Withdrawals

PURPOSE: This rule sets forth the procedure for withdrawal of a member’s contributions, including interest, in accordance with the provisions of sections 169.035 and 169.050, RSMo and the restrictions for the purchase or reinstatement of creditable service with this retirement system for members who made elections under the provisions of sections 104.342 and 104.372, RSMo. (1) If a member withdraws from the system, the member shall be paid the full amount due within sixty (60) days of the establishment of the withdrawal; provided, however, that a member may not make application for withdrawal of contributions until thirty (30) days have elapsed after termination of covered employment. See 16 CSR 10-6.080(1) for the nonteacher system. (2) If a member who has withdrawn or has been refunded contributions and thereby forfeited creditable service again becomes a member of the system, and elects prior to retirement to reinstate all or a portion of the creditable service forfeited in accordance with 16 CSR 10-4.012 and 16 CSR 10-4.014, the relevant portion of the previous service shall be reinstated and the payments credited to the member’s accumulated contributions. (3) Any member who elected under the provisions of section 104.342, RSMo to remain a member of the Public School Retirement System of Missouri and who elects to reinstate creditable service previously forfeited at withdrawal, to purchase credit for services in another Missouri retirement system or in another state, to purchase credit for services in the armed forces, or to purchase credit for a period of leave, shall be subject to the same legal and regulatory requirements as any other member, including a requirement to pay the amount due for that credit as prescribed by law and the rules of the board of trustees. (4) No member who previously elected under the provisions of section 104.342 or 104.372, RSMo to secure creditable prior service with the Missouri State Employees’ Retirement System for creditable service previously forfeited at withdrawal from this retirement system may elect to reinstate that creditable service with this retirement system. (5) A member who has made additional deposits under section 169.035, RSMo and who elects to withdraw the total of such deposits in accordance with the provisions of that section shall receive payment in full of the total amount due (including any interest authorized by law) within sixty (60) days of the date on which the application was filed. AUTHORITY: section 169.020, RSMo Supp. 1997.* Original rule filed June 23, 1998, effective Jan. 30, 1999. *Original authority: 169.020, RSMo 1945, amended 1951, 1953, 1967, 1973, 1983, 1990, 1995, 1996.