Member Deposit Fund Interest Procedure

PURPOSE: The purpose of this rule is to clarify the procedures to be used in crediting interest to member deposit fund accounts. (1) The member’s date of employment and date of termination shall be used in determining eligibility for interest. (2) A member who is vested upon termination shall be considered a deferred retirant for the purposes of interest crediting, provided the member elects in writing to wait to receive any refund until after the interest processing is completed for that fiscal year. (3) In determining eligibility for interest, should a member be employed long enough in the month of June to receive service credit for that month, s/he shall be considered a member as of June 30 for interest purposes. (4) A member certified to be on leave of absence by his/her employer shall be considered a member for interest purposes. AUTHORITY: sections 70.605.21 and 70.725, RSMo 1986.* Original rule filed Oct. 6, 1983, effective Jan. 11, 1984. *Original authority: 70.605, RSMo 1967, amended 1974, 1992 and 2000 and 70.725, RSMo 1967.