Withdrawals

PURPOSE: This rule sets forth the procedure for withdrawing member contributions as authorized by section 169.670, RSMo. (1) A member may make application to withdraw his/her contributions at any time after thirty (30) days have elapsed following the termination of his/her services and the application shall be made on a form (see 16 CSR 10-2.030) provided by the board of trustees. A member shall be paid the amount due him/her within sixty (60) days of the date on which his/her application for withdrawal is filed with the board of trustees. (2) If a member, who has withdrawn or has been refunded his/her contributions and thereby forfeited his/her creditable service, again becomes a member of the system, elects in writing to reinstate his/her creditable service and before retirement pays to the retirement system, with interest computed at the purchase rate, the amount of accumulated contributions withdrawn by him/her or refunded to him/ her, his/her previous service shall be credited to him/her. A member, electing to extend his/her payments over a period of time, following the election, shall make payments in amounts at the discretion of the member and interest on the unpaid balance shall be compounded annually at the purchase rate. AUTHORITY: section 169.610, RSMo 1994.* Original rule filed Dec. 19, 1975, effective Jan. 1, 1976. Amended: Filed Aug. 11, 1977, effective Nov. 15, 1977. Amended: Filed Oct. 24, 1996, effective April 30, 1997. *Original authority: 169.610, RSMo 1965, amended 1977.