Cross References — Pension plan for police officers, §
200.370 et seq.; officers and employees, ch.
115.
Editor's Note — Ord. no. 2011-2 §1, adopted January
10, 2011, repealed ch. 125 "pensions" and enacted new provisions set
out herein. Former ch. 125 derived from CC 1976 §§20-1,
20-13 — 20-30, 20-41 — 20-45, 20-57 — 20-58, 20-70
— 20-75, 20-87 — 20-90, 20-101 — 20-102, 20-114
— 20-118, 20-130 — 20-132, 20-144 — 20-146, 20-158
— 20-159, 20-171 — 20-179; ord. no. 95-8 §1, 2-28-95;
ord. no. 96-52 §§1 — 2, 6-25-96; ord. no. 96-53 §§1
— 3, 6-24-96; ord. no. 97-21 §§1 — 3, 6-9-97;
ord. no. 99-47 §§1 — 2, 6-15-99; ord. no. 2000-24 §1,
4-11-00; ord. no. 2001-32 §§1 — 2, 5-15-01; ord. no.
2002-19 §§1 — 10, 3-25-02; ord. no. 2003-19 §1,
3-10-03; ord. no. 2006-15 §1, 3-27-06; ord. no. 2009-30 §1,
11-23-09.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord.
No. 2021-31, 12-13-2021]
The City of Overland, St. Louis County, Missouri, hereby adopts
the following pension plan for Eligible Employees and officers of
the City not covered by the City's pension plan for Police Officers
effective December 13, 2021, as an amendment and restatement of a
similar plan previously adopted for such employees and officers.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2016-04 §§1 —
2, 3-28-2016; Ord. No.
2017-05, 3-13-2017; Ord. No. 2021-31, 12-13-2021]
For the purposes of this Chapter, the following terms shall
be deemed to have the meanings indicated below:
ACCUMULATED CONTRIBUTIONS
When used with respect to an individual Participant as of
any specified date, the sum of all unrefunded contributions made by
the participant under the plan, plus credited interest.
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.
a.
If a participant's benefit is payable in a form other than the
normal form of retirement benefit, it will be adjusted to reflect
the actuarial equivalent thereof.
b.
However, if a participant is eligible for early retirement, the amount of benefits paid will be determined in accordance with Section
125.140.
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: Seven percent (7.0%)
interest and the 1983 Group Annuity Mortality Table, fifty percent
(50%) male rates and fifty percent (50%) female rates.
AVERAGE MONTHLY COMPENSATION
The average monthly compensation paid to an employee during
the sixty (60) consecutive calendar months within the last one hundred
twenty (120) consecutive calendar months of credited service which
yields the highest average; provided, however, that if retirement
occurs prior to the completion of sixty (60) consecutive calendar
months of credited service, average monthly compensation means the
total compensation paid to an employee during his/her total period
of credited service divided by the number of completed full months
for which such compensation was received. 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 retired participant.
CODE
The Internal Revenue Code of 1986, as amended.
CODE SECTION 415 COMPENSATION
Code Section 415 Compensation means, 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 includible 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 excludible 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 includible
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 includible 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 participant 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 participant
by the employer with respect to a period during which the participant
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 participant would have received if he/she
had continued employment with the employer as an employee.
COMPENSATION
That compensation normally regarded as salary or wages paid
in cash to an employee of the City for personal services rendered
during a calendar year.
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 132(f)(4), 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 Retirement Fund pursuant to Section
125.090 which are treated as employer contributions under Code Section 414(h)(2) shall be included in determining compensation for all plan years effective as of April 1, 2017. 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.
CREDITED INTEREST
Interest at the rate of three percent (3%) through the calendar
year of 1984, five percent (5%) from January 1, 1985, through March
31, 2016, and two percent (2%) thereafter. Interest shall be credited
as of the last day of each plan year on the balance in the participant's
individual contribution account as of the first day of such plan year.
Amounts contributed by a participant during a particular plan year
shall not receive credited interest for any part of such plan year.
For plan years ending before 1994, no interest shall be credited to
a participant's individual contribution account for the year in which
the participant's employment ends if such employment ends before the
last day of such plan year. For a participant whose employment ends
in a plan year ending after 1993, interest shall be compounded monthly
and credited to such participant's individual contribution account
based upon the value of such account as of the first day of such plan
year, and the number of full months of the plan year before the termination
of employment. Notwithstanding the foregoing, for a participant whose
account is distributed after March 31, 2016, no interest shall be
credited to such participant's individual contribution account if
such participant has not completed at least five (5) years of credited
service as of the earlier of date of such participant's termination
of employment or withdrawal of contributions.
CREDITED SERVICE
1.
The period of continuous employment as an eligible employee,
including such employment prior to the effective date, which is not
waived or forfeited in accordance with the provisions of the plan.
Credited service for elected officers and appointed officers means
all periods of employment, even though the period of employment of
such elected or appointed officer be not continuous and consecutive,
including employment prior to the effective date, which is not waived
or forfeited in accordance with the provisions of the plan. Six (6)
months or more of employment in a computation period shall be credited
as a full year of credited service, and less than six (6) months of
service in a computation period shall not be counted as a year of
credited service.
2.
The elected officers shall receive credit for periods of past
service, as elected salaried employees, and all others mentioned in
this Section shall receive credit for past continuous service as appointed
salaried employees.
3.
Any 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/her
right to reemployment is guaranteed after he/she has first become
eligible for discharge or separation from active duty.
DISABILITY
The term disability means a physical or mental impairment
arising after an employee has become a participant which qualifies
the participant for disability benefits under the long-term disability
insurance plan maintained by the City in effect on the date that the
participant suffers the mental or physical impairment. In the event
that the participant is not covered by a long-term disability income
policy maintained by the City, disability means a physical or mental
impairment arising after an employee has become a participant which
qualifies the participant for disability benefits under the Social
Security Act in effect on the date that the participant suffers the
mental or physical impairment.
EARLY RETIREMENT DATE
Early retirement date is the first day of the month coincident
with or next following a participant's election for early retirement
on or after attainment of age fifty-three (53) and completion of at
least fifteen (15) years of credited service.
ELIGIBLE EMPLOYEE
Any person who is employed by the City on a regular full-time,
permanent basis and, in addition, the following officers: Mayor, members
of the City Council, Municipal Judge who first assumed office prior
to February 1, 1995, City Clerk, Director of Public Works, and the
City Attorney. There is excepted from the term "eligible employee"
persons who are covered by the City's Police Pension Plan and a Municipal
Judge who first assumed office on or after February 1, 1995. For purposes
of this definition, a regular full-time employee is an employee who
is scheduled to work more than forty (40) weeks per year and not less
than forty (40) hours per week. An employee shall not be considered
a permanent employee if he or she is compensated on an hourly basis
and is hired for a specific time period, project or season.
NORMAL RETIREMENT DATE
Normal retirement date shall be the first day of the month
coincident with or next following the earlier of:
1.
Attainment of age fifty-eight (58) and completion of five (5)
years of credited service; or
2.
Completion of twenty-five (25) years of credited service.
PARTICIPANT
Any eligible employee of the City who is or was covered under the plan in accordance with Section
125.040. The term "participant" shall also include a former employee who is entitled to receive benefits under the plan.
PLAN
The City of Overland Non-Uniformed Pension Fund as set forth
herein and as hereinafter amended from time to time.
PLAN YEAR
A year consisting of twelve (12) consecutive months during
which the plan is operative, beginning each April 1 and ending the
following March 31.
REQUIRED BEGINNING DATE
April 1 of the calendar year following the later of the calendar
year in which the member reaches age seventy and one-half (70 1/2)
prior to January 1, 2020, or age seventy-two (72) after January 1,
2020, or the calendar year in which the member actually retires.
RETIREMENT
Termination of employment after an employee has fulfilled
all requirements for retirement benefits of a type set forth herein.
Retirement shall be considered as commencing on the first day of a
month immediately following an employee's last day of employment or
last day of an authorized leave of absence, if later.
RETIREMENT BENEFITS
The monthly amount which is payable to a participant who
is entitled to receive benefits under the plan.
RETIREMENT FUND
The total fund derived from the appropriations of the City,
from contributions made by participants of the plan, from any property
given or donated from any source, and any income derived therefrom
to be used exclusively for the payment of benefits of eligible employees,
and of spouses, beneficiaries, and annuitants of deceased eligible
employees of the City.
SPOUSE
The person who has been married to the participant for at
least twelve (12) consecutive months ending on the date payment of
the participant's plan benefits commences and who is not legally separated
or divorced from the participant at such time.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. Any eligible employee as defined in Section
125.020 shall become a participant in the plan on the first day of the calendar month coinciding with or next following completion of six (6) months of employment as an eligible employee with the City. Except as provided in Subsection
(B), no eligible employee may waive participation in the plan.
B. Notwithstanding the provisions of Subsection
(A) of this Section, any elected or appointed eligible employee, who elects not to become a participant, shall notify the Mayor of the City of Overland, in writing, within thirty (30) days after he/she assumes such elective or appointive position. Failure to so notify shall be deemed an election to become a participant. Any elected or appointed eligible employee mentioned in this Section may withdraw from the plan at any time by written notice to the Mayor and shall receive all accumulated contributions made to the plan by him/her to date of his/her withdrawal. If he/she has completed at least five (5) years of credited service prior to his/her withdrawal, he/she shall receive credited interest on his/her accumulated contributions.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
Each participant under the plan shall contribute to the plan
commencing with the first day of the payroll period coincident with
or next following six (6) months of employment with the City. All
eligible employees, prior to their participation in the plan, shall
complete a participation form to be furnished by the board, upon which
the employee shall indicate all required information.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. A participant who is granted a leave of absence by the City for continued
participation in the plan shall not be deemed to have interrupted
his/her service with the City.
B. Any participant who is granted a leave of absence recognized by the
City may receive credited service for the duration of such leave of
absence by paying into the Retirement Fund the contributions he/she
would have made, had he/she not been granted the leave of absence
and had continued in his/her employment, based upon his/her compensation
as of the last day of his/her service prior to the leave of absence.
This amount shall be paid within twelve (12) months from the date
of his/her return to employment except in the case of military leaves
of absence, in which case this amount shall be paid within the time
period mandated by Federal law. Provided, however, that should such
a participant become eligible for benefits before this amount is fully
paid, the amount due the Retirement Fund shall be deducted from such
benefits at a rate to be determined by the board.
C. During a leave of absence, the participant's accumulated contributions
shall remain in the Retirement Fund.
[Ord. No. 2021-31, 12-13-2021]
A. Any
participant having earned credited service under the provisions of
any retirement system established by the State of Missouri or any
political subdivision or instrumentality of the State for the purpose
of providing plan benefits for elected or appointed public officials
or employees of the State of Missouri or any political subdivision
or instrumentality of the State who is not vested in such plan and
who becomes employed in a position covered by this plan and has five
(5) or more years of credited service under this plan shall be permitted
to purchase credited service in this plan up to the actual number
of years of creditable service the individual has in the other plans.
The cost shall be determined using accepted actuarial methods by the
receiving plan.
B. Any
individual employed in non-Federal public employment in Missouri but
not covered by a retirement plan who becomes employed in a position
covered by this plan and has five (5) or more years of credited service
under this plan shall be permitted to purchase credited service under
this plan up to the actual number of years of public service in an
uncovered position. The cost and credited service allowed shall be
determined using accepted actuarial methods by the receiving plan.
C. Payment
in full of an amount due by an individual electing to transfer or
purchase credited service pursuant to this Section shall be made over
a period not to exceed two (2) years, measured from the date of election,
or prior to the effective date of retirement benefit payments to that
individual by the receiving plan, whichever is earlier, and with interest
compounded annually at the actuarially assumed interest rate of the
plan receiving the payments. If payment in full is not made within
this prescribed time period, any partial payments made by the individual
because of the election shall be refunded, and no credited service
shall be allowable in this plan as a result of the partial payments.
D. Payment
may be made from 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.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2013-05 §1, 1-14-2013; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. Any participant who shall return to employment with the City as an eligible employee under this plan after his/her previous resignation, discharge or termination of employment, and any officer who, after termination as such officer, shall again return as an officer of the City, or who shall become a full-time employee of the City, may receive credit for his/her past accumulated credited service in the plan, if he/she returns as an appointed officer or employee within two (2) years, and if he/she restores to the Retirement Fund the accumulated contributions applicable to his/her prior period of employment, or as a holder of an elected office as defined in Section
125.020 at any subsequent time, and if he/she restores the Retirement Fund contributions applicable to his/her prior period of employment, together with interest at the credited interest rate then in effect up to the date of his/her return to the Retirement Fund, in either case such restoration to be made within thirty (30) days of such return to employment.
B. If the returning participant waives his/her past accumulated credited
service in writing, he/she shall not restore to the Retirement Fund
his/her previous accumulated contributions plus interest.
C. A participant returning to employment according to this Section and
restoring his/her prior accumulated contributions plus interest shall
become a participant immediately upon his/her reemployment. A participant
returning to employment who waives his/her past accumulated credited
service or who returns after more than two (2) years may again commence
participation in the plan six (6) months after his/her reemployment.
D. Notwithstanding anything to the contrary in this Section, any employee
who returns to employment within two (2) years of his/her prior termination
of employment and who restores to the Retirement Fund his/her past
accumulated contributions plus interest in accordance with this Section
but who again terminates his/her employment within a period of five
(5) years following his/her reemployment shall not receive credited
service for his/her participation in the plan during his/her prior
period of employment. This provision, however, shall not apply to:
(1) elected officers, or (2) any employee who may become eligible
for and elects to begin receiving early or normal retirement benefits
following reemployment.
E. 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).
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
Each participant shall remain a participant in the plan until
the occurrence of his/her termination of eligible employee status,
provided that former employees will be participants with respect to
the benefits, if any, he/she is entitled to receive under the plan.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. The City Council of the City shall appropriate annually an amount equal to two and one-quarter (2.25) times the amount contributed by employees under Section
125.090 for that year, but not less than:
1.
The amount necessary to cover the administrative expenses of
the plan; plus
2.
The amount necessary to meet the actuarially determined required
contribution.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2017-05, 3-13-2017; Ord. No. 2021-31, 12-13-2021]
A. Effective for the first (1st) payroll period commencing on or after
August 1, 1996, and thereafter for each succeeding payroll period,
the participants shall contribute six percent (6%) of the compensation
paid to the participant to the Retirement Fund by automatic payroll
deductions from their compensation.
B. All contributions made by participants on or after April 1, 2017,
shall be deemed to be "pick-up" contributions under Code Section 414(h)(2).
C. Such deductions shall be credited to the participant's individual
contribution account in the Retirement Fund.
D. No contributions shall be deducted after credited service ceases,
and no contributions shall be required of any participant during the
time such participant is receiving benefits under the plan.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
The forfeiture of any participant's rights to receive benefits under this plan by application of Section
125.420 or any other Section shall be used only to reduce the City's contributions to the Retirement Fund and shall not be used to increase the benefits of any other participant.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. A participant's normal retirement date shall be the first day of
the month coincident with or next following the earlier of:
1.
Attainment of age fifty-eight (58) and completion of five (5)
years of credited service; or
2.
Completion of twenty-five (25) years of credited service.
B. Payment of normal retirement benefits shall commence on the first
day of the month coincident with or next following the participant's
termination of employment following his/her normal retirement date
and shall terminate with the last benefit paid prior to the participant's
death.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A participant who meets the requirements for normal retirement
shall receive a monthly retirement benefit equal to two and one-quarter
percent (2.25%) of the participant's average monthly compensation,
all multiplied by the years of the participant's credited service,
not to exceed sixty percent (60%) of average monthly compensation.
Notwithstanding the foregoing, the normal retirement benefit shall
be determined as of the date of termination of employment without
adjustment thereafter.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. A participant's early retirement date shall be the first day of the
month coincident with or next following his/her election for early
retirement after the attainment of age fifty-three (53) and completion
of at least fifteen (15) years of credited service.
B. Payment of early retirement benefits shall commence on the first
day of the month coincident with or next following the participant's
early retirement date and shall terminate with the last benefit paid
prior to the participant's death.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A participant who meets the requirements for early retirement shall receive a monthly early retirement benefit which shall be determined in the same manner as normal retirement benefits under Section
125.120, based on the participant's credited service and average monthly compensation, but reduced five-twelfths percent (5/12%) for each month by which the early retirement date precedes the participant's normal retirement date assuming that the participant would have continued employment to his/her normal retirement date.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2017-05, 3-13-2017; Ord. No. 2021-31, 12-13-2021; Ord. No. 2023-29, 8-14-2023]
A. A participant who retires pursuant to his/her normal retirement date under Section
125.110 or early retirement date under Section
125.130 shall be paid, at the time the first monthly payment is received, a payment equal to the total of all contributions which the participant made prior to April 1, 2017, pursuant to Section
125.090 without interest. No refund will be paid with respect to contributions made by a participant on or after April 1, 2017, pursuant to Section
125.090.
B. Upon termination of a participant's employment before he/she is eligible for vested termination benefits under Section
125.210, the participant's contributions will be returned without interest.
C. If a participant has completed at least five (5) years of credited service prior to his/her normal retirement date and terminates employment, he/she may withdraw his/her accumulated contributions from the retirement fund and receive credited interest thereon but forfeit his/her right to any other benefit under this plan, or he/she may leave his/her accumulated contribution in the Retirement Fund and shall be eligible to receive a deferred vested retirement benefit commencing on the first day of the month following his/her normal retirement date determined in accordance with the vesting schedule contained in Section
125.230; or if the participant qualifies for early retirement as described in Section
125.130, the participant shall be eligible to receive an actuarially reduced deferred vested retirement benefits under which payment shall commence no sooner than the first day of the month following his/her early retirement date and no later than the first day of the month following his/her normal retirement date.
D. If a participant is entitled to or chooses a distribution of his or her accumulated 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.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. A participant with a disability shall be considered to have terminated
his/her employment with the City as of the date his/her disability
commenced. He/she shall be entitled only to those benefits, if any,
determined as of such date, or to a return of his/her accumulated
contributions.
B. If a participant with a disability is reemployed by the City within
two (2) years of the date his/her disability commenced, his/her credited
service to the date of his/her disability but excluding the entire
period of his/her disability, shall be restored in full, provided
that he/she does not again terminate his/her employment, except for
retirement, during the five-year period following his/her reemployment.
If such a participant received a distribution of his/her accumulated
contributions, he/she must repay the accumulated contributions with
credited interest to have his/her credited service restored.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
If any participant is reemployed by the City or is elected as a City Official after payment of retirement benefits has begun, and such participant is accruing additional benefits under the plan, 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 or ceases accruing benefits. At such time, payment of benefits shall resume under the same optional form and in the amount determined under Section
125.120, taking into account any additional accrual of benefits, 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 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. For the purpose of this Section, the term "City Official" shall refer only to the Mayor and any member of the City Council.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2015-20 §1, 11-9-2015; Ord. No. 2021-31, 12-13-2021]
A. If a participant dies after retirement or prior to retirement but after completing sufficient credited service to be eligible for a normal retirement date pursuant to Section
125.110 or an early retirement date pursuant to Section
125.130, then his/her surviving spouse shall receive a monthly benefit until the earlier of the spouse's death or remarriage in an amount equal to fifty percent (50%) of the monthly benefit the participant would have received had the participant retired on the day preceding his/her death or, if he/she retired prior to his/her death, was receiving or was entitled to receive as of the date of his/her death. If monthly payments are to be made to a surviving spouse on account of the death of a participant 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 participant made pursuant to Section
125.090 prior to April 1, 2017, reduced by any benefits previously received, without interest. Payment of such benefits shall commence as of the first day of the month immediately following the participant's death.
B. If a participant described in Subsection
(A) has no spouse at the time of his/her death or payments to his/her surviving spouse under Subsection
(A) terminate because of the death of such spouse, and at such time, the participant has children under the age of eighteen (18), the monthly benefits described in the preceding Subsection
(A), 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 participant's death. If the participant did not have a surviving spouse, then at the time the first monthly payment is made, the children also shall receive a payment equal to the total of all contributions which the participant made pursuant to Section
125.090 prior to April 1, 2017, reduced by any benefits previously received, without interest. 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 participant who are under age eighteen (18) at such time. If multiple children receive payments under this Section on account of a participant's death, the payments shall cease as of the earlier of the death, marriage, or attainment of age eighteen (18) of the child of the participant who is the last to die, marry or attain age eighteen (18). Payments for the benefit of a minor child shall be made to the legal guardian or court appointed conservator for such child, as the case may be.
C. If a participant dies prior to retirement without completing sufficient credited service to be eligible for a normal retirement date pursuant to Section
125.110 or an early retirement date pursuant to Section
125.130 and, at the time of his/her death, has no spouse but has children under the age of eighteen (18), then a payment equal to the total of all accumulated contributions, without interest, shall be paid in equal shares to such surviving children who are under the age of eighteen (18) at the date of the participant's death. Payments for the benefit of a minor child shall be made to the legal guardian or court appointed conservator for such child, as the case may be.
D. If a participant dies prior to retirement without completing sufficient credited service to be eligible for a normal retirement date pursuant to Section
125.110 or an early retirement date pursuant to Section
125.130 and he/she is not survived by either a spouse or any children under the age of eighteen (18), then a payment equal to the total of all accumulated contributions, without interest, shall be paid to the participant's designated beneficiary. If payments to a participant's spouse and/or a participant's children under Subsections
(A) and
(B) terminate because of death of the spouse and/or children prior to the payment of all of the accumulated contributions, then the amount of the remaining participant's accumulated contributions shall be paid to the beneficiary.
E. The monthly survivor annuity benefit provided in this Section shall not apply in this case of a retiree who has elected an alternative form of benefit under Section
125.240. If any accumulated contributions remain after payment has been made to the participant and the contingent annuitant under Section
125.240, then the accumulated contributions, reduced by any benefits previously received, shall be paid without regard to the election of an alternative form of benefit.
F. All eligible employees shall designate a beneficiary or beneficiaries on a form furnished by the board for that purpose. The participant may from time to time change the beneficiary (but only among those mentioned in the definition of "beneficiary" in Section
125.020) by written notice on the form provided by the board and received by the board prior to the death of the participant, and upon receipt by the board of such change, the rights of all previously designated beneficiaries to receive any benefit under the plan shall cease. In the event any participant dies without having designated a beneficiary, or in the event any participant dies but is the survivor of all designated beneficiaries, then the benefits payable under this Section shall be paid to the participant's descendants per stirpes and if there are no descendants then living, such payment shall be made to the estate of the participant.
G. A participant 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.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
The retirement benefits of participants who retire on or after November 1, 1992, shall be annually adjusted for cost-of-living increases or decreases. Adjustments shall be made to the first benefit payments which are made after May 15 of each plan year commencing with the benefit payments to be made after May 15, 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. The maximum adjustment shall not exceed three percent (3%) for a plan year. In no event shall a participant's benefits under this Section be reduced to less than the amount of benefits payable to a participant on the date of his/her retirement or, in the event he/she dies before retirement, his/her death. Benefits shall be adjusted under this Section without regard to the sixty-percent limitation of Section
125.120. The benefits of a participant who retires prior to age sixty-two (62) 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 a 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.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
If a participant has completed at least five (5) years of credited service prior to his/her normal retirement date and terminates employment, he/she may withdraw his/her accumulated contributions from the Retirement Fund and receive credited interest thereon but forfeit his/her right to any other benefit under this plan, or he/she may leave his/her accumulated contribution in the Retirement Fund and shall be eligible to receive a deferred vested retirement benefit commencing on the first day of the month following his/her normal retirement date determined in accordance with the vesting schedule contained in Section
125.230; or if the participant qualifies for early retirement as described in Section
125.130, the participant shall be eligible to receive an actuarially reduced deferred vested retirement benefits under which payment shall commence no sooner than the first day of the month following his/her early retirement date and no later than the first day of the month following his/her normal retirement date.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2013-05 §2, 1-14-2013; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2017-05, 3-13-2017; Ord. No. 2021-31, 12-13-2021]
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
125.220(A)(1) and
125.220(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 maintains 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 (1) 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
125.220(C)(1) or the compensation limitation set forth in Section
125.220(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
125.220(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
125.220(C) bears to the annual additions for all plans described in this Section; 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 beginning prior to July 1, 2007, the annual additions allocated to a participant's account exceeds the maximum amount permitted under Section
125.220(C) above because of an allocation of forfeitures, a reasonable error in estimating a participant'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 participant's account will be adjusted as follows in order to reduce the excess annual additions:
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 participants who have not yet attained their maximum annual addition. If necessary, the administrator will repeat the reallocation until all participants have reached their maximum annual addition.
(3) Remaining Excess. If an excess still remains in
a participant's account, then:
(a) If the participant 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 participant; and
(b) If the participant is not employed by the employer
at the end of a limitation year, the excess cannot be distributed
to the participant 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 participants 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 participants' 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 participants
or former participants.
D.
Definitions. As used in this Section
125.220, 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:
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
125.060 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 Section 415 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
125.020, and the annuity benefit computed using a five percent (5%) interest rate and the applicable mortality table in Section
125.020. 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
125.020 will be substituted for "a five percent (5%) 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
l 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 (1) 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
(1) and, if applicable, in Subsection
(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-multi-employer 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/she 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.
3.
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.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. The deferred vested retirement benefit shall be a percentage, as shown in the table, of full retirement benefits computed in the same manner as normal retirement benefits pursuant to Section
125.120 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 5
|
0%
|
5
|
25%
|
6
|
30%
|
7
|
35%
|
8
|
40%
|
9
|
45%
|
10
|
50%
|
11
|
60%
|
12
|
70%
|
13
|
80%
|
14
|
90%
|
15 or more
|
100%
|
B. A participant shall not be entitled to receive retirement benefits
under more than one (1) of the foregoing provisions of this Chapter.
Should a participant be discharged from employment because of embezzlement,
fraud, or dishonesty or be convicted of a felony listed in Section
105.669.3, RSMo., committed in direct connection with or directly
related to such participant's duties as an employee, he/she shall
not be entitled to receive retirement benefits under the plan regardless
of his/her age and service on the date of his/her discharge.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. A participant may elect to have retirement benefits paid to him/her
during his/her lifetime in a reduced amount with benefits to be continued
to be paid after his/her death to his/her designated contingent annuitant.
A designated contingent annuitant shall be one (1) person who shall
be a spouse, a child, or a lineal descendant of the participant. The
participant, at the time of his/her retirement, or earlier, shall
make the election. Should the participant fail to make such election,
it will be presumed that he/she did not wish to name a contingent
annuitant. If the participant has a spouse at the time of making an
election under this Section, such spouse must consent, in writing,
to such election, and such consent must be notarized by a qualified
notary public in order for the election to be effective.
B. The aggregate of the retirement benefits expected to be paid under this option to a participant and his/her contingent annuitant shall be the actuarial equivalent of the retirement benefits to which the participant would be otherwise entitled to receive upon retirement determined pursuant to Section
125.120 or
125.140, as appropriate, without regard to any benefit which might be provided under Section
125.190.
C. The participant may elect under this option that either one hundred
percent (100%), sixty-six and two-thirds percent (66 2/3%) or fifty
percent (50%) of the reduced retirement benefits he/she has elected
to be payable to him/her for life will be continued to his/her designated
contingent annuitant for life.
D. An election to receive retirement benefits in accordance with this
option shall become inoperative in the event:
1.
The participant dies before retirement; or
2.
The participant's contingent annuitant predeceases the participant
while the participant is still employed, and another contingent annuitant
has not been designated.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
If the retirement benefits payable under this plan to a participant
are less than twenty dollars ($20.00) per month, the Board may direct
that in lieu of such retirement benefits, the actuarial equivalent
thereof shall be paid in a lump sum.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
If the Board in good faith believes that a person entitled to
receive any payment under the plan is physically or mentally incompetent
to receive such payment and to give a valid release therefor; the
payment may be made to another person or an institution who has been
appointed conservator or who is serving as custodian under the Missouri
Personal Custodian Law or to an agent under a power of attorney and
the release of such other person or institution shall be a valid and
complete discharge for the payment.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. Effective for distributions made after December 31, 1992, a distributee
may elect to have any portion of an eligible rollover distribution
paid directly to an eligible retirement plan specified by the distributee
in a direct rollover, which is a payment by the plan to the eligible
retirement plan specified by the distributee.
B. Definitions. As used in this Chapter, 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.
An eligible rollover distribution is 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)
of the Internal Revenue Code; 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 Section 401(a) or 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").
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
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
125.280(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
125.280(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
125.280(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
125.280(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
125.280(C), unless Section
125.280(B)(1)(d) applies, distributions are considered to begin on the participant's required beginning date. If Section
125.280(B)(1)(d) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under Section
125.280(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
125.280(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
125.290 and
125.300. 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.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
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
125.300 or
125.310;
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
125.280(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.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
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 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.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
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
125.280(A) or
(B), 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
125.280 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
125.280(A).
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. The plan shall be administered by a Retirement Board consisting of
the Mayor and the Director of Finance of the City, one (1) participant
who is a resident of the City and who is not an employee or retired
employee under the plan and two (2) participants who are employees
of the City and who are eligible to participate in the plan.
B. The resident participant and the employee participants of the Board
shall be appointed from time to time by the Mayor with the approval
of the majority of the members of the City Council and shall serve
at the pleasure of the Mayor and the majority of the City Council.
C. The Board shall not receive remuneration for its services. It shall
elect its own Chairman, Vice Chairman, and Secretary and shall delegate
to them their respective duties, except that the Secretary shall make
a record of all meetings.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. The Board shall have all such powers as may be necessary to discharge
its duties hereunder, including, but not by way of limitation, the
power to construe or interpret the plan, to decide all questions of
eligibility, to determine the amount, manner, and time of payment
of any benefits hereunder, and to invest, manage and control the Retirement
Fund. A majority vote of the members present at a regular or special
meeting of the Board shall be necessary to decide all matters coming
before it. Three (3) members shall constitute a quorum, except that
at least one (1) employee participant shall be present. The Board
shall meet from time to time as necessary.
B. When making a determination or calculation, the Board shall be entitled
to rely upon information furnished by the City, or the actuary retained
to advise concerning the plan and the Retirement Fund.
C. The Board may adopt such rules and actuarial tables as it deems advisable.
The Board may employ, subject to the approval of the Mayor and the
City Council, such agents, attorneys, actuaries, or clerical assistants
as it deems necessary. The Board shall issue directions to the investment
agent of the Retirement Fund or to the proper official of the City
concerning all benefits which are to be paid from the Retirement Fund
pursuant to the provisions of the plan.
D. All rules and decisions of the Board shall be uniformly and consistently
applied to all employees in similar circumstances. Any rule or decision
which is not inconsistent with the provisions of the plan shall be
conclusive and binding upon all persons affected by it.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
The Retirement Board shall only invest in such investments as
are authorized by the laws of the State of Missouri. The Retirement
Board, for the purpose of meeting disbursements for benefits and other
payments, may keep available cash in a reasonable amount.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
The Board may select the manner of funding the plan and may
select or change any trustee, depositary, or insurance carrier with
which the Retirement Fund shall be held, managed, or invested pursuant
to an appropriate contract.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
The City Council shall select a custodian of all books, records,
accounts, and other property of the Retirement Fund, subject to the
control and direction of the Board. The custodian shall keep separate
books and complete accounts of the Retirement Fund, and his/her books
and records shall be subject to the inspection of the Board or any
of its members at all times. The City Council may provide that the
custodian of the books, records, accounts, and other property of the
Retirement Fund shall be bonded in such amount as it may determine.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
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.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. The Retirement Board delegates authority to the plan administrator to begin payments to participants who are eligible for early or normal retirement benefits pursuant to Sections
125.110 and
125.130, respectively. The Board retains authority to review and approve retroactively all applications for retirement benefits.
B. The Retirement Board, if it denies any application for retirement
or death benefits provided by this plan, shall within five (5) days
of the date of denial notify the applicant-participant by certified
mail, in writing, of the denial, reasons therefor, and time for appeal.
The applicant-participant may, within thirty (30) days of the receipt
of notice of denial, request in writing a hearing before the Board.
The Board shall within thirty (30) days hold a hearing for the purpose
of reviewing the participant's application. The Board shall give the
applicant-participant at least ten (10) days' notice of the time and
place of such hearing.
C. The participant may be represented by counsel at such hearing and
may present any relevant evidence in behalf of his/her application
not previously submitted.
D. The
Board may establish rules and regulations for the conduct of such
hearing.
E. The decision of the Board after such a hearing shall be final as
to the eligibility of a participant for benefits, except that the
hearing may be subject to review by writ of certiorari to the Circuit
Court of St. Louis County.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
A. Except as required by law and with respect to any indebtedness owing to the City as described in Subsection
(B) below, benefits payable under this plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind, either voluntary or involuntary, including any such liability which is for alimony or other payments for the support of a spouse or former spouse or any other relative of the employee, prior to actually being received by the person entitled to the benefit under the terms of the plan, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge or otherwise dispose of any right to benefits payable hereunder shall be void. The Retirement Fund shall not in any manner be liable for, or subject to, the debts, contracts, liabilities, engagements, or torts of any person entitled to benefits hereunder.
B. If a participant owes a debt to the City because of embezzlement,
fraud, or dishonesty committed in direct connection with or directly
related to such participant's duties as an employee, the participant's
accumulated contributions may be transferred to the City to the extent
necessary to pay the indebtedness owing to the City.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
No employee shall have any right to, or interest in, any part
of the Retirement Fund's assets upon termination of his/her employment
or otherwise, except as provided from time to time under this plan,
and then only to the extent of the benefits payable to such employee
out of the assets in the Retirement Fund or of his/her accumulated
contributions. All payments of benefits as provided for in this plan
shall be made solely out of the assets in the Retirement Fund.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
Neither the City nor any participant of the Board shall guarantee
the Retirement Fund in any manner against loss or depreciation; nor
shall they be liable for any act or failure to act which is made in
good faith pursuant to the provisions of the plan. The City shall
not be responsible for any act or failure to act of the Board or of
any agent, trustee, or insurance carrier holding, managing, or investing
the Retirement Fund. The participants of the Board shall not be responsible
for any act or failure to act of the City Council, or any agent, employee
or official of the City or of any agent, trustee, or insurance carrier
holding, managing or investing the Retirement Fund.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
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).
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
Nothing contained in this plan shall be construed as a contract
of employment between the City and any employee, or as a right of
any employee to be continued in the employment of the City, or as
a limitation of the right of the City to discharge any of its employees.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
Each person entitled to benefits under the plan shall file with
the Board, in writing, his/her post office address and each change
of post office address. Any communication, statement, or notice addressed
to such person at his/her latest post office address as filed with
the Board will be binding upon such person for all purposes of the
plan, and neither the Board nor the City shall be obliged to search
for or to ascertain the whereabouts of any such person. If the Board
notifies any such person that he/she is entitled to benefits under
the plan and of the provisions of this Section, and if such person
fails to claim his/her benefits or make his/her whereabouts known
to the Board within two (2) years after any benefits hereunder shall
become payable, such person shall lose all benefits under the plan.
The Board may, however, reinstate any benefits so forfeited.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
The City Council reserves the right 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.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
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.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2021-31, 12-13-2021]
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.