Buyback by a Special Consultant to the Board

PURPOSE: This rule clarifies the process by which certain former county employees may purchase prior service as prior creditable service. (1) Former county employees who were employed between January 1, 1990 and August 27, 1994, and who worked for an employer for at least eight (8) years may apply to the board to serve as a special consultant on the problems of retirement. Calculation of the amount required to purchase the prior service shall be in accordance with applicable statutes. The former employee must submit at least fifty percent (50%) of the purchase price with his or her application to serve as a special consultant. If the former employee submits less than one hundred percent (100%) of the purchase price with his or her application, then the remainder of the purchase price shall be deducted from the consultant’s retirement benefits in equal monthly installments as agreed by the board and the consultant. Such payments shall not extend over more than four (4) years. AUTHORITY: section 50.1032, RSMo Supp. 1999.* Original rule filed Oct. 11, 1995, effective May 30, 1996. Amended: Filed Nov. 26, 1996, effective June 30, 1997. Amended: Filed Sept. 17, 1998, effective March 30, 1999. Amended: Filed Sept. 29, 2000, effective March 30, 2001. *Original authority: 50.1032, RSMo 1995.