distribution during the period commencing one (1) year after the later of the amendment's effective date or adoption date, if during such period the participant's distribution would be reduced as a result of such amendment.

b. The post-retirement (and preretirement, if applicable) applicable GATT mortality table will be as follows:

(1) For benefits with an annuity starting date before December 31, 2002, as set forth in Revenue Ruling 9S-6 equal to the 1983 Group Annuity Mortality Table gender-neutral blended 50/50 male and female;

(2) For benefits with an annuity starting date on or after December 31, 2002, and before January 1, 2008, as set forth in Revenue Ruling 2001-62 equal to the 1994 Group Annuity Reserving Mortality Table projected to 2002 based on a fixed blend of fifty percent (50%) of the unloaded male mortality rates and fifty percent (50%) of the unloaded female mortality rates; and

(3) For benefits with an annuity starting date on or after December 31, 2007, shall be the applicable Code Section 417(e)(3) mortality table that applies to distributions with annuity starting dates on that date.

AVERAGE MONTHLY COMPENSATION

The average monthly compensation paid to an employee during the last five (5) or ten (10) consecutive years of credited service, whichever is greater. In determining average monthly compensation, any elective deferrals as defined under Code Section 402(g) and any amount contributed or deferred by the employer at the election of the employee, which is not includable in gross income by reason of Code Section 125, Code Section 132(f)(4) or Code Section 457, will be included in average monthly compensation. Except for purposes of determining the maximum three (3) highest consecutive year average compensation under Code Section 415 in determining average compensation and accrued benefits for any plan year which begins on or after January 1, 2002, the annual compensation for each participant which is taken into account shall not exceed two hundred thousand dollars ($200,000.00), as adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). The two-hundred-thousand-dollar limit on annual compensation shall be adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within such calendar year.

BENEFICIARY

Any person who is receiving or designated to receive a system benefit, except a retirant.

CODE

The Internal Revenue Code of 1986, as amended.

CODE SECTION 415 COMPENSATION

Effective January 1, 1975, wages, salaries, differential wage payments under Code Section 3401(h), fees for professional services and other amounts received (without regard to whether or not an amount is paid in cash) for personal services actually rendered in the course of employment with the employer maintaining the plan, including, but not limited to, commissions paid salespersons, compensation for services based on a percentage of profits, commissions on insurance premiums, tips, bonuses, fringe benefits, and reimbursements, or other expense allowances under a non-accountable plan as described in IRS regulation § 1.62-2(c). A participant's Code Section 415 compensation will be determined subject to the following provisions:

1. Code Section 415 compensation does not include:

a. Employer contributions to a plan of deferred compensation which are not includable in gross income for the taxable year in which contributed, or employer contributions to a simplified employee pension plan to the extent such contributions are deductible by the Employee, or any distributions from a plan of deferred compensation;

b. Amounts realized from a non-qualified stock option, or when restricted stock or property held by the employee either becomes freely transferable or is no longer subject to a substantial risk of forfeiture;

c. Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option; and

d. Other amounts which receive special tax benefits, or contributions made by an employer (whether or not under a salary reduction agreement) towards the purchase of an annuity described in Code Section 403(b) (whether or not the amounts are excludable from an employee's gross income).

2. For Limitation Years beginning on or after January 1, 1998, Code Section 415 compensation will include any elective deferrals as defined in Code Section 402(g)(3), and any amounts contributed or deferred at the election of the Employee that were not includable in the gross income by reason of Code Section 125 or Code Section 457. Code Section 415 compensation will also include elective amounts that are not includable in the gross income of the Employee by reason of Code Section 132(f)(4) for Limitation Years beginning on or after January 1, 2001.

3. For limitation years beginning on or after July 1, 2007, compensation for a limitation year shall also include compensation paid by the later of two and one half (2 1/2) months after an employee's severance from employment with the employer maintaining the plan or the end of the limitation year that includes the date of the employee's severance from employment with the employer maintaining the plan, if the payment is regular compensation for services during the employee's regular working hours, or compensation for services outside the employee's regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments, and, absent a severance from employment, the payments would have been paid to the employee while the employee continued in employment with the employer.

4. Notwithstanding any other provision of the plan to the contrary, if a covered employee is absent from employment as an employee to perform service in the uniformed services (as defined in Chapter 43 of Title 38 of the United States Code), his/her Code Section 415 Compensation will include any differential pay, as defined hereunder, he/she receives or is entitled to receive from his/her employer. For purposes of this paragraph, "differential pay" means any payment made to the covered employee by the employer with respect to a period during which the covered employee is performing service in the uniformed services while on active duty for a period of more than thirty (30) days that represents all or a portion of the wages the covered employee would have received if he/she had continued employment with the employer as an employee.

COMPENSATION

The Code Section 3401 compensation that is actually paid in gross income during the calendar month (or, for a month which began on or after January 1, 1992, actually paid or made available). The term "Code Section 3401 compensation" means wages within the meaning of Code Section 3401(a) that are actually paid or made available in gross income for the purposes of income tax withholding at the source but determined without regard to any rules under Code Section 3401 that limit the remuneration included in wages based on the nature or location of the employment or the services performed.

1. Partial month compensation. If a member is employed for less than a full calendar month used for determining compensation or average compensation, compensation for such partial month shall be counted (without annualizing).

2. Elective deferrals and certain other amounts. Effective for the plan year beginning January 1, 2013, except for purposes of Code Section 415 compensation, employer contribution amounts made pursuant to a salary reduction agreement which were not currently includable in a member's gross income by reason of Code Section 125, Code Section 402(g), Code Section 403(b) and Code Section 457 will be included in determining compensation for all plan years. Employee contributions to the Police Retirement Fund treated as employer contributions under Section 200.400 included in determining compensation for all plan years. Compensation will also include elective amounts that are not includable in the gross income of the Employee by reason of Code Section 132(f)(4) for Limitation Years beginning on or after January 1, 2001.

3. Code Section 401(a)(17) Annual Compensation Limit. In determining average compensation and accrued benefits for any plan year which begins on or after January 1, 1996, the annual compensation for each participant which is taken into account shall not exceed one-hundred-sixty thousand dollars ($160,000.00), as adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). Except for purposes of determining the maximum three-highest-consecutive-year average compensation under Code Section 415, in determining average compensation and accrued benefits for any plan year which begins on or after January 1, 2002, the annual compensation for each participant which is taken into account shall not exceed two-hundred thousand dollars ($200,000.00), as adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). The two-hundred-thousand-dollar limit on annual compensation shall be adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within such calendar year.

4. Compensation limitation election available to certain members. Except for purposes of determining Code Section 415 limitations, any member who is a highly compensated employee may elect for any plan year, on a form prescribed by the administrator, to limit his or her compensation for all purposes under this plan.

5. Certain amounts excluded from compensation. However, notwithstanding the foregoing to the contrary, except for purposes of Code Section 415 limitations, any amount which would otherwise be considered compensation under this Section but which is received by a member as an expense allowance will not be considered compensation for purposes of the plan.

COVERED EMPLOYEE

A Police Officer employed by the City of Overland as a full-time, permanent, regular employee of such department in active service as a Police Officer and who, if employed after the effective date of this Chapter, is not over age sixty (60) at his/her employment date. The term "covered employee" shall not be construed to include school traffic officers or special Police Officers, or any employee who is not a full-time, permanent, regular employee of such department in active service as hereinbefore described. The term "covered employees" shall include the Chief of Police. The term "covered employees" shall include any probationary Police Officer. The term "covered employees" shall not include any employee hired or rehired on or after February 1, 2025.

CREDITED SERVICE

1. For purposes of Section 200.510, as it applies to individuals terminating employment with the Police Department of the City of Overland on or after April 1, 1993, means the number of calendar months in which an individual has any service as a covered employee divided by twelve (12). A fractional year of credited service equal to less than fifty percent (50%) shall not constitute a year of credited service and a fractional year of fifty percent (50%) or more shall constitute a year of credited service.

2. For the purposes of Sections 200.410 and 200.440, "credited service" or "creditable service," as it applies to individuals terminating employment with the Police Department of the City of Overland on or after April 1, 1993, means the number of calendar months in which an individual has any service as a covered employee divided by twelve (12). For purposes of calculating benefits under Section 200.420, a fractional year of service, if any, shall be used in calculating an employee's benefits.

PERMANENT AND TOTAL DISABILITY

Physical inability to return to service in the Police Department.

PLAN

The retirement plan for the Police Department of the City of Overland, Missouri as set forth herein and as hereinafter amended from time to time.

Section 200.390 Employer Contribution and Sources of Funding.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014; Ord. No. 2024-07, 5-13-2024]

A. The Police Retirement Fund shall consist of:

1. The proceeds of a tax to be levied by the City Council of the City as hereinafter provided as the most recently voter approved levy on the value of all taxable property annually assessed in the City as the same appears on the tax books of the City and collected by the City. The rate of tax shall be levied by the City Council at the time when the tax rates of the City are fixed, except as may otherwise be provided. The tax money thus collected shall be allocated to and set apart in a separate fund for the purposes mentioned in this Chapter, and such money shall not be used for nor devoted to any purposes other than herein provided.

2. Any and all property given or donated to the fund from any source, and for this purpose the Board of Trustees may accept donations to the Retirement Fund in the form of gifts, grants, devises and bequests of any money, personal property, real estate or any interests therein, or any right of property; and any such gift, grant, devise or bequest may be absolute or in fee simple, or upon condition that only the rents, income or profits arising therefrom shall be applied to the purpose for which the Police Retirement Fund is established.

3. The contributions paid into such fund by the covered employees as provided in Section 200.400.

4. 4. Twenty percent (20%) of all rewards received by covered employees of the Police Department.

5. The net earnings on all investments and all interest earned.

6. Allocations from the earnings received from future annual Fourth of July fireworks displays and of any other entertainment or events given for the benefit of the Police Department and specifically approved by the Board of Trustees.

7. A one-time contribution from the General Fund of the City of Overland in the amount of three hundred thousand dollars ($300,000.00) to be completed upon adoption.

Section 200.400 Employee Contributions.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014; Ord. No. 2017-04, 2-27-2017; Ord. No. 2020-18, 11-9-2020]

A. Every covered employee of the Police Department of the City shall be assessed and required to pay into the Police Retirement Fund, herein created, a sum equal to the following:

1. Five percent (5%) of his/her salary paid prior to April 1, 2017;

2. Seven and one-half percent (7 1/2%) of his/her salary paid on or after April 1, 2017;

3. Nine and four-tenths percent (9.4%) of an employee's salary paid on or after December 7, 2018, if the employee bears the rank of sergeants or below; and

4. Eight and one-half percent (8 1/2%) of an employee's salary paid on or after November 20, 2020, if the employee bears the rank of lieutenants or captain.

B. The City in making up its payroll for covered employees of the Police Department shall be authorized and is hereby required to deduct from the compensation and salary due each covered employee for each payroll period a sum representing employee contributions from compensation and such deduction shall be placed in a special fund and shall be paid monthly to the Treasurer of the Board of Trustees. All contributions made by covered employees on or after April 1, 2017, shall be deemed to be "pick-up" contributions under Code Section 414(h)(2). Each covered employee of the Police Department shall execute and deliver to the City Clerk an authorization, in proper form, for the deduction herein described, and no covered employee shall be employed in covered services in the Police Department unless he/she shall execute such authorization.

Section 200.410 Normal Retirement.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014; Ord. No. 2022-25, 11-14-2022]

Any covered employee of the Police Department of the City who began participating in the plan prior to December 1, 2022, having twenty (20) years or more of creditable service, or having attained the age of sixty-two (62) years and having eighteen (18) years or more of creditable service in the Department, shall be eligible for retirement and upon application therefor, duly approved by the Board of Trustees, shall be paid monthly pension benefits as prescribed in Section 200.420. Any covered employee of the Police Department of the City who began participating in the plan on or after December 1, 2022, having twenty-five (25) years or more of creditable service, or having attained the age of sixty-two (62) years and having eighteen (18) years or more of creditable service in the Department, shall be eligible for retirement upon application therefor, duly approved by the Board of Trustees, shall be paid monthly pension benefits as prescribed in Section 200.420. Any covered employee of said Department, after both attaining the age for full retirement as outlined by the Social Security Administration and having five (5) years or more of creditable service, shall be compelled to retire (subject to Federal or State law) and, upon application therefor, duly approved by the Board of Trustees, shall be paid monthly pension benefits as prescribed in Section 200.420.

Section 200.420 Normal Retirement Benefits.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014; Ord. No. 2022-25, 11-14-2022]

A. The monthly retirement benefits payable to a covered employee who began participating in the plan prior to December 1, 2022, for his/her life who otherwise qualifies for such benefits under this Chapter shall be the following percentages of such employee's average monthly compensation:

1. Two and one-half percent (2.5%) multiplied by the lesser of:

a. The covered employee's years of credited service; or

b. Twenty (20) years; plus

2. One and one-half percent (1.5%) multiplied by the lesser of:

a. The covered employee's years of credited service in excess of twenty (20) years; or

b. Ten (10) years.

B. The monthly retirement benefits payable to a covered employee who began participating in the plan on or after December 1, 2022, for his/her life who otherwise qualifies for such benefits under this Chapter shall be the following percentages of such employee's average monthly compensation:

1. Two and one-half percent (2.5%) multiplied by the lesser of:

a. The covered employee's years of credited service; or

b. Twenty (20) years; plus

2. One and one-half percent (1.5%) multiplied by the lesser of the covered employee's years of credited service, in excess of twenty (20) years, to a maximum of sixty percent (60%) of average monthly compensation.

Section 200.430 (Reserved) [1]

[1] Editor's Note: Former Section 200.430, Early Retirement, was repealed 8-14-2023 by Ord. No. 2023-28. Prior history includes Ord. No. 2011-3 and Ord. No. 2014-05.

Section 200.440 Distribution of Investment Account.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014; Ord. No. 2017-04, 2-27-2017; Ord. No. 2023-28, 8-14-2023]

A. A covered employee whose retirement is approved by the Board of Trustees after November 15, 1994, under Section 200.410 shall be paid, at the time the first (1st) monthly payment is received, a payment equal to the total of all contributions which the covered employee made prior to April 1, 2017, pursuant to Section 200.400, without interest. No refund of contributions made by a covered employee on or after April 1, 2017, pursuant to Section 200.400 will be paid.

B. Any covered employee who otherwise is ineligible for retirement benefits as provided in Section 200.410, and who is released from service because of non-service-connected injury, disease or illness, shall be entitled to a refund out of the Police Retirement Fund, upon written request to the Board of Trustees, in the amount of the covered employee's contributions thereto, with interest to date of termination, computed at the rate of three percent (3%) compounded annually.

C. Any covered employee who otherwise is ineligible for retirement benefits as provided in Section 200.420, and who shall leave the service of the Police Department voluntarily or who shall be discharged, shall be entitled to a refund out of the Police Retirement Fund, upon written request to the Board of Trustees, in the amount of the covered employee's contributions thereto, without interest.

D. If a covered employee is entitled to a return of contributions pursuant to Subsection (B) or (C) above, and his or her contributions do not exceed one thousand dollars ($1,000.00), then his or her benefit shall be paid in a single sum as soon as may be practical after the covered employee leaves service. The covered employee shall be provided with a written notice of his or her opportunity to elect to receive payment of the contributions as a lump-sum cash payment or as a direct rollover to an eligible retirement plan specified by the covered employee. If within ninety (90) days of the issuance of notice, the covered employee does not make an election as to the form of payment, the distribution shall be paid in a lump-sum cash payment.

Section 200.450 Disability Retirement.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

Any covered employee of the Police Department of the City, regardless of length of service or age, permanently and totally disabled by injury, sustained or incurred in the line of his/her duty, which injury shall require his/her retirement from the Police Department, shall upon application thereof, duly approved by the Board of Trustees, be paid monthly pension benefits as prescribed in Section 200.420 or fifty dollars ($50.00) per month, whichever amount is greater. Such covered employee shall be required to be examined periodically as provided in Section 200.460, and if determined to be in a state of health or physical condition sufficient to resume any duties assigned him/her in the Department, all disability benefits as provided herein shall be terminated; provided, however, such employee shall not be paid for such employment at a salary less than the monthly benefit as provided in this Section.

Section 200.460 Review of Disability Benefits.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

A. At least once a year, and at such other times as the Board of Trustees shall deem necessary, the Board of Trustees shall require any covered employee receiving disability benefits hereunder to undergo a physical examination by the Medical Board. Such examinations shall be made by the Medical Board, or within the discretion of the Board of Trustees, by two (2) or more other physicians designated by the Board of Trustees. If two (2) or more of the physicians examining such covered employee shall certify to the Board of Trustees that the covered employee's disability has terminated, the right of such employee to such disability benefits hereunder shall terminate. Should any such covered employee refuse to submit to such medical examinations, his/her disability benefits hereunder shall be suspended and discontinued pending his/her submission thereto. If such refusal continues for a period of one (1) year, all rights of such covered employee to retirement or disability benefits hereunder shall terminate.

B. A board to be known as the "Medical Board" is hereby created and provided for, and shall consist of three (3) physicians appointed by the Board of Trustees, and such Medical Board shall make all physical examinations, except as may otherwise be provided herein. The fees and expenses of such examinations shall be paid out of the Police Retirement Fund, provided that such fees (not including expenses, if any) shall not exceed the sum of thirty dollars ($30.00) for each covered employee examined by the Medical Board.

Section 200.470 Suspension of Benefits.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014; Ord. No. 2025-20, 5-12-2025]

A. If any participant is reemployed by the City after retirement, or if a participant is elected as a City Official after payment of retirement benefits has begun and is accruing additional benefits under the plan or any other plan of the City, payment of the retirement benefits for which he/she may already be eligible because of prior participation shall be discontinued until he/she again retires. Upon subsequent retirement, payment of benefits shall resume in the same amount and under the same optional form, if any, as were in effect before such reemployment. At such time, payment of benefits shall resume under the same optional form and in the amount determined under Section 200.420, taking into account any additional accrual of benefits under this plan, but in no event less than the amount received before suspension of benefits. If, however, a participant is elected or appointed as a City Official and elects to waive his/her participation in the non-uniformed pension plan pursuant to Section 125.020, said participant's retirement benefits for which he/she is already eligible shall continue in the same manner and no new benefits shall accrue under any plan of the City. For the purpose of this Subsection, the term "City Official" shall refer only to Mayor and any member of the City Council.

B. Except for the retirement benefits for which he/she is already eligible or a participant who has elected to have his/her service reinstated pursuant to Section 200.520, a participant who is reemployed after retirement, irrespective of the length of time he/she has been retired, shall participate in the plan as though he/she had never previously participated. Upon subsequent retirement, if such participant qualifies for retirement benefits based solely upon his/her period of reemployment, he/she shall receive such benefits at such time and in such form as otherwise provided in this plan, but without regard to any other period of employment or benefits attributable thereto.

C. Notwithstanding anything to the contrary in this Section, if any participant is reemployed by the City after retirement on or after February 1, 2025, the payment of his or her retirement benefits shall not be suspended.

Section 200.480 Death Benefits.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014; Ord. No. 2015-21 §1, 11-9-2015; Ord. No. 2022-25, 11-14-2022; Ord. No. 2023-28, 8-14-2023]

A. Service-Connected.

1. Surviving Spouse.

a. Upon the death of a covered employee prior to retirement, which death has been determined to be the direct result of an injury arising out of and/or received in the course of his/her employment; provided such death occurs within two (2) years of such injury, there shall be paid monthly, for life, or until remarriage, to the employee's surviving spouse, an amount equal to the greater of:

(1) Seventy-five percent (75%) of the monthly benefit the deceased participant would have received pursuant to Section 200.420 had he/she retired on the date of his/her death; or

(2) Fifty dollars ($50.00).

b. In addition, in the case of a covered employee whose death occurs after November 15, 1994, such surviving spouse shall be paid, at the time the first monthly payment is received, a payment equal to the total of all contributions which the covered employee made pursuant to Section 200.400, without interest.

2. Whenever there are children, unmarried and under the age of eighteen (18) years, and the covered employee's spouse has either remarried or has died, the spouse's monthly benefit otherwise payable under this Section shall be divided equally among all the children eligible for benefits; provided, however, that the benefits payable to a child shall cease as of the month immediately preceding the earlier of the month in which such child dies, attains the age of eighteen (18) or marries. In this event, the share payable to the child who dies, attains the age of eighteen (18) or marries shall be divided equally and paid to other children of the deceased participant, if any, who are eligible for benefits under this Section. All benefits for children eligible to receive such benefits shall be paid from the fund to each child's conservator or, if none is appointed, to any other person or organization to hold as custodian under the Missouri Uniform Transfer to Minors Law, but the Board shall not be responsible for the application or use of such benefits paid from the fund for such child or children.

3. If a covered employee dies prior to retirement and a monthly benefit is not payable under this Section 200.480(A), a payment equal to the total of all contributions which the covered employee made pursuant to Section 200.400, plus three percent (3%) interest compounded annually, shall be paid in a single sum to the covered employee's designated beneficiary(ies), or if none, then to the spouse of the covered employee, or if none, then divided equally among the children of such covered employee who survive the covered employee's death, or if none, to the employee's parents, or if none, to the closest living blood relative of the covered employee, or if none, such amount shall remain in the Police Retirement Fund.

B. After Retirement.

1. Upon the death of a covered employee who has retired under Section 200.410 or 200.450, who has qualified and has been receiving regular monthly benefits from the fund, the retired employee's spouse, provided such employee and spouse were married at the time the employee's retirement benefits began to be paid and have not been divorced prior to the death of the covered employee, shall be paid out of the fund, monthly for life, or until remarriage, an amount equal to seventy-five percent (75%) of the deceased employee's monthly benefit payable under Section 200.420 or fifty dollars ($50.00) per month, whichever amount is greater.

2. Whenever there are children unmarried and under the age of eighteen (18) years, and the deceased employee's spouse has remarried or died, the spouse's monthly benefit otherwise payable under this Section shall be divided equally among all the children eligible for benefits; provided, however, that the benefits payable to a child shall cease as of the month immediately preceding the earlier of the month in which such child dies, attains the age of eighteen (18) or marries. In this event, the share payable to the child who dies, attains the age of eighteen (18) or marries shall be divided equally and paid to other children of the deceased employee. All benefits for children eligible to receive such benefits shall be paid from the fund to each child's conservator or, if none is appointed, to any other person or organization to hold as custodian under the Missouri Uniform Transfer to Minors Law, but the Board shall not be responsible for the application or use of such benefits paid from the fund for such child or children.

C. Non-Service-Connected.

1. Upon death, due to non-service-connection causes, of any covered employee prior to retirement and prior to completing twenty (20) years credited service, there shall be paid a sum equal to the amount of the covered employee's accumulated contributions to the Retirement Fund, plus three percent (3%) interest compounded annually. This amount shall be paid in a single sum to the covered employee's designated beneficiary(ies), or if none, then to the spouse of the covered employee, or if none, then divided equally among the children of such employee who survive the covered employee's death, or if none, then to the covered employee's parents, or if none, to the closest living blood relative of the covered employee, or if none, such amount shall remain in the Police Retirement Fund.

2. If a covered employee dies prior to retirement, after completing at least twenty (20) years of credited service under the plan, then his/her surviving spouse shall receive a monthly benefit, until the earlier of the such spouse's death or remarriage, in an amount equal to seventy-five percent (75%) of the monthly benefit the participant would have received had the covered employee retired on the day preceding his/her death. If monthly payments are to be made to a surviving spouse on account of the death of a covered employee prior to retirement, then at the time the first monthly payment is made the spouse also shall receive a payment equal to the total of all contributions which the covered employee made pursuant to Section 200.400, without interest. Payment of such benefits shall commence as of the first day of the month immediately following the covered employee's death.

3. If a covered employee has no spouse at the time of his death or payments to his/her surviving spouse under this Section terminate because of the death of such spouse and, at such time, the covered employee has children under the age of eighteen (18), the monthly benefits described in the preceding Subsection (C)(2) which his/her surviving spouse would have received if he/she had a spouse or his/her spouse had not died shall be made in equal shares to such children who are under the age of eighteen (18) at the date of the covered employee's death. Payment of monthly benefits shall continue to such a child until the earlier of the child's death, marriage or attainment of age eighteen (18). Such child's share of each monthly payment, as of the first day of the month following the earlier of his/her death, marriage or attainment of age eighteen (18), shall be divided equally among the other children of the covered employee who are under age eighteen (18) at such time. Payments under this Section on account of a covered employee's death shall cease of the earlier of the day the last of the covered employee's children either dies, marries, or attains age eighteen (18).

4. If a covered employee dies prior to retirement and after completing at least twenty (20) years of credited service and a monthly benefit is not payable under this Section 200.480(C)(2) through (4), a payment equal to the total of all contributions which the covered employee made pursuant to Section 200.400, plus three percent (3%) interest compounded annually, shall be paid to the covered employee's designated beneficiary(ies), and if none, then divided equally among the children of such covered employee who survive the employee's death, or if none, then to the covered employee's parents, or if none, to the closest living blood relative of the covered employee, or if none, such amount shall remain in the Police Retirement Fund.

5. The monthly survivor annuity benefit provided in this Section shall not apply in the case of a retiree who has elected an alternative form of benefit under Section 200.530, but the refund of contributions shall be paid without regard to the election of an alternative form of benefit.

D. Lost Beneficiaries. If a covered employee's contributions remain in the Police Retirement Fund because no designated beneficiary or relative can be located after reasonable efforts and, subsequently, a designated beneficiary or relative of the covered employee is found, the covered employee's contributions, with three percent (3%) interest compounded annually, shall be paid to such designated beneficiary or relative.

E. A covered employee who dies on or after January 1, 2007, while performing qualified military service will be deemed: (a) to have resumed employment with the City as of the day preceding the date of his or her death; and (b) to have terminated employment on the date of his or her death. For purposes of this Section, the term "qualified military service" means any service in the uniformed services (as defined in Chapter 43 of Title 38, United States Code) by any individual if such individual is entitled to USERRA reemployment rights under such chapter with respect to such service.

Section 200.490 Benefit Adjustments.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014; Ord. No. 2017-04, 2-27-2017; Ord. No. 2022-25, 11-14-2022; Ord. No. 2024-07, 5-13-2024]

A. The retirement or death benefits of a covered employee who retires or dies on or after April 1, 1993, shall be annually adjusted for cost of living increases or decreases. Adjustments shall be made to the first (1st) benefit payments which are made after April first (1st) of each calendar year commencing with the benefit payments made after April 1, 1993. Benefits shall be increased or decreased by sixty percent (60%) of the change in the Consumer Price Index for all St. Louis metropolitan area consumers as published by the Department of Labor Statistics, for the immediately preceding calendar year; provided, for any year in which the plan's funding level, as determined by the actuary for the immediately preceding year, is below sixty percent (60%), benefits shall be increased by twenty percent (20%) of the change in the Consumer Price Index for all St. Louis metropolitan area consumers as published by the Department of Labor Statistics, for the immediately preceding calendar year, and any year in which the plan's funding level, as determined by the actuary for the immediately preceding year, is at least sixty percent (60%) but less than eighty percent (80%), benefits shall be increased by thirty percent (30%) of the change in the Consumer Price Index for all St. Louis metropolitan area consumers as published by the Department of Labor Statistics, for the immediately preceding calendar year. The maximum adjustment shall not exceed three percent (3%) for a calendar year. In no event shall a covered employee's benefits under this Section be reduced to less than the amount of benefits payable to such employee after the date of his/her retirement or, in the event he/she dies before retirement, to his/her beneficiary after his/her death. The benefits of a covered employee who retires prior to age sixty (60) shall not be subject to adjustment under this Section until the April first (1st) immediately following the date upon which such employee attains age sixty (60). The benefits payable to a beneficiary or beneficiaries of a deceased employee shall not be subject to adjustment under this Section until the April first (1st) of the calendar year immediately following the date the employee would have attained age sixty (60) had he/she survived. With respect to covered employees first participating in the plan prior to April 1, 2017, an initial retroactive adjustment of benefits, the payment of which commences as of the April first (1st) immediately following an employee's sixtieth (60th) birthday, under this Section 200.490 shall be the cumulative total of the adjustments under this Section 200.490 which would have been made if such adjustments were made starting with payments made on or after the April first (1st) immediately following the date which payment of such benefits commences. No retroactive adjustment (as described in the preceding sentence) shall be made for any covered employee first participating in the plan on or after April 1, 2017. Any covered employee who participated in the plan prior to April 1, 2017, and received a distribution of his/her investment account pursuant to Section 200.440 and again becomes a covered employee on or after April 1, 2017, shall not be eligible to receive an initial retroactive adjustment of benefits. No retroactive adjustment shall be made for any covered employee who terminates employment on or after April 1, 2024.

B. The retirement or death benefits of a covered employee who began participating in the plan on or after December 1, 2022, shall be annually adjusted for cost-of-living increases or decreases. Benefits shall be increased or decreased by sixty percent (60%) of the change in the Consumer Price Index for all St. Louis metropolitan area consumers as published by the Department of Labor Statistics, for the immediately preceding calendar year; provided, for any year in which the plan's funding level, as determined by the actuary for the immediately preceding year, is below sixty percent (60%), benefits shall be increased by twenty percent (20%) of the change in the Consumer Price Index for all St. Louis metropolitan area consumers as published by the Department of Labor Statistics, for the immediately preceding calendar year, and any year in which the plan's funding level, as determined by the actuary for the immediately preceding year, is at least sixty percent (60%) but less than eighty percent (80%), benefits shall be increased by thirty percent (30%) of the change in the Consumer Price Index for all St. Louis metropolitan area consumers as published by the Department of Labor Statistics, for the immediately preceding calendar year. The maximum adjustment shall not exceed three percent (3%) for a calendar year. In no event shall a covered employee's benefits under this Section be reduced to less than the amount of benefits payable to such employee after the date of his/her retirement or, in the event he/she dies before retirement, to his/her beneficiary after his/her death. The benefits of a participant shall not be subject to adjustment under this Section until the first day of the plan year immediately following the plan year in which the participant attains age sixty-two (62). The benefits payable to a beneficiary or beneficiaries of deceased participant shall not be subject to adjustment under this Section until the first day of the plan year immediately following the plan year the participant would have attained age sixty-two (62) had he/she survived.

Section 200.500 Section 415 Limitations.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2013-06 §1, 1-14-2013; Ord. No. 2014-05 §1, 1-27-2014]

A. This Section applies effective for limitation years beginning after December 31, 1994, regardless of whether any participant is or has ever been a participant in another qualified plan maintained by the employer. If any participant is or has ever been a participant in another qualified plan maintained by the employer, or a welfare benefit fund maintained by the employer [as defined in Code Section 419(e)] under which amounts attributable to post-retirement medical benefits are allocated to separate accounts of key employees [as defined in Code Section 419(A)(d)(3)], or in an individual medical account as defined in Code Section 415(1)(2) maintained by the employer, or in a simplified employee pension as defined in Code Section 408(k) maintained by the employer, that provides an annual addition, this Section is also applicable to that participant's benefits.

1. Maximum benefit. The annual benefit otherwise payable to a participant at any time will not exceed the maximum permissible amount. If the benefit the participant would otherwise accrue in a limitation year would produce an annual benefit in excess of the maximum permissible amount, the rate of accrual will be reduced so that the annual benefit is equal to the maximum permissible amount. The maximum permissible amount for a participant who has not attained normal retirement age shall be applied to the actuarial equivalent of the participant's accrued benefit otherwise payable under the plan at normal retirement age, based on the participant's applicable completed years of benefit service to date.

2. Treatment of employee contributions. If a participant makes voluntary employee contributions, or mandatory contributions as defined in Code Section 411(c)(2)(C), under the terms of this plan, the amount of such contributions is treated as an annual addition to a qualified defined contribution plan for purposes of Sections 200.500(A)(1) and 200.500(B)(2).

B. This Section applies if any participant is covered, or has ever been covered, by another plan maintained by the employer, including a qualified retirement plan, a welfare benefit fund, a welfare benefit fund maintained by the employer [as defined in Code Section 419(e)] under which amounts attributable to post-retirement medical benefits are allocated to separate accounts of key employees [as defined in Code Section 419(A)(d)(3)], an individual medical account, or a simplified employee pension that provides an annual addition.

1. More than one (1) defined benefit plan. If a participant is, or has ever been, covered under more than one (1) employer-maintained defined benefit plan, the sum of the participant's annual benefits from all such defined benefit plans may not exceed the maximum permissible amount. A participant's benefits in this plan shall be limited to an amount whereby the participant's employer-provided benefits under all defined benefit plans ever maintained by the employer (determined as of the same age) do not exceed the maximum permissible amount applicable at that age.

2. Multiple plan fraction. For limitation years beginning before January 1, 2000, if the employer at any time maintained one (1) or more qualified defined contribution plans covering any participant in this plan, a welfare benefit fund maintained by the employer [as defined in Code Section 419(e)] under which amounts attributable to post-retirement medical benefits are allocated to separate accounts of key employees [as defined in Code Section 419(A)(d)(3)], an individual medical account plan, or a simplified employee pension, the sum of the participant's defined contribution fraction and defined benefit fraction cannot exceed one (1.0) in any limitation year, as follows:

a. The annual addition that may be credited to the participant's account under the defined contribution plan for a limitation year will be reduced so the one (1.0) limit will not be exceeded. No participant who is or was a participant in a qualified defined contribution plan of an employer will accrue an annual benefit in excess of the amount as adjusted by the Code Section 415(e) aggregated limitation as in effect prior to the first limitation year which begins on or after January 1, 2000.

b. For purposes of Subsection (B)(2)(a), the Code Section 415(e) aggregated limitation is one minus the defined contribution fraction, multiplied by the lesser of one hundred twenty-five percent (125%) of the adjusted dollar limitation, or one hundred forty percent (140%) of highest average compensation.

c. Subsection (B)(2)(a) above shall be applicable only for limitation years beginning before January 1, 2000. Benefit increases resulting from the repeal of Code Section 415(e) will be provided to all current and former participants [with benefits limited by Code Section 415(e)] who have an accrued benefit under the plan immediately before the first day of the first limitation year beginning in 2000.

3. TRA '86 transition rule. If an individual was a participant in one (1) or more defined benefit plans of the employer as of the first day of the first limitation year beginning after December 31, 1986, the application of the limitations of this Chapter will not cause such individual's maximum permissible amount under all such defined benefit plans to be less than the individual's Tax Reform Act of 1986 (TRA '86) accrued benefit. The preceding sentence applies only if such defined benefit plans met the requirements of Code Section 415 for all limitation years beginning before January 1, 1987.

C. The maximum annual addition made to a participant's various accounts maintained under the plan for any limitation year beginning after December 31, 1986, will not exceed the lesser of the dollar limitation set forth in Section 200.500(C)(1) or the compensation limitation set forth in Section 200.500(C)(2) as adjusted in the remainder of this Section, as follows:

1. Dollar limitation. For limitation years beginning prior to January 1, 1995, the dollar limitation is one-fourth (1/4) of defined benefit dollar limitation set forth in Code Section 415(b)(1)(A). For limitation years beginning after December 31, 1994, and prior to January 1, 2002, the dollar limitation is thirty thousand dollars ($30,000.00), as adjusted by the Secretary of the Treasury in accordance with Code Section 415(d). For limitation years beginning after December 31, 2001, the dollar limitation is forty thousand dollars ($40,000.00), as adjusted by the Secretary of the Treasury in accordance with Code Section 415(d).

2. Compensation limitation. The compensation limitation is an amount equal to twenty-five percent (25%) of the participant's Section 415 compensation for the limitation year. For limitation years beginning prior to January 1, 2002, the compensation limitation is an amount equal to twenty-five percent (25%) of the member's Section 415 compensation for the limitation year. For limitation years beginning after December 31, 2001, the compensation limitation is an amount equal to one-hundred percent (100%) of the member's Section 415 compensation for the limitation year.

3. Adjustments to maximum annual addition. In applying the limitation on annual additions set forth herein, the following adjustments must be made:

a. Short limitation year. In a limitation year of less than twelve (12) months, the defined contribution dollar limitation in Section 200.500(C)(1) will be adjusted by multiplying it by the ratio that the number of months in the short limitation year bears to twelve (12).

b. Plans with different anniversary dates. If a participant participates in multiple defined contribution plans sponsored by the employer with different anniversary dates or plan years, the maximum annual addition in this plan for the limitation year will be reduced by the annual addition credited to the participant's accounts in the other plans for such limitation year.

c. Plans with the same anniversary date. If a participant participates in multiple defined contribution plans sponsored by the employer which have the same anniversary date and plan year, then:

(1) If only one (1) of the plans is subject to Code Section 412, annual additions will first be credited to the participant's accounts in the plan so subject; and

(2) If none of the plans are subject to Code Section 412, the maximum annual addition in this plan for a given limitation year will either:

(a) Equal the product of the maximum annual addition for such limitation year minus any other annual additions previously credited to the participant's account, multiplied by the ratio that the annual additions which would be credited to a participant's accounts hereunder without regard to the limitations in Section 200.500(C) bears to the annual additions for all plans described in this Subsection; or

(b) Be reduced by the annual additions credited to the participant's accounts in the other plans for such limitation year.

4. Multiple plans and employers. All defined benefit plans (whether terminated or not) of the employer will be treated as one (1) defined benefit plan; all defined contribution plans (whether terminated or not) of the employer will be treated as one (1) defined contribution plan; and all affiliated employers will be considered a single employer.

5. Adjustment for excessive annual additions. If for any limitation year the annual additions allocated to a covered employee's account exceeds the maximum amount permitted under Section 200.500(C) above because of an allocation of forfeitures, a reasonable error in estimating a covered employee's compensation, a reasonable error in determining the amount of elective contributions (within the meaning of Code Section 402(g)(3)), or because of other limited facts and circumstances that the Commissioner finds justify the availability of the rules set forth in this Section, then such covered employee's account will be adjusted as follows in order to reduce the excess annual additions:

[Ord. No. 2017-04, 2-27-2017]

a. For plan years beginning on or after July 1, 2007, the employer will follow the rules of any Employee Plans Compliance Resolution System (EPCRS) that is issued by the Internal Revenue Service.

b. For plan years beginning prior to July 1, 2007, the employer will utilize the following procedures:

(1) Return of elective deferrals and employee contributions. The administrator will first return any elective deferrals and/or employee contributions (whether such contributions are voluntary or mandatory), and will distribute gains attributable thereto, to the extent that would reduce the excess amount.

(2) Reallocation in the current year. After the return of contributions and the distribution of gains specified in Subsection (C)(5)(b)(1) above have been made, and prior to the creation of a Section 415 Suspense Account as set forth in Subsection (C)(5)(b)(3) below, any excess will be reallocated to all covered employees who have not yet attained their maximum annual addition. If necessary, the administrator will repeat the reallocation until all covered employees have reached their maximum annual addition.

(3) Remaining excess. If an excess still remains in a covered employee's account, then: (1) if the covered employee is employed by the employer at the end of the limitation year, the administrator will hold the excess in the Section 415 Suspense Account and use it to reduce employer contributions (including any allocation of forfeitures) for the next limitation year (and each succeeding limitation year if necessary) for the covered employee; and (2) if the covered employee is not employed by the employer at the end of a limitation year, the excess cannot be distributed to the covered employee but will be held in the Section 415 Suspense Account and be used to reduce future employer contributions (including the allocation of forfeitures) for all remaining covered employees in the next limitation year and each succeeding limitation year if necessary).

(4) Earnings, losses and reallocation. If the Section 415 Suspense Account is in existence at any time during a limitation year, it will not share in the allocation of the earnings or losses of the Trust Fund. If the Section 415 Suspense Account is in existence at any time during a particular limitation year, all amounts in such account must be allocated and reallocated to covered employees' accounts before any employer contributions or any employee contributions may be made to the plan for that limitation year. Excess amounts in the Section 415 Suspense Account may not be distributed to covered employees or former covered employees.

D. 

Definitions. As used in this Section 200.500, and for all other purposes of the plan, the following words and phrases will have the following meanings:

ANNUAL ADDITIONS

1. The sum of the following amounts credited to a participant's account for the limitation year:

a. Employer contributions;

b. Employee contributions;

c. Forfeitures;

d. Amounts allocated, after March 31, 1984, to an individual medical account, as defined in Code Section 415(1)(2), which is part of a pension or annuity plan maintained by the employer;

e. Amounts derived from contributions paid or accrued after December 31, 1985, in taxable years ending after such date, attributable to post-retirement medical benefits, allocated to the separate account of a key employee under a welfare fund, as defined in Code Section 419(e), maintained by the employer. Notwithstanding the foregoing, a participant's annual additions do not include his or her rollovers, loan repayments, repayments of prior plan distributions or prior distributions of mandatory contributions, direct transfers of contributions from another plan to this plan, deductible contributions to a simplified employee pension plan, or voluntary deductible contributions; and

f. Amounts allocated, in taxable years beginning after April 1, 1980, under a simplified employee pension.

2. Annual additions shall not include any repayment of contributions (including interest thereon) to this Plan pursuant to the provisions of Section 200.520 by reason of the application of Code Section 415(k)(3).

ANNUAL BENEFIT

A retirement benefit under the plan that is payable annually in the form of a straight life annuity.

1. Actuarial adjustments to annual benefit. Except as otherwise provided in Subsection (1)(b) below, a benefit payable in a form other than a straight life annuity must be adjusted to be the actuarial equivalent of a straight life annuity before applying the limitations of this Section as follows:

a. For limitation years beginning before January 1, 1995, such actuarial equivalent will be based on the mortality factors specified under the terms of the plan as in effect before such date and is equal to the greater of the annuity benefit computed using an interest rate of five percent (5%) or the interest rate(s) specified for determining actuarial equivalence under the terms of the plan as in effect before such date.

b. For limitation years beginning on or after January 1, 1995, such actuarial equivalent is the greater of the annuity benefit computed using the interest rate and mortality table in Section 1.2(d), and the annuity benefit computed using a five-percent interest rate and the applicable mortality table in Section 1.2(f). In determining such actuarial equivalent for a benefit form other than a non-decreasing annuity payable for a period of not less than the life of the participant (or, in the case of a qualified preretirement survivor annuity, the life of the surviving spouse), or decreases during the life of the participant merely because of:

(1) The death of the survivor annuitant (but only if the reduction is not below fifty percent (50%) of the annual benefit payable before the death of the survivor annuitant); or

(2) The cessation or reduction of social security supplements of qualified disability payments as defined in Code Section 401(a)(11), "the applicable interest rate" as defined in Section 1.2(f) will be substituted for "a five-percent interest rate" in the preceding sentence.

2. Circumstances where no adjustment is required. No actuarial adjustment to the annual benefit is required for:

a. The value of a qualified joint and survivor annuity;

b. Benefits that are not directly related to retirement benefits (such as the qualified disability benefit, preretirement death benefits, and post-retirement medical benefits); and

c. The value of post-retirement cost-of-living increases made in accordance with Code Section 415(d) and regulation Section 1.415-3(c)(2)(iii). The annual benefit does not include any benefits attributable to employee contributions or rollovers, or the assets transferred from a qualified plan that was not maintained by the employer. The annual benefit does not include any benefits attributable to mandatory employee contributions or voluntary employee contributions or rollover contributions, or the assets transferred from a qualified retirement plan that was not maintained by the employer.

DEFINED BENEFIT DOLLAR LIMITATION AND DEFINED BENEFIT COMPENSATION LIMITATION

The term "defined benefit dollar limitation" means one hundred sixty thousand dollars ($160,000.00) as adjusted, effective January 1 of each year, under Code Section 415(d) in such manner as the Secretary shall prescribe, and payable in the form of a straight life annuity. A limitation as adjusted under Code Section 415(d) will apply to limitation years ending with or within the calendar year for which the adjustment applies. The term "defined benefit compensation limitation" means one hundred percent (100%) of a participant's highest average compensation, payable in the form of a straight life annuity.

DEFINED BENEFIT FRACTION

A fraction, the numerator of which is the sum of the participant's projected annual benefit under all employer-maintained defined benefit plans (whether or not terminated), and the denominator of which is the lesser of one hundred twenty-five percent (125%) of the dollar limitation applicable to the participant determined for the limitation year under Code Section 415(b)(1)(A) and (d), or one hundred forty percent (140%) of the highest average compensation, including any adjustments under Code Section 415(b)(5), both adjusted as necessary under paragraph (g). If the participant was a participant on the first day of the first limitation year beginning after December 31, 1986, in one or more employer-maintained defined benefit plans which were in existence on May 6, 1986, the denominator of this fraction will not be less than one hundred twenty-five percent (125%) of the sum of the annual benefits thereunder which the participant had accrued as of the close of the last limitation year beginning before January 1, 1987, disregarding any changes in the terms and conditions of the plan after May 5, 1986. The preceding sentence applies only if the defined benefit plans individually and in the aggregate satisfied the requirements of Code Section 415 for all limitation years beginning before January 1, 1987.

DEFINED CONTRIBUTION FRACTION

A fraction, the numerator of which is the sum of the annual additions to the participant's account under all defined contribution plans (whether or not terminated) maintained by the employer for the current and all prior limitation years (including annual additions attributable to the participant's voluntary employee contributions to this and all other defined benefit plans (whether or not terminated) maintained by the employer, and the annual additions attributable to all welfare benefit funds maintained by the employer [as defined in Code Section 419(e)] under which amounts attributable to post-retirement medical benefits are allocated to separate accounts of key employees [as defined in Code Section 419(A)(d)(3)] or individual medical accounts and simplified employee pensions maintained by the employer, and the denominator of which is the sum of the maximum aggregate amounts for the current and all prior limitation years with the employer (regardless of whether a defined contribution plan was maintained by the employer).

1. Determination of maximum aggregate amount. The maximum aggregate amount set forth in paragraph (e) in any limitation year is the lesser of:

a. One hundred twenty-five percent (125%) of the dollar limitation under Code Section 415(c)(1)(A) after adjustment under Code Section 415(d); or

b. Thirty-five percent (35%) of the participant's compensation for such year.

2. No recomputation required for pre-1987 annual additions. The annual addition for any limitation year beginning before January 1, 1987, will not be recomputed to treat all employee contributions as annual additions.

3. Transition rule. If the employee was a participant in the plan on the first day of the first limitation year beginning after December 31, 1986, in one (1) or more defined contribution plans maintained by the employer which were in existence on May 6, 1986, the numerator of this fraction will be adjusted if the sum of this fraction and the defined benefit fraction would otherwise exceed one (1.0) under the terms of this plan. Under the adjustment, an amount equal to the product of (A) the excess of the sum of the fractions over one (1.0) times (B) the denominator of this fraction, will be permanently subtracted from the numerator of this fraction. The adjustment is calculated using the fractions as they would be computed as of the end of the last limitation years beginning before January 1, 1987, and disregarding any changes in the terms and conditions of the plan made after May 5, 1986, but using the Code Section 415 limitation applicable to the first limitation year beginning on or after January 1, 1987.

HIGHEST AVERAGE COMPENSATION

A participant's average Code Section 415 compensation for the three (3) consecutive years of service or one-year periods of service with the employer that produces the highest average. If a participant has separated from service, the participant's highest average compensation will be automatically adjusted by multiplying such compensation by the cost-of-living adjustment factor prescribed by the Secretary of the Treasury under Code Section 415(d) in such manner as the Secretary may prescribe. The adjusted compensation amount will apply to limitation years ending with or within the calendar year of the date of the adjustment.

MAXIMUM PERMISSIBLE AMOUNT

The lesser of the defined benefit dollar limitation or the defined benefit compensation limitation (both adjusted where required, as provided in Subsection (D)(1) and, if applicable, in Subsection (D)(2) or (3) below).

1. Service adjustment. If the participant has fewer than ten (10) years of participation in the plan, the defined benefit dollar limitation shall be multiplied by a fraction:

a. The numerator of which is the number of years (or part thereof) of participation in the plan; and

b. The denominator of which is ten (10). In the case of a participant in a non-multiemployer plan who has fewer than ten (10) years of service with the employer, the defined benefit compensation limitation shall be multiplied by a fraction:

(1) The numerator of which is the number of years (or part thereof) of service with the employer; and

(2) The denominator of which is ten (10).

2. Minimum benefit permitted. Notwithstanding anything else in this Section to the contrary, effective for limitation years beginning after December 31, 1994, the benefit otherwise accrued or payable to a participant under this plan shall be deemed not to exceed the defined benefit compensation limitation if the retirement benefits payable for a plan year under any form of benefit with respect to such participant under this plan and under all other defined benefit plans (regardless of whether terminated) ever maintained by the employer do not exceed one thousand dollars ($1,000.00) multiplied by the participant's number of years of service or one-year periods of service or parts thereof [not to exceed ten (10)] with the employer; and the employer has not at any time maintained a defined contribution plan, a welfare benefit fund under which amounts attributable to post-retirement medical benefits are allocated to separate accounts of key employees [as defined in Code Section 419(A)(d)(3)], or an individual medical account in which the participant participated (for these purposes, voluntary or involuntary employee contributions under a defined benefit plan are treated as a separate defined contribution plan).

3. Cost-of-living adjustment. Effective for limitation years beginning after December 31, 1994, if the annual benefit payable to a terminated participant who has not received a complete distribution of his or her non-forfeitable accrued benefit is limited by either the defined benefit dollar limitation or by the defined benefit compensation limitation, such benefit may, at the discretion of the sponsor and applied in a uniform manner, be increased in accordance with cost-of-living adjustments under Code Section 415(d).

PROJECTED ANNUAL BENEFIT

The annual benefit to which the participant would be entitled assuming:

1. The participant will continue employment until normal retirement age (or current age, if later); and

2. The participant's compensation for the current limitation year and all other relevant factors used to determine benefits will remain constant for all future limitation years.

TRA '86 ACCRUED BENEFIT

A participant's accrued benefit determined as if he had separated from service as of the close of the last limitation year beginning before January 1, 1987, when expressed as an annual benefit within the meaning of Code Section 415(b)(2). In determining a participant's TRA '86 accrued benefit, the following will be disregarded: any change in the terms and conditions of the plan after May 5, 1986; and any cost-of-living adjustments occurring after May 5, 1986.

YEAR OF PARTICIPATION

A participant will be credited with a year of participation (computed to fractional parts of a year) for each accrual computation period in which the following conditions are met:

1. The participant is credited with at least the number of hours of service (or period of service if the elapsed time method is used) for benefit accrual purposes, required under the plan to accrue a benefit for the accrual computation period; and

2. The participant is included as a participant under the eligibility provisions of the plan for at least one (1) day of the accrual computation period. If these two (2) conditions are met, the portion of a year of participation credited to the participant will equal the amount of benefit accrual service credited to the participant for such accrual computation period. A participant who is permanently and totally disabled within the meaning of Code Section 415(c)(3)(C)(i) for an accrual computation period will receive a year of participation with respect to that period. In addition, for a participant to receive a year of participation (or part thereof) for an accrual computation period, the plan must be established no later than the last day of such computation period. In no event will more than one (1) year of participation be credited for any twelve-month period.

E. Notwithstanding any provision of this plan to the contrary, effective for limitation years beginning on or after January 1, 1975, the provisions of Code Section 415 and the Treasury Regulations issued thereunder as applicable to governmental retirement plans are incorporated by reference.

Section 200.510 Vesting of Benefits.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2013-06 §2, 1-14-2013; Ord. No. 2014-05 §1, 1-27-2014]

A. Notwithstanding the provisions of any of the other Sections of Chapter 200, if a covered employee has completed at least fifteen (15) years of credited service prior to age sixty (60) and terminates employment, he/she may withdraw his/her accumulated contributions from the Retirement Fund, or he/she may leave his/her accumulated contributions in the Retirement Fund and shall be eligible to receive a deferred vested retirement benefit commencing the first day of the month following his/her 60th birthday, in an amount according to the following table. The deferred vested retirement benefit shall be a percentage of the normal service retirement benefits, as shown in the table, computed in the same manner as normal retirement benefits, but based upon his/her average compensation and credited service as of the date of his/her termination.

Credited Service Years	Vested Percentage of Accrued Benefits
Less than 15	0%
15	50%
16	60%
17	70%
18	80%
19	90%
20 or more	100%

B. The Board of Trustees shall fix by rule how much service in any calendar year shall constitute a year's service, but absence on sick leave approved by the department shall not be counted as absence from duty.

C. Notwithstanding anything in this Chapter to the contrary, effective September 1, 1974, a Participant shall be one-hundred-percent vested in his accrued benefit upon attaining normal retirement age, if the employee has satisfied any reasonable and uniformly applicable service or participation requirements or in the event that the Plan is terminated or contributions to the plan have been completely discontinued.

D. Effective as of May 3, 1956, any forfeitures arising from the termination of employment or death of a covered employee, or for any other reason, shall be used to reduce employer contributions to the Police Retirement Fund, and shall not be applied to increase benefits any Participant otherwise would receive under the Plan at any time prior to the termination of the Plan.

E. When any covered employee of the Police Department voluntarily leaves such service for any cause other than serving in the armed forces of the United States or permanent and total disability within the meaning of Section 200.380, his/her certificate of prior service shall be void, and on reentering the service of the Police Department, he/she shall not be entitled to credit for prior service.

Section 200.520 Reinstatement of Service.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2013-06 §3, 1-14-2013; Ord. No. 2014-05 §1, 1-27-2014; Ord. No. 2025-20, 5-12-2025]

A. Any former employee, who is reinstated after May 1, 2007, to service in the Police Department within twenty-four (24) months after termination of employment and withdrawal of deposits, shall be eligible, as a result of reemployment and reinstatement to the plan, to deposit within thirty (30) days of such reemployment or from the date of the adoption of this Article the total amount withdrawn plus interest thereon at the prime rate, compounded monthly from the date of the original withdrawal of such amount and the date of repayment, and shall be credited with the total years of service credited at the time of termination. If reinstatement occurs after twenty-four (24) months or the pension fund is not repaid in the manner outlined above within thirty (30) days of reemployment or the date of this Article, the employee's service record starts on the date of reemployment without credit for prior service.

B. Effective for plan years beginning after December 31, 1997, repayment under this provision may be made by a trustee-to-trustee transfer from a Code Section 403(b) annuity or a Code Section 457 deferred compensation plan maintained by a State or local government employer within Missouri for repayment of a cashout from this plan under Section 415(k)(3).

C. Notwithstanding anything to the contrary in this Section, any former employee, who is reinstated on or after February 1, 2025, shall not be eligible for the plan and cannot repay any withdrawn amounts to the plan.

Section 200.530 (Reserved) [1]

[1] Editor's Note: Former Section 200.530, Optional Form of Pension, was repealed by Ord. No. 2024-07, 5-13-2024. Prior history includes: Ord. No. 2011-3; Ord. No. 2014-05; Ord. No. 2022-25; and Ord. No. 2023-28.

Section 200.540 Direct Rollovers.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

A. Transfer From Plan. Notwithstanding any provision of the plan to the contrary, effective for distributions made after December 31, 1992, a distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.

B. Definitions. As used in this article, the following terms shall have the meanings indicated:

DIRECT ROLLOVER

A payment by the plan to the eligible retirement plan specified by the distributee.

DISTRIBUTEE

Includes an employee or former employee. In addition, the employee's or former employee's surviving spouse is a distributee with regard to the interest of the spouse or former spouse. For distributions after December 31, 2006, a distributee shall also include the employee's or former employee's non-spouse designated beneficiary, in which case, the distribution can only be transferred to a traditional or Roth IRA established on behalf of the non-spouse designated beneficiary for the purpose of receiving the distribution.

ELIGIBLE RETIREMENT PLAN

An individual retirement account described in Code Section 408(a), an individual retirement annuity described in Code Section 408(b), an annuity plan described in Code Section 403(a), or a qualified trust described in Code Section 401(a), that accepts the distributee's eligible rollover distribution. Effective for distributions made after December 31, 2001, an eligible retirement plan shall also mean an annuity contract described in Code Section 403(b) and an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this plan. Effective for distributions made after December 31, 2007, an eligible retirement plan shall also mean a Roth IRA. The definition of eligible retirement plan shall also apply in the case of a distribution to a surviving spouse.

ELIGIBLE ROLLOVER DISTRIBUTION

1. Any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee's designated beneficiary, or for a specified period of ten (10) years or more; any distribution to the extent such distribution is required under Code Section 401(a)(9); and effective for distributions after December 31, 2001, any hardship distribution and any other distribution(s) that is reasonably expected to total less than two-hundred dollars ($200.00) during a year. For purposes of the two-hundred-dollar rule, a distribution from a designated Roth account and a distribution from other accounts under the plan are treated as made under separate plans.

2. Any portion of a distribution that consists of after-tax employee contributions which are not includable in gross income may be transferred only to:

a. For distributions made after December 31, 2001, a defined contribution plan described in Code Section 401(a) or Code Section 403(a) that agrees to separate accounting for amounts so transferred (and earnings thereon), including separately accounting for the portion of such distribution which is includable in gross income and the portion of such distribution which is not so includable or a traditional individual retirement account or annuity described in Code Section 408(a) or (b) (a "traditional IRA"); and

b. Effective for distributions after December 31, 2006, to a qualified plan or an annuity contract described in Code Section 401(a) and Code Section 403(b), respectively, that agrees to separate accounting for amounts so transferred (and earnings thereon), including separately accounting for the portion of such distribution which is includable in gross income and the portion of such distribution which is not so includable or a traditional individual retirement account or annuity described in Code Section 408(a) or (b) (a "traditional IRA"); and

c. Effective for distributions made after December 31, 2007, shall also include a Roth individual retirement account or annuity described in Code Section 408A (a "Roth IRA").

Section 200.550 Required Minimum Distributions — Time and Manner of Distribution.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

A. Required Beginning Date. The participant's entire interest will be distributed, or begin to be distributed, to the participant no later than the participant's required beginning date.

B. Death Of Participant Before Distributions Begin.

1. If the participant dies before distributions begin, his or her entire interest will be distributed, or begin to be distributed, no later than as follows:

a. If the participant's surviving spouse is the participant's sole designated beneficiary, then subject to Section 200.550(B)(1)(e) distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the participant died, or by December 31 of the calendar year in which the participant would have attained age seventy and one-half (70 1/2), if later.

b. If the participant's surviving spouse is not the participant's sole designated beneficiary, then subject to Section 200.550(B)(1)(e) below, distributions to the designated beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the participant died.

c. If there is no designated beneficiary as of September 30 of the year following the year of the participant's death, the participant's entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the participant's death.

d. If the participant's surviving spouse is the participant's sole designated beneficiary and the surviving spouse dies after the participant but before distributions to the surviving spouse begin, this Section, other than Section 200.550(B)(1)(a), will apply as if the surviving spouse were the participant.

e. If the participant dies before distributions begin and there is a designated beneficiary, distribution to the designated beneficiary is not required to begin by the date specified in Section 220.550(B)(1)(a) or (b) if the participant's entire interest is distributed to the designated beneficiary by December 31 of the calendar year containing the fifth anniversary of the participant's death.

2. For purposes of this Section and Section 200.550(C), unless Section 200.550(B)(1)(d) applies, distributions are considered to begin on the participant's required beginning date. If Section 200.550(B)(1)(d) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under Section 200.550(B)(1)(a). If annuity payments irrevocably commence to the participant before the participant's required beginning date (or to the participant's surviving spouse before the date distributions are required to begin to the surviving spouse under Section 200.550(B)(1)(a), the date distributions are considered to begin is the date distributions actually commence.

C. Forms Of Distribution. Unless the participant's interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the required beginning date, as of the first distribution calendar year distributions will be made in accordance with Sections 200.560 and 200.570. If the participant's interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Code Section 401(a)(9) and the IRS regulations. Any part of the participant's interest which is in the form of an individual account described in Code Section 414(k) will be distributed in a manner satisfying the requirements of Code Section 401(a)(9) and the IRS regulations that apply to individual accounts.

Section 200.560 Required Minimum Distributions — Determination of Amount to Be Distributed Each Year.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

A. General Annuity Requirements. If the participant's interest is paid in the form of annuity distributions under the plan, payments under the annuity will satisfy the following requirements:

1. The annuity distributions will be paid in periodic payments made at intervals not longer than one (1) year;

2. The distribution period will be over a life (or lives) or over a period certain not longer than the period described in Section 200.570 or 200.580;

3. Once payments have begun over a period certain, the period certain will not be changed even if the period certain is shorter than the maximum permitted;

4. Payments will either be non-increasing or increase only as follows:

a. By an annual percentage increase that does not exceed the annual percentage increase in a cost of living index based on prices of all items and issued by the Bureau of Labor Statistics;

b. To the extent of the reduction in the amount of the participant's payments to provide for a survivor benefit upon death, but only if the beneficiary whose life was being used to determine the distribution period described in Subsection (A)(4) dies or is no longer the participant's beneficiary under a plan-approved domestic relations order;

c. To provide cash refunds of employee contributions upon the participant's death; or

d. To pay increased benefits that result from a plan amendment.

B. Amount Required To Be Distributed By Required Beginning Date. The amount that must be distributed on or before the participant's required beginning date [or, if the participant dies before distributions begin, the date distributions are required to begin under Section 200.550(B)(1)(a) or (b)] is the payment that is required for one (1) payment interval. The second payment need not be made until the end of the next payment interval even if that payment interval ends in the next calendar year. Payment intervals are the periods for which payments are received, e.g., bimonthly, monthly, semiannually, or annually. All of the participant's benefit accruals as of the last day of the first distribution calendar year will be included in the calculation of the amount of the annuity payments for payment intervals ending on or after the participant's required beginning date.

C. Additional Accruals After First Distribution Calendar Year. Any additional benefits accruing to the participant in a calendar year after the first distribution calendar year will be distributed beginning with the first payment interval ending in the calendar year immediately following the calendar year in which such amount accrues.

Section 200.570 Required Minimum Distributions — Requirements for Annuity Distributions That Commence During Participant's Lifetime.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

A. Joint Life Annuities Where The Beneficiary Is Not The Participant's Spouse. If the participant's interest is being distributed in the form of a joint and survivor annuity for the joint lives of the participant and a non-spouse beneficiary, annuity payments to be made on or after the participant's required beginning date to the designated beneficiary after the participant's death must not at any time exceed the applicable percentage of the annuity payment for such period that would have been payable to the participant using the table in Q&A-2 of Section 1.401(a)(9)-6T of the IRS regulations. If the form of distribution combines a joint and survivor annuity for the joint lives of the participant and a non-spouse beneficiary and a period certain annuity, the requirement in the preceding sentence will apply to annuity payments to be made to the designated beneficiary after the expiration of the period certain.

B. Period Certain Annuities. Unless the participant's spouse is the sole designated beneficiary and the form of distribution is a period certain and no life annuity, the period certain for an annuity distribution commencing during the participant's lifetime may not exceed the applicable distribution period for the participant under the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the IRS regulations for the calendar year that contains the annuity starting date. If the annuity starting date precedes the year in which the participant reaches age seventy (70), the applicable distribution period for the participant is the distribution period for age seventy (70) under the Uniform Lifetime Table set forth in Section 1.401 (a)(9)-9 of the IRS regulations plus the excess of seventy (70) over the age of the participant as of the participant's birthday in the year that contains the annuity starting date. If the participant's spouse is the participant's sole designated beneficiary and the form of distribution is a period certain and no life annuity, the period certain may not exceed the longer of the participant's applicable distribution period, or the joint life and last survivor expectancy of the participant and the participant's spouse as determined under the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the IRS regulations, using the participant's and spouse's attained ages as of the participant's and spouse's birthdays in the calendar year that contains the annuity starting date.

Section 200.580 Required Minimum Distributions — Requirements for Minimum Distributions if Participant Dies Before Distributions Begin.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

A. Participant Survived By Designated Beneficiary. If the participant dies before the date distribution of his or her interest begins and there is a designated beneficiary, the participant's entire interest will be distributed, beginning no later than the time described in Section 200.550 over the life of the designated beneficiary or over a period certain not exceeding:

1. Unless the annuity starting date is before the first distribution calendar year, the life expectancy of the designated beneficiary determined using the beneficiary's age as of the beneficiary's birthday in the calendar year immediately following the calendar year of the participant's death; or

2. If the annuity starting date is before the first distribution calendar year, the life expectancy of the designated beneficiary determined using the beneficiary's age as of his or her birthday in the calendar year that contains the annuity starting date.

B. No Designated Beneficiary. If the participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the participant's death, distribution of the participant's entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the participant's death.

C. Death Of Surviving Spouse Before Distributions To Surviving Spouse Begin. If the participant dies before the date distribution of his or her interest begins, the participant's surviving spouse is the participant's sole designated beneficiary, and the surviving spouse dies before distributions to the surviving spouse begin, Section 200.550 will apply as if the surviving spouse were the participant, except that the time by which distributions must begin will be determined without regard to Section 200.550.

Section 200.590 Board of Trustees.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

A. There is hereby created a board of seven (7) persons to be known as the "Board of Trustees of the Police Retirement Fund" (hereinafter referred to as the "Board of Trustees"). Said Board of Trustees shall consist of the following persons: The Mayor of the City, the Director of Finance of the City, the Chief of Police of the City, two (2) citizen participants, qualified voters of the City, who shall be nominated by the majority of the first three (3), and approved by the City Council of the City. The first three (3) participants, the Mayor, the Director of Finance, and the Chief of Police shall hold the office of Trustee as long as each retains his/her respective office or until his/her successor shall take office.

B. The two (2) citizen participants shall be appointed for a period of three (3) years, except that the first appointments shall be one (1) for three (3) years, and one (1) for two (2) years, and thereafter any appointments shall be for a period for three (3) years. Each shall remain in office until a successor has been duly appointed and qualified.

C. The remaining two (2) participants shall be participants of the Police Department and covered employees. They shall be elected by a majority vote of all covered employees of the Police Department.

D. The unexpired term of any vacancy on the Board of the two (2) citizen participants shall be filled in the manner as provided in Subsection (A) of this Section.

E. The Board shall annually elect one (1) of its voting participants as Chairman. The Director of Finance of the City shall serve as Treasurer of the Board and shall not be eligible for the office of Chairman of the Board.

Section 200.600 Powers of Trustees.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

A. The Board of Trustees provided for herein shall be vested with the exclusive management and control of all matters pertaining to the administration of the fund, the investment and reinvestment thereof, and may sue or be sued in their capacity as such Board of Trustees. The Board of Trustees shall receive and hold all monies, securities and other property in the name of said Board of Trustees for the use and benefit of said Retirement Fund, and may accept donations therefor. The Board shall be vested with full power and authority to employ and fix the compensation of necessary employees, and to incur and pay such medical, legal, actuarial and other expenses as may be found necessary and desirable in the performance of its duties; provided, however, that the expenses shall bear a reasonable relation to the income of the Retirement Fund. The Board shall keep minutes of all its meetings, as well as full and complete records of all receipts, securities and other property coming into its hands, and all such minutes or records shall be open to public inspection; provided, however, the records of any medical examinations made of any retired employee or applicant for retirement shall not be subject to public inspection. The Board shall have the exclusive jurisdiction to receive, hear and rule upon all claims for benefit from the fund and to hear and determine all such claims in the first instance. All decisions of the Board shall be by a majority vote of the participants thereof and the Board shall take and preserve the evidence of any disputed claim, and such evidence, records, findings and decisions shall be subject to judicial review on certiorari, with the full right to appeal from the decisions of the reviewing court, as in other civil cases.

B. The Board shall have the power to prescribe rules and regulations for its own meetings and proceedings, and shall be required to provide suitable forms of application and other forms to be used in making claims for benefits from the Retirement Fund, and shall have power to prescribe rules and regulations not inconsistent with State laws, this Chapter or any other ordinance of the City, to govern and control the hearing, consideration and disposition of all claims and other administrative matters before it.

C. The Board of Trustees shall only invest in such investments as are authorized by the laws of the State of Missouri for the investment of assets of pension systems established for police and firemen, as set forth in Section 86.590, RSMo. The Retirement Committee, for the purpose of meeting disbursements for benefits and other payments, may keep available cash in a reasonable amount.

D. The Board shall set up a system of accounts, such as will be required for an actuary to determine annually the financial condition of the fund, the contributions required annually for the sound actuarial operation of the plan, and shall furnish to the City Council, upon request, such information in order that the City Council may have the necessary data concerning the tax requirements of the fund.

E. At least one (1) regular meeting of the Board shall be held each calendar quarter together with such additional meetings as may be required for the transaction of its business.

F. The enumeration of the specific powers and authority of the Board of Trustees herein shall not be construed in limitation of their powers and authority to do all other things necessary or reasonably required to carry out and make effective the specific powers herein granted.

Section 200.610 Creation of Fund.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

There is hereby created and established a fund which shall be designated and known as the "Police Retirement Fund," which fund shall be under the exclusive management and control of the Board of Trustees as provided in Section 200.590 of this Chapter. The fund shall be derived partly from taxation as hereinafter set forth, and partly from contributions made by covered employees of the organized Police Department and other sources as hereinafter provided in Section 200.390 and Section 200.400.

Section 200.620 Custodian of Funds.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

The Treasurer of the Board of Trustees shall be custodian of all monies, securities and other property of the Police Retirement Fund, subject to the control and direction of the Board of Trustees. He/she shall keep separate books and complete accounts of the Police Retirement Fund, and his/her books and records shall be subject to the inspection of the Board of Trustees, or any of its participants, at all times; and shall be subject also to such audits as provided by the Board of Trustees. On expiration of his/her term of office as Director of Finance of the City (which shall automatically terminate his/her term as Treasurer of the Board of Trustees) he/she shall deliver to his/her successor all unexpended monies, securities, books, records, and any other property which may have come into his/her possession as Treasurer of the Police Retirement Fund. The Treasurer shall be liable on his/her bond executed by the Board of Trustees for all his/her acts concerning the said Police Retirement Fund.

Section 200.630 Right to Purchase Insurance.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

The Board of Trustees may, in its discretion, purchase insurance against accidental death, or permanent total disability, on any or all covered employees, payable to the Board, for the benefit and protection of the plan.

Section 200.640 Use of Funds.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

No part of the corpus or income of the Retirement Fund or of any trust maintained pursuant to the plan or any funds contributed thereto shall be used or diverted, by any means, to any purpose other than for the exclusive benefit of participants, retired participants or their beneficiaries or annuitants.

Section 200.650 Application.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

Applications for benefits to be paid from the Police Retirement Fund shall be made upon forms provided by the Board of Trustees and shall contain full information from which the Board may determine the eligibility of the applicant. If such application be a claim for benefits because of permanent and total disability, full information concerning the nature and extent of the injury shall be furnished with the application, and the applicant shall submit to such examinations by the Medical Board or other physicians as determined necessary by the Board of Trustees. The Board of Trustees may hold hearings, and take and preserve evidence touching the nature and extent of the injuries upon which such claims are based, and may thereafter approve or deny such application. If denied, the applicant shall have the right to review and appeal as provided in this Chapter. If such application for retirement is approved, no further compensation for services shall thereafter be paid by the City to such covered employee except for such part-time services as shall be authorized by the Board of Trustees.

Section 200.660 Legal Counsel.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

The Board of Trustees may select a competent attorney or attorneys to advise it in all legal matters affecting the affairs of the Board, and to prosecute for or defend the Board of Trustees in its representative capacity in any litigation affecting the Board, and may pay reasonable compensation therefor from the Police Retirement Fund.

Section 200.670 Actuarial Services.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

The Board of Trustees may employ a competent actuary or actuarial service such as it requires for the efficient administration of the Police Retirement Fund and may pay reasonable compensation therefor from the Police Retirement Fund.

Section 200.680 Benefits Not Assignable, Subject to Execution, Etc.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

Except as required by law, benefits payable from the Police Retirement Fund herein provided shall not be assignable, subject to counterclaim, recoupment or set-off, nor shall they be subject to assignment, garnishment, sequestration, execution or any other decree, order, process or proceeding in any court for the payment of any debt of the beneficiary, and the benefits shall be held and distributed for the purpose of this Chapter and for no other purpose whatsoever. Notwithstanding any other provision of the plan to the contrary, the Plan Administrator may offset against the amount of a covered employee's benefit under the plan any amount which the covered employee is ordered or required to pay as a result of a judgment or settlement described in Code Section 401(a)(13)(C), provided that the requirement set forth in Code Section 401(a)(13)(C) and 401(a)(13)(D) are satisfied.

Section 200.690 Disbursements.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

All disbursements of funds from the Police Retirement Fund shall be by voucher stating its purpose and the name of the payee, and after approval by the Board of Trustees such voucher shall be certified by the Chairman and Secretary authorizing the Treasurer to draw a check therefor upon the Police Retirement Fund for the amount therein specified, which voucher shall be delivered to the Treasurer and constitute his/her authority for issuing checks therefor. All such checks shall be signed by the Treasurer and countersigned by another designated participant of the Board of Trustees. Retirement benefits shall be approved by the Board of Trustees upon retirement of each covered employee and annually thereafter.

Section 200.700 Limitation of Liability of City.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

In no event shall anything in this Chapter be held or construed to impose upon the City any duty or liability in excess of the taxes levied and actually collected for the purpose herein specified and the payment thereof to the Board of Trustees.

Section 200.710 Right to Reduce Tax Levy.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

The tax rate set forth in Section 200.390 is the maximum tax rate which the City Council is authorized to levy and shall levy for the operation of the plan herein set forth, but the City Council may, in its sole discretion, upon receipt of a written recommendation of the Board of Trustees, reduce the tax rate to be levied in the next succeeding taxable years to such figure as, in the judgment of the Board of Trustees and approved by the Board of Trustees, may be sufficient to provide adequate funds for the purpose herein specified, and such tax rate shall not thereafter be increased within the limit herein provided except upon an affirmative showing by the Board of Trustees that an increase is necessary for the purposes herein specified.

Section 200.720 Rights of Veterans.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

A. Notwithstanding any provision of this plan to the contrary, effective as of December 12, 1994, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Code Section 414(u).

B. Any covered employee who is absent because of service in the armed forces or Government of the United States shall receive credited service with respect to that period of absence, provided the employee reenters the employ of the City within the statutory period during which his right to reemployment is guaranteed after he/she has first become eligible for discharge or separation from active duty.

Section 200.730 Penalties.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

Any person who shall knowingly or willfully make any false statement for the purpose of obtaining benefits under the terms of this Chapter, or shall falsify, cause or permit to be falsified any record or records of said police retirement plan in any attempt to defraud shall be adjudged guilty of a misdemeanor, and all his/her rights, interests and privileges under and by virtue of this Chapter shall be forfeited.

Section 200.740 Plan Amendment.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

The City Council reserves the right, upon recommendation of the Board of Trustees, to make from time to time any amendment or amendments to this plan which do not cause any part of the funds of the Retirement Fund to be used for, or diverted to, any purpose other than the exclusive benefit of employees included in the plan.

Section 200.750 Merger or Consolidation.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

The plan shall not be merged or consolidated with, or its assets or liabilities transferred to, any other plan, unless the benefit to which each participant would be entitled if the plan terminated immediately following such merger, consolidation or transfer is equal to or greater than the benefit to which each participant would have been entitled if the plan had terminated immediately prior to the merger, consolidation or transfer.

Section 200.760 Termination of Plan.

[Ord. No. 2011-3 §1, 1-10-2011; Ord. No. 2014-05 §1, 1-27-2014]

A. In the event the plan shall, at any time, be partially or totally terminated or there shall be a complete discontinuance of contributions by the City, all benefits accrued as of the date of such termination or discontinuance by participants affected thereby shall become fully vested, and the assets of the Retirement Fund shall be allocated, after providing for necessary expenses and subject to the provisions below, so that each of the following provisions shall be given full effect in the order set forth; further, if in so giving effect to any provision, the assets remaining in the Retirement Fund are insufficient to carry out such provision in full, the assets available therefor shall be prorated in the payment of accrued benefits so that all eligible participants shall receive the same percentage of their full monthly benefits:

1. To provide that part of benefits provided by a participant's contributions and to return the contributions of those participants not drawing benefits;

2. To provide the retirement or death or disability benefits thereafter to be paid to each retired or disabled participant, annuitant or beneficiary of a deceased participant;

3. To provide the retirement benefits accrued by each eligible participant who has reached his/her earliest eligible normal retirement date or early retirement date and who has not yet retired;

4. To provide the accrued benefits which are vested in a terminated participant, or which would be vested in an eligible participant who has not reached his/her earliest eligible early retirement date, other than benefits which become vested by reason of the termination, partial termination or discontinuance of contributions;

5. To provide the retirement, termination or death or disability benefits accrued by each eligible participant who was not included in the provisions above;

6. To return to the City, in the case of termination of the plan, any balance which arises because of erroneous actuarial computations and which remains in the Retirement Fund after all fixed and contingent liabilities under the plan have been fully satisfied.

B. The allocations provided for the groups of participants above may be accomplished, as determined by the Board, either by:

1. Continuance of the plan or establishment of a new retirement plan or plans; or

2. Purchase of annuity contracts from an insurance company; or

3. Any other allocation of assets for such group or groups which is in the interest of the City, the respective participants and the Retirement Fund.

Section 200.770 Election to Waive Participation.

[Ord. No. 2025-20, 5-12-2025]

Effective as of February 1, 2025, any covered employee may elect to waive further participation under the plan and instead become a member of LAGERs. Such a covered employee shall earn no further credited service under the plan as of the effective date of the waiver, and his or her entitlement to benefits shall be determined as if he or she terminated employment as of the effective date of the waiver.